When it comes to running your own business, it’s never that easy. One essential problem that all businesses face is financial management. In fact, one of the major causes of business failure is due to poor financial management. However, despite this, there are business owners that would still want to manage their money by themselves.
There are a lot of things to consider when you’re managing your money, especially on paper. An example is taxes.
Doing your taxes can be a huge headache. Doing it alone can be overwhelming, which can increase the chances of making a couple of errors if you are doing it all on your own.
UAE has a corporate tax 9% which means that you will have to account for all your revenues, directly and indirectly, earned from your main business operation less your expenses, interests, depreciation, capital allowance, etc.
Your 9% of your net income from that amount will be the tax you will have to
pay.
A small mistake from this calculation will result in fraudulent charges against you, which will make you accountable for paying the required penalties which can cost more than your taxes.
This is why, instead of calculating this all on your own, it’s best to let a professional attend to this. Don’t underestimate the knowledge and experience that an accountant can bring to you.
Digital solutions and software can only take you so far. What you need is someone who can help you with all the major financial issues your business faces and can advise you on how to ensure your business’s overall financial well-being. This includes analyzing your expenses and maximizing your profits.
UAE’s taxable income is 9%, which means there are many things you need to consider before you start doing your taxes.
Professional accounting can help you in more ways than one.
For instance -
1. You can eliminate the chance of an audit – your business can be subjected to an audit if you have too many errors or write-offs. With a tax professional, you can lessen these mistakes on your tax returns.
2. Saving time – instead of taking time out of growing and developing your business into learning how to manage your financial situation and taxable income, you could leave all that to your accountant. They are aware of the laws and regulations that can affect or benefit your business.
It is also their job to help you learn about the latest changes in tax laws and to help you set up your accounting system to help you manage your finances more efficiently.
3. Doing the hard jobs – accountants can also help you keep track of receipts, and expenses, and will help you decipher tax laws for you.
4. Loopholes – accountants can help you take advantage of legal loopholes that can save you money. For instance, someone who works in a home office can receive a huge tax break on certain expenses. They can deduct their taxes from their utilities such as heat, water, and electricity. They can also deduct their taxes from anything related to their business such as travel, office supplies, and such to help you save money.
5. Making real-time decisions – professional accountants can help you make decisions based on the latest data. They can help you make good business decisions when you are expected to make them and can update you on the latest changes to help your business.
These are just some of the benefits professional accountants will give you.
But, to summarize, there are a lot of upsides to hiring an accountant to start your own business and do your taxes for you instead of doing them all by yourself. Especially with the taxable income of UAE, it’s better to have your system and taxes settled by them.
A good professional financial consultant you could try is a company called Freelance Finance Controller.
This company is run by Sir Jo Ruiz that will help you develop custom-fit solutions to your problems and business.
With their dedication to help you grow your start-up business, they will provide you with their services along with leveling up your business with their next level accounting, bookkeeping, FTA VAT corporate tax 9% and management consult services along with affordable, start-up rates along with a free checklist
on how to know and forecast your business’s financial health, ensuring you maximum efficiency, being able to make decisions easier.
With the right financial modeling, system, budgeting, and forecasting analysis, you will be able to grow your business and bring benefits to it in the long run.
Book a FREE 30-minute discovery call today https://calendly.com/freelancefinancecontroller/30min
through their WHATSAPP: 050-376-0436 and experience their services personally!
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