Why you should hire an accountant?
The announcement of the new tax regime in the UAE coming into effect in the year 2023 has many business owners wondering what the next step is. How do you prepare for the UAE taxes? What rules must be followed?
In the previous post, we talked about what an accountant is and some functions that they can do for you. In this article, we will discuss a few reasons why hiring an accountant is the next step forward.
Peace of mind
If you have a business that makes an annual income of more than DHS 375 000 (roughly $102 000), then you will have to file a tax return every year starting in the summer of 2023 (or beginning of 2024, depending on your financial year). Furthermore, if you have a business of that size but do not have an accountant or an auditor in your staff, you will want to think about investing in one for the sake of your peace of mind.
Knowing that the financial records of your business are well recorded and well organized can save you hours of time when the time comes to file the yearly taxes. Unlike businesses without proper accountants, you will not have to worry that any important information was left out or forgotten. Investing in someone who takes care of these details for you on a daily basis will make you feel more prepared when filing your taxes. Not to mention that you will be far less stressed.
Difference between an accountant and an auditor
To make it clear, let’s quickly talk about the difference between an auditor and an accountant. While both people carry out some similar tasks, an accountant is the broader version of an auditor. An auditor specializes in proofreading your financial books and confirming that they follow the tax rules. This is the person that you would want to have to ensure that you are not breaking any tax laws before submitting your taxes. An accountant, on the other hand, is the person who makes those accounts in the first place. It is the person who records and organizes the financial information of the company daily. In some cases, you might find an accountant who it also qualified to do auditing. In this case you may only need fill one of the two positions.
You can read more about auditing in the article “Hire an auditor. How to Prepare for the UAE Taxes” and “Why You Should Hire an Auditor”.
Where can I hire an accountant in the UAE?
Hiring an accountant can be as easy of filling out an online form with your specific requirements. At Accounting Marketplace, we will give you the best options to choose from. Hire an accountant now to prepare yourself for the UAE taxes and to save yourself added stress. Visit our contact page to learn more.