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A business that focuses on tax and audit services involves providing professional assistance to individuals and organisations in managing their tax obligations and conducting financial audits.
The tax services offered include tax preparation, planning, and consulting, helping clients comply with tax laws and minimise tax liabilities. Audit services encompass financial audits, internal audits, and compliance audits, evaluating financial records and processes to ensure accuracy, reliability, and adherence to regulations.
The business activities that fall under Tax, Audit are:
Accounting, bookkeeping and auditing activities; tax consultancy (6920.00): This involves a range of services related to financial record-keeping, analysis, and compliance with tax regulations. This includes recording commercial transactions, preparing and auditing financial accounts, examining and certifying the accuracy of accounts, preparing personal and business income tax returns, and providing advisory services and representation before tax authorities. These activities aim to ensure accurate financial reporting, minimize tax liabilities, and assist clients in navigating complex tax regulations.
However, this category excludes data-processing and tabulation activities, which focus on processing and organizing data rather than specialized accounting and tax expertise. It also excludes management consultancy activities related to designing accounting systems, cost accounting programs, and budgetary control procedures. Additionally, bill collection activities are not included in this category as they pertain to the collection of outstanding payments rather than core tax and audit services.
Note that this business activity cannot be conducted outside UAE.
Preparation or auditing of financial accounts (6920.02): This activity encompasses key functions related to both tax and audit services. In terms of tax, the preparation of financial accounts involves compiling and organizing relevant financial data to ensure accurate tax reporting, complying with tax laws and regulations. This activity includes identifying deductible expenses, calculating taxable income, and presenting a clear financial picture for tax purposes. Accurate financial accounts are crucial for individuals and businesses to fulfill their tax obligations and maintain compliance.
In the context of audits, the activity of auditing financial accounts involves conducting independent and systematic examinations to assess their accuracy, completeness, and compliance with accounting standards. Auditors review accounting methods, internal controls, financial statements, and supporting documentation to ensure a true and fair view of an organization’s financial position. By conducting audits, professionals provide stakeholders with assurance regarding the reliability and integrity of the financial accounts. The preparation and auditing of financial accounts are fundamental components of tax and audit services, playing a vital role in facilitating accurate tax reporting, compliance, and instilling confidence in the financial information presented.
Note that this business activity cannot be conducted outside UAE.
Examination of accounts and certification of their accuracy (6920.03): This is essential for ensuring the accuracy and reliability of financial accounts, serving both tax and audit purposes. In terms of tax, it involves verifying the accuracy of financial information reported for tax purposes, enabling compliance with tax regulations. In audits, this activity plays a crucial role in assessing the accuracy, completeness, and compliance of financial accounts with accounting standards. By examining accounts thoroughly, professionals can provide certification or opinion on their accuracy, supporting stakeholders in making informed decisions based on reliable financial information.
Preparation of personal and business income tax returns (6920.04): This involves compiling and organizing financial information to accurately calculate tax liabilities and fulfill tax obligations. This activity is essential for ensuring compliance with tax laws and regulations, while also maximizing tax benefits for individuals and businesses. Additionally, the proper preparation of tax returns supports the audit process by providing reliable information for potential tax audits.
Advisory activities and representation on behalf of clients before tax authorities (6920.05): This involves providing expert guidance, advice, and representation in tax-related matters. Professionals in tax and audit services offer specialized advisory services to help clients navigate complex tax laws, minimize tax liabilities, and ensure compliance. They also act as advocates on behalf of clients during interactions with tax authorities, such as audits or appeals, ensuring their interests are protected and advocating for fair treatment. This activity plays a vital role in providing clients with informed decision-making, optimizing tax positions, and navigating tax procedures effectively.
Auditing of Accounts (6920.94): This refers to the systematic examination of financial records and transactions to assess their accuracy and compliance with accounting standards. It falls under the category of Tax and Audit because it is essential for both tax-related and audit-related functions. In terms of tax, auditing of accounts ensures accurate tax reporting and compliance with tax laws. It helps identify errors and non-compliance with tax regulations. In audits, it provides assurance of the accuracy and reliability of financial accounts, giving stakeholders confidence in the financial information presented.
Tax Consultant (6920.95): This refers to the professional service provided by individuals or firms specializing in providing expert advice and guidance on various tax-related matters to individuals and businesses. Tax consultants possess in-depth knowledge of tax laws, regulations, and practices and offer services such as tax planning, tax compliance, tax optimization, and representation before tax authorities.
Tax consultants play a crucial role in helping clients navigate the complexities of the tax system, ensuring compliance with tax laws, and optimizing their tax positions. They provide guidance on tax planning strategies, identify available tax deductions and credits, and offer advice on tax implications of specific transactions. Additionally, tax consultants often work closely with auditors, providing valuable insights and information during the audit process, as tax expertise is crucial in ensuring accurate tax reporting and addressing any tax-related concerns that may arise during audits.
Recovery Analysis Services (6920.97): This refers to specialized services that help individuals and businesses identify and recover overpayments or errors in tax payments and financial transactions. This business activity involves analyzing financial records to uncover discrepancies, errors, or missed opportunities for refunds. By rectifying tax-related errors and optimizing financial outcomes, recovery analysis services contribute to compliance with tax laws and financial efficiency. These services play a crucial role in supporting clients in recovering funds and ensuring accurate financial transactions.
Taxation Procedures Follow-up (6920.98): This involves monitoring and ensuring compliance with tax procedures and regulations. Professionals or firms in this field oversee various tax-related processes, such as filing tax returns, making payments, responding to inquiries, and meeting deadlines. By closely tracking taxation procedures, they assist individuals and businesses in fulfilling their tax obligations and minimizing the risk of non-compliance. This activity contributes to accurate tax reporting, timely tax payments, and overall tax compliance. It also supports the audit process by providing well-documented and compliant financial information.