A business cannot be carried out single-handedly if the aim is to heighten the trade and set new financial goals every time you manage to reach one. Small business firms often suffer a setback due to lack of knowledge and experience. The crucial point where they always get hit is the taxation process.
About 70% of the small business owners are not well-acquainted with the tax season and the official process of the payment of taxes because of which they unduly get overburdened with the charges of penalties and fines. Therefore, you need to hire a tax accountant who could keep track of the ongoing season and prepare beforehand for the upcoming season like all tax accountants in UAE do.
KNOW HOW TAX ACCOUNTANT IN UAE PLAN FOR 2020 TAX SEASON
Let us take a brief insight into the tax preparation guidelines that most tax accountants follow:
- Organization: Organizing data and statistics are one of the prior steps which can help you plan your tax year. Carefully assessing the records and documents can benefit in tax filling. Keeping track of the income-related statements as well the expense transactions in a digitalized way is very effective.
- Ascertaining Liabilities: Liabilities and assets form the backbone of a company. Keeping track of every owned fund, investments, capital and gains must be checked to calculate the outstanding tax payable.
- Estimation: By taking into account the gross income of the company as well as the deductions every quarter, you can easily comprehend and estimate the tax amount that would stand out in the following year.
- Tracking deductions: When you are working in favor of a company, you would try your best to minimize the payments of taxes from your company’s wallet. Therefore, carefully asses the allowances your company makes for the employees on their travel, medical, leave, entertainment, conveyance, etc, so that you can list them under the deductible expenses. This could help you in earning extra surpluses in the year’s end and you could enjoy tax benefits as well.
- Hiring partners: If running a company becomes too heavy a job for you, then feel free to distribute duties among various heads. For tax preparation too, you can seek an expert help who can guide you through the procedure and help you plan your tax season as well.
Change in Tax Seasons for the year 2020
Many countries including the United Arab Emirates will probably witness a change in the 2020 Tax season due to the Corona virus Pandemic that has quarantined the entire globe. The economic setback is visible in all the countries and thus, payments of taxes might be delayed for this year.
For every economic year the deadline for tax payment 2020 is between the months of March to April. However, with the current economic situations as well as keeping in mind the emergency that has arisen out of the rapid spread of the Corona virus pandemic, payments of taxes might be delayed up to September.
Thus, keeping in mind the current global economic crisis, tax accountants in UAE might plan the 2020 Tax season with more efficiency and labor so that the booming recession which the world is nearing can be controlled from hitting the confines of UAE too hard.
Having problems is assessing the 2020 financial year? Here is an easy and simple way by which you could drain off your stress related to the taxation process for your company’s net worth. Contact GCC fillings, it has excellent market analysts and would not just help you in calculating and keeping track of the 2020 tax season but also would offer services like accounting, auditing, VAT Registration and many more.