Who Is A Tax Mentor?
A tax mentor is a person who has a complete understanding knowledge of the tax laws succeeding in the state and helps its customers to file tax returns on time. He always secures that the bureaus or customers always bond with the tax laws which leads to paying the taxes on due time. A competent and trained tax mentor protects the bureau from paying high penalties charged by the tax authorities due to delays in filing tax returns.
How Can You Select The Right Tax Mentor?
All bureaus must take adequate measures to find the right tax mentor because choosing a tax mentor aids the bureau in many ways. The bureau must conduct thorough research concerning tax mentors and must make sure that the selected entity will be able to fulfill the expectations of the bureau. Some of the points that must be kept in mind before selecting a tax mentor are as follows:
The bureau must select those mentors who have complete knowledge concerning the tax laws succeeding in the state so that they can secure that the bureau complies with all the laws and secure that the bureau needn’t pay the penalties. In the case of Dubai, the tax mentor must have thorough knowledge concerning the UAE vat law and the import and export enterprises.
The tax mentor must have all the required qualifications and experience, and these qualifications must be strictly verified by the bureau that is planning to hire the tax mentor. It is one of the best courses to choose the licensed tax mentors for the bureau.
It is not an easy task to select an appropriate tax mentor, so the bureau must not make any kind of rush while choosing a tax mentor, or otherwise it will cost a lot in the future.
The tax mentor so selected must know all the accounting and auditing tasks conducted so that he can have a clear picture of the enterprises performed by the bureau and the effects of the tax on such enterprises, by which he can come up with the required strategies so that the bureau can reduce the costs, tax and avoid penalties.
Before selecting a tax mentor, the bureau must acquire feedback concerning the tax mentor from the former customers of the said tax mentor, so that the bureau will know the potential and ability of the tax mentor. The bureau must do a deep background check and examine whether the tax mentor will fulfill the expectations or not.
One main factor which is to be kept in mind before selecting the tax mentor is to assess the financial ability of the bureau. If the bureau has adequate finance at its disposal then the bureau can choose according to it. In other words, the bureau must choose a tax mentor according to the budget of the bureau.
The tax mentor must be aware of every slight change brought in the tax laws and it must be communicated to the higher authorities of the bureau so that the bureau can tackle those changes comfortably.
The bureau must secure that the tax mentor is loyal to the bureau and is trustworthy. He must not indulge in any kind of fraudulent enterprise. He must treat all information of the bureau as confidential.
Before selecting a tax mentor the bureau must make a list of available tax mentors and compare the potential, services, goodwill, and cost of each tax mentor and select the best one it based on the requirements.
The bureau must not be taken away by the recommendations made by other parties or the goodwill of the tax mentor. The bureau must select the tax mentor by assessing and evaluating him/her, also by screening the methods and techniques which they use.
The tax mentor must be able to deal with the complexity of the business and he must be able to solve those complex cases efficiently.
Hire the best FTA Approved Tax mentor in UAE
Some Key Qualities That A Tax Mentor Must Have Are:
- He must be intense concerning the reduction of taxes
- He must make use of every law as an opportunity
- Concentrates on tax savings
- Concerns more about the bureau than himself
- Asks question to know more about a specific situation
Need For Selecting A Right Tax Mentor
Always remember that a good tax mentor is like a professional car mechanic and never let them go when you get one of them. Like car mechanics, the tax mentors also provide their services whenever required and they may be loyal to their customers. Every bureau is compelled to follow the tax laws of the land in which it carries out the business enterprises. Sometimes it becomes challenging to keep complete knowledge of the tax laws and to file the tax returns on time because already the bureaus indulge in many such tasks which need high likely and attempt such as planning, organizing and controlling, etc. which makes it difficult for the bureau to concentrate on tax laws and related aspects too. In such scenarios, a tax mentor plays his vital role by providing adequate services related to the tax laws and notifying the bureau to remit the tax on time before the due time. By choosing an appropriate tax mentor the bureau can reduce its costs and also effectively achieve its goals. A trained and experienced tax mentor will always foresee the changes in tax laws and will help to make required changes in the policies of the bureau so that many future threats can be avoided.