Business is a highly complicated process. Finance is regarded as one of the most complex areas of any business. Tax payments and deductions form an integral part of any business. Having clear know-how about them can help you run your business smoothly. Selecting an experienced tax consultant can help in handling your finances wisely. Here are some tips which you can follow to choose a tax consultant-
Check the License of An International Tax Consultancy
An international tax consultancy which offers VAT assistance must have a license from an accredited council or government. If a company which offers tax consultancy services in Dubai lacks a license, then you should not trust them. Having a valid license is essential. Without it, a tax consultant is considered fraud.
Have A Clear Perception About the Type of Tax Services You Require
Though tax consultants offer different types of tax services, all of them may not suit your business needs. Therefore, it is a wise idea to opt for the one which suits your needs perfectly. You should look for a tax consultant who works in sync with your business needs. You need to have a strong bond with your service provider so that he has a clear understanding of your business needs.
Get in Touch with A Number of Tax Consultancy firms
Handling the accounts and taxation of any organization is not a walk in the park. Make sure that you opt for a tax consultancy firm which has been in the business over a couple of years. Therefore, before you decide to choose a specific tax consultancy firm which offers VAT services, talk to a number of consultants. Don’t be dependent on a single person. Once you talk to a number of tax consultants, you will get a clear perception about whom you should choose.
Opt for Firm Whose Services Are Available Round the Year
You may be faced with tax-related issues. Therefore, look for an agency who is ready to assist you in international tax and accounting services at any point of time. An experienced tax consultant will study your financial status well and after going through a detailed report will comment about the possibility of saving taxes. No tax consultant can provide you with an estimated value of savings you will be able to make during the first meeting.
Look for A Consultant Who Asks You Questions
If you have to ask all the questions to the tax consultant during the first appointment, then it would be wise on your part to avoid hiring him. Rather you should look for a tax consultant who asks more questions about your long-term financial goals. A tax professional can ensure that you are able to make tax savings only after making a detailed diagnosis.
Look for A Firm Whose Consultants Have Great Education and Experience
The level of education of a tax consultant can be a major differentiator in long-term savings. For instance, a tax consultant who has passed out from a leading university and has prior experience of working in a leading accounting firm like Ernst & Young or Price Waterhouse Coopers. The person should also have a good knowledge of laws related to taxation.
Find A Consultancy Firm Who Will Prepare Your Taxes
Don’t opt for a tax consultancy firm who doesn’t prepare your taxes and offers advice on taxes at the same time. You could get good advice from a tax advisor but a tax preparer may not have a clear idea of how he should use the advice for preparing your tax returns. The tax consultancy firm who prepares your taxes should be highly accurate and have the necessary skills to minimize your chances of being audited.
Compare Fees of Different Consultancy Firms
The average fee for filing a tax return might vary from one tax consultancy firm to another. A tax consultancy firm may also charge you by the hour. Therefore, if you come across a tax consultancy firm whose fees is based on the size of your refund or who promise that they will give you a bigger refund as compared to any other company, then it would be wise on your part to avoid hiring such a company.