Regularly verify the tax processes of your company
Once again, we can only advise you to lean on professionals. Some services such as the VAT Health Check are specifically designed to evaluate the tax processes in your company.
It will allow our experts to look at the way you do your invoicing for example, or how you organize your company in tax matters and tax compliance. You will then be able to address the findings and to strengthen your tax compliance.
Don’t be afraid of your company’s numbers!
For many, tax filing, accounting, financial reports convey one feeling: fear! Because we are not all so good with numbers, and in this field, there is a lot of them.
But numbers are an incredible tool to pilot your company. It helps you to see what is making you earn money, where on the contrary you need to improve. Don’t neglect them.
First, be regular in doing your accounting. Invest in an accounting software if needed, or work with an accounting company.
Then, don’t forget to do your accounting in accordance with international standards such as IFRS. This will help you have better numbers and almost all tax documents must be justified with documents respecting these norms.
And after all, hire the services of a CFO to help you analyze your financial data and draw conclusions from it if you don’t feel comfortable enough with them.
We could continue and give you many advice to stay on the compliant side of the tax landscape in the UAE: don’t let deadlines pass, do your accounting monthly and by the book, regularly assess your tax process, and lean on professionals who are here to support you on this effort.