Factors to Consider When Doing Taxes in UAE

Factors to Consider When Doing Taxes in UAE

UAE has been among the few countries in the world whose accounting and tax compliance is less complex, but with the planned VAT introduction in 2018, accounting complexities are bound to arise. Here are some of the things entrepreneurs should watch out for when doing taxes in UAE:

Don't do it alone

Entrepreneurs take pride in managing every aspect of their business. But when it comes to taxes, you should definitely look for professional help to avoid unnecessary penalties.

Keep your accounts separate

This is a challenge that mostly affects start-up businesses as entrepreneurs tend to run businesses from their personal accounts. At the end of a year, it's difficult to sort through all the data, hence an increase in tax preparation costs. Set up separate accounts for your business.

Pay your dues

No one likes taxes, but you have to pay them anyway. Even if the tax is not due, you need to file your nil returns. Timeliness is a key value: know what is due, to whom, and when.

Know the tax rules for your business and industry

Different businesses are subject to different tax rules. Work with tax professionals such as Legends Accounting and get help to understand what's required for your type of business.

Entrepreneurs in the UAE and investors looking to do business here should be ready for the change. Working with Legends Accounting can be very beneficial as we understand the local requirements for any financial compliance. Contact us today or visit our website to learn more about our financial services.