Businesses, whether small, medium or large all require undergoing the process of preparing balance sheets, conduct auditing, and abiding by tax laws. Doing all this is tough as it not only requires time but the knowledge and expertise to complete the procedures. There comes the option of getting help from professional taxation and accounting-related consultancy experts who will do a lot to assist business owners and allow corporations to maximize their time and ensure that their financial resources are well-audited and in proper order. Find out more about Accountancy firms in Dubai, here.
Let’s read about the wide array of services that professional taxation and accountancy consultants provide:
The process of bookkeeping entails recording of businesses’ daily trading transactions into an official accounting record, the accounting “books”. Today, most accounting books come in software form, having records entered using the fundamental double entry system and other accounting rules, on computer. Your hired accountancy consultant may offer your firm the required accounting software, and even provide the training for properly implementing an automated accounting system within your small business or large organization. Using modern accounting software incorporates more personal accounting and banking, as well as rendering key decision makers and managers a more experiential approach to their work.
Income tax, in most countries, serves as the main source of income for the government. This form of taxation is formulated on the earned and unearned income of a business entity or individual employee. For this tax, there exist a series of payment scales, mandated by the government annually as part of its budget process. It requires each person having an income above the threshold to pay these taxes. Taxation and accounting consultancy services help your firm to speculate the details, fill the right forms, know the relevant tax laws, and drive clear of any penalties.
On the other hand, corporation taxes are payable annually and these important tax payments should not be missed by companies. Levied on a limited company’s taxable income or profits, this type of tax is not applicable for self-employed individuals.
Contrastingly, value added tax (VAT) may be quite stressful to handle. The VAT is one of the most intricate taxes that are levied on businesses, and failing to complete such returns on time would result in incurring applicable penalties and interest. An Accountancy and Taxation consultant will provide help to your firm in keeping up with the latest regulations, as well as offer complete advice on the tricky aspects of VAT such as the Flat Rate Scheme etc.
Find out the best VAT consultation in Dubai, here.