Stock Audit Services In Dubai
If anyone has nightmares about their finances, it is probably a tax audit. But if you pay your taxes regularly and are honest, you do not need to fear an audit. The Stock Audit Services In Dubai uses computer programs to keep track of who may have made mistakes on their tax returns.
Tax items where deductions are too large in relation to income or where tax returns are incorrect are usually more likely to be audited. However, only 1.5-2% of taxpayers are audited each year. The relatively low tax rate is due to the lack of staff in the tax authorities to carry out this task. Consider. Hundreds of millions of tax returns are filed each year.
What the BESTAXCA is nervous about is the misuse of business losses. The BESTAXCA is looking for people who have suffered losses for many years. If you have losses every year, the question is how you will continue to run your business. If nothing is done in this area, you could be in big trouble.
You may also be subject to a tax audit if you put the following on your tax return
1. Undeclared taxable income will be audited. For example, interest income.
2. You have complex expenses for your business.
3. There are rental expenses.
4. You have been audited and found guilty in the past.
5. You are a partner or shareholder in an audited company.
6. claims to donate a lot of money to charity.
7. Self-employed people are more likely to be audited because they are more likely to make false deductions.
8. on-the-spot deductions are also more likely to be audited.
9. where the reported mileage is suspiciously high.
10. where taxable income deductions are not claimed.
11. Where a whistleblower, such as a former spouse, refers to the tax authorities.
The good news is that most BESTAXCA audits fall into the category of correspondence audits. Last year, we were even audited. I received a letter from the BESTAXCA saying that I would have to pay a small tax on a $60 stock dividend that I had not declared.It turned out that I had stock in the company without knowing it. It turned out that I had received shares in a merger, but I had not received them because I had moved. I paid the fee and that was it. Incidentally, the unprofitable shares were owned by me.
To avoid an investigation by the tax authorities, you must be able to prove your claims. If you make any unusual claims, make sure you have something to back them up, such as receipts or documents. A good accountant can also be helpful.