Hiring the right VAT consultant can save you millions in penalties and unnecessary payments over the life of your business. Of course, you don’t need to be told the implications of hiring the wrong person.
When it comes to answering questions regarding VAT in the GCC and UAE, there is no better person to ask than Sami Raja, the CEO of Sami Raja Consultancy, a business consulting firm with branches in London and Dubai.
In today’s article, Sami Raja will be explaining how you can go about hiring a VAT consultant or tax consulting firm that is the right fit for your business.
The Consultant’s Thought Pattern
Tax laws are twisted so a VAT consultant shouldn’t be someone whose thinking is linear. A good VAT consultant should be able to sit with you to devise a creative, lawful way to save your business some money.
Most times, the more experienced the consultant is, the better his or her understanding of the tax system and how tax can be filed to benefit your business.
While the savings may be small at a glance, it can add up to a substantial amount in the long-run.
Genuine Interest in Your Business
If you have shortlisted some VAT consultants for an initial interview, look out for the one who asks questions to really understand your business’s specific circumstances.
Most consultants are only interested in providing the services for which they are hired but a good consultant will be interested in understanding your business so he or she can offer tailored solutions.
Passion and Professional Membership
Great tax consultants are passionate about what they do. This is often visible in the way they talk about their profession and the amount of time and resources they invest in continuing education – certifications, membership of professional bodies, and training.
When looking for a VAT consultant, you should always stick to working with chartered accountants or certified accounting technicians.
In the same vein, great consulting firms mostly hire people who are trained in finance-related fields and have a great love for the figures. These professionals are most knowledgeable about tax and accounting procedures and can help you save a ton of money over time.
Academic Background and Experience of the Consultant/Consulting Firm
While we are in an era where a lot of things can be learned off of the internet, tax filing requires education and a great deal of experience. It is worthy to note that great VAT consultants often come from accounting or business background with experience working in different industries.
If you want to avoid penalties that come with inaccurate tax estimates as well as save your business a ton of money, you should only work with people trained accountants or financial experts.
Hire the best
It is important to note that the actual cost of hiring a great tax consultant isn’t the amount charged by the firm but how much the professional can save you over time.
Experienced, savvy VAT consultants are expensive to hire but will help you to save millions in penalties and exemptions. Such savings can be reinvested into the business or invested in other ventures to increase your portfolio.
Sami Raja is the CEO of Sami Raja Consultancy, a business consulting firm with branches in London and Dubai. In his role as a market leader and the head of a consultancy firm, Sami leads a team of investment sales and marketing professionals providing all aspects of investment sales, including marketing, branding, procurement, portfolio management, and tax management.