The primary function of a tax consultant or advisor is to assist individuals and businesses in paying their taxes. They are tax law, tax compliance, and tax planning experts. Tax consultants are available to both individuals and businesses for long and short-term tax planning. They assist with tax returns and work closely with their clients throughout the year to reduce their tax payments.
What Does a Tax Consultant Do?
Individuals and corporations must follow the Tax Act of UAE while filing their taxes, and tax consultants are well-versed in these requirements. To properly file your income tax, you can obtain guidance from a tax adviser over the phone or in person. A financial consultant in Dubai can help with the following in addition to tax filing:
- Documentation for taxes
- Electronically filing returns
- Determining a tax payer’s tax liabilities by assessing his or her legal and financial circumstances
- Assist you in making legitimate investments such as life and health insurance, pension plans.
What’s the Difference Between an Accountant and a Tax Consultant?
An accountant’s job entails keeping annual accounts for businesses, filing tax returns, reviewing business performance reports, conducting tax audits, and offering general tax advice. They also recommend lowering a company’s tax liabilities. Simply put, their job entails making financial strategic judgments.
Tax experts are knowledgeable about income tax rules and may provide you with legal tax guidance. Before you consult with one, be sure he or she is either the owner of a tax counselling firm or a tax practitioner. He should also have a practice certificate. They can assist you with tax planning all year long, not just at the conclusion of the fiscal year.
Is a Tax Consultant or Tax Software Better?
Tax software has recently gained popularity due to its ease and convenience. As a result, a growing number of citizens in Dubai are able to submit their own taxes. However, software cannot replace the services of a tax advisor with whom you may chat on the phone, meet in person, and seek financial guidance throughout the year.
You can’t have a face-to-face conversation while organizing your finances or managing your investment portfolio. Tax software cannot provide you with the assurance that your taxes have been filed correctly. A tax advisor, on the other hand, can assist you in making sound financial decisions while keeping you worry-free.
Advantages of Hiring a Tax Advisor
- Get to Know Your Tax Deductions
You can simply discover your possible tax deductions in a year with the help of a tax expert, who can also advise you on how to make strategic investments to prevent future tax problems. A good tax expert can advise you on the best ways to save money on taxes while also improving your financial portfolio.
- Time is saved
The majority of us file our taxes towards the end of the year. As a result, hasty investment judgments are made. Making sure your income tax return is submitted correctly takes a lot of time and effort. Before you can start filing your income tax returns, a tax consultant will delve through your financial portfolio and double-check all of your income and savings.
- It’s risk-free and simple
When in doubt, always seek expert guidance, especially when it comes to your finances. Without having to rush from pillar to post, a tax expert can save your tax records in the safest and most legal method possible.
- Serves as your tax advisor
He can nevertheless give you tax guidance even if you don’t engage a tax adviser. You contact him for updates as needed and do the legwork yourself.
To wrap up
As you can see, a tax expert can answer all of your financial questions, allowing you to make the best financial and investment decisions possible. Hire a tax consultant in Dubai to assist you in tax planning and compliance, whether you are an individual or a business.