I am asking this because i am sort of confused because there is no
tangential acceleration in uniform circular motion. If this is the
case, then we are considering the rate of change of magnitude of
velocity, not both magnitude and direction.
The clue is in the word 'uniform': it means that angular velocity $\omega$ and tangential velocity $v$ are constant in magnitude (but not direction), with the relation:
$$v=\omega R$$
where $R$ is the radius of the circle.
However, there is acceleration because the velocity vector $\mathbf{v}$ constantly changes direction. The so-called centripetal acceleration $\mathbf{a_c}$ is given by:
$$\mathbf{a_c}=\frac{\text{d}\mathbf{v}}{\text{d}t}$$
Or:
$$a_c=\frac{v^2}{R}$$
This acceleration vector points perpendicularly towards the centre of the circle and keeps the object on its uniform circular trajectory.