If you have an accountant who deals with your tax, then you may think that there would be no further benefits from using the services of tax consultants. However, tax consultants can offer services that are more far ranging that those of your accountant, and this could be highly beneficial to you and your business.
Tax Consultants are tax specialists
Tax is complicated, there’s no doubt about that. Tax consultants are specialists in all aspects of tax and so have the knowledge and experience to go beyond the tax services offered by an accountant. The more complicated your tax issues, the more likely it is that you need to utilise the services of tax consultants. So while using your accountant to deal with your tax matter might be fine in the early days of your business, once your business starts to grow, or you begin dealing with clients overseas or forming overseas companies, then you really should have a tax consultant to oversee all your tax affairs and offer advice where needed.
They will ensure you are fully compliant
You have particular obligations when it comes to paying your taxes and you of course are liable for submitting the relevant tax returns and making the correct payments. You’ll be required to keep records in a certain way and be able to present them if asked for. If you need to prove any of your outgoings or income you’ll need evidence of all the transactions your business makes. You’ll need to fully understand the rates of tax you need to pay and the amounts you’re required to pay it on, so knowledge of any exceptions, personal allowances etc. are vital to ensure you’re paying the correct amount. You’ll also need to know the deadlines for paying your taxes. Paying tax late can result in fines, giving the wrong figures, even unknowingly can trigger an investigation and even result in prosecution if it is deemed that you were in the wrong. A tax consultant can ensure that all your tax obligations are met, and that you are fully compliant. This gives you peace of mind that you’re not going to suddenly find yourself with a huge bill, or get into problems with the authorities for tax returns incorrectly filed.
They know about ways to save you money
Your specialist tax consultants will also know how to save you money. The more complicated your tax issues, the more jurisdictions you’re dealing with, the harder it is to keep an eye on all the tax schemes and incentives available to you. Your tax consultants though will have all this information to hand and will keep up to date with all new developments, so if there’s a way in which you can save money, they’ll be passing this advice straight on to you.
If you think you may benefit from the wider ranging services of a tax consultants then do get in touch with GlobalServe Consultants Ltd. Our highly skilled and experienced team are waiting to help your business with your tax and financial management. Find out more via our website.