Protax Business Consultants

BACKGROUND

Please describe your company and position.

I am the CEO of a wellness & fitness company

Describe what your company does in a single sentence.

We are a Fitness Consulting Company headquartered in UK.

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire Protax Business Consultants to accomplish?

• VAT Compliance
• Accounting
• Coporate Tax Advisory

SOLUTION

How did you find Protax Business Consultants?

Referral

Why did you select Protax Business Consultants over others?

• High ratings
• Pricing fit our budget
• Good value for cost
• Company values aligned

How many teammates from Protax Business Consultants were assigned to this project?

2-5 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

• Scope of Work: 
  • VAT Compliance in UAE for a Fitness Consulting Firm Initial Assessment: Review the business operations and activities of the fitness consulting firm. Evaluate the need for VAT registration based on the threshold criteria. 
  • VAT Registration: Prepare and submit the VAT registration application to the Federal Tax Authority (FTA). Assist in obtaining the Tax Registration Number (TRN). 
  • VAT Compliance: Monthly review of sales and expenses to calculate VAT liability. Preparation and submission of VAT returns to the FTA. Ensure compliance with VAT regulations and reporting requirements. 
  • Record Keeping: Advise on proper record-keeping procedures in compliance with VAT laws. Maintain organized records of all VAT-related transactions and documentation. 
  • VAT Advisory: Provide ongoing guidance on VAT matters, including input and output tax calculations.Assist in handling VAT audits and inquiries from the FTA. 
• Scope of Work: Monthly Accounting Services Financial Statement 
  • Preparation: Prepare monthly financial statements, including profit and loss statements and balance sheets.Review and analyze financial data for accuracy and consistency. 
  • Bookkeeping: Record and categorize all financial transactions in the accounting system.Maintain accurate records of income, expenses, assets, and liabilities. 
  • Bank Reconciliation: Reconcile bank statements to ensure all transactions are accounted for. Identify and rectify any discrepancies or errors. 
  • Accounts Payable and Receivable: Manage accounts payable by tracking and paying bills on time.Monitor accounts receivable and follow up on outstanding invoices. 
  • Expense Tracking: Categorize and track business expenses.Provide regular reports on expense trends. 
• Scope of Work: 
  • Corporate Tax Advisory Tax Planning: Analyze the fitness consulting firm's financials and business structure to optimize tax strategies. Advise on tax-efficient business decisions and transactions. 
  • Compliance: Ensure compliance with all corporate tax regulations in the UAE. Prepare and file annual corporate tax returns. 
  • Tax Credits and Deductions: Identify applicable tax credits and deductions to minimize the tax liability. Provide guidance on claiming eligible tax incentives. 
  • Consultation: Offer ongoing consultation on corporate tax matters. Keep the firm informed about changes in tax laws and their potential impact. 
  • Tax Efficiency: Explore opportunities for tax-saving strategies while staying within the bounds of the law.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

Meeting deadlines of filings. Meeting deadlines for governemnt approvals. Quality Accounting work with timely reporting.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

Yes. Ontime. Everytime.

What was your primary form of communication with Protax Business Consultants?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

We are impressed with their communication about the work and how accommodating they are.

Are there any areas for improvement or something Protax Business Consultants could have done differently?

They just need to step up their marketing game. They are an excellent team with great leadership, they deserve more clients and more businesses deserve accountants like them.