Importance of a Tax Consultant

A tax consultant is also referred to as a tax advisor as he advises you on the best practices so that you can maximise your tax refunds. These individuals are trained in law and accounting procedures so that they can help you manage your taxes and cash flow in addition. Filing your taxes can be a time and energy consuming endeavour so it is better to hire the sets of tax consultants.

What is the need?

The need depends chiefly on your business needs. In today’s day and age every penny saved in used to be reinvested in the business so it is very important that you get the correct financial advice when planning your business capital. Where taxes are concerned you can save a lot of money if you have the correct knowledge about deductions and applicable tax credits. This is not about finding loopholes or some grey areas, but if you know where to use what amount, it can truly be profitable for you.

Most business owners, as the companies expand need to invest all of their attention in the company and in ways to grow, in such situations though important, they don’t have time to file taxes which is punishable by law. To avoid such issues it is the best practice to hire a specialized taxation accountant who can file the right amount of tax at the right time.

Reasons to get a Tax Consultant:

Experience:

Experienced tax consultants is what you should hire, don’t be fooled by students who are fresh out of the college and start offering financial and tax advice. Agreed there is a dearth of consultants, but make sure you hire only an experienced specialized as this will save you money as opposed to shelling out additional to amend mistakes made by newbies. Inexperienced consultants can offer you misleading advice and this could rule to legal disputes, which something we all want to avoid at all costs.

sets they offer:

GST and Tax sets:

o Preparation of tax returns for

-Partnerships

-Individuals

-Companies

-Trusts

o Preparation of Business Activity Statements both monthly and quarterly for GST

o specialized Advice

Bookkeeping:

o They use a number of accounting tools like MYOB and Quicken

o They can assist you with preparation of monthly financial reports

o Help you with Debtors and Creditors

Secretarial:

o They can already help you with the preparation of company minutes

o Company formations

Auditing:

o Auditing of-

-Sporting Associations

-Solicitors

-Real Estate Trust Accounts

-Company Statements

Financial sets:

o They can already assist you with Home Loans, Commercial Loans, Debt Financing, Invoice factoring, etc.

o Refinancing Investment loans and other business loans

o They can advise you on buy of commercial equipment and machinery, leasing of equipment and machinery, Hire buy, Chattel Mortgage.

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