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 as well. Filing your taxes can be a time and energy consuming endeavour so it is better to hire the services of tax consultants.
What is the need?
The need depends primarily 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 spend what amount, it can actually 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 cases 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 professional taxation accountant who can file the right amount of tax at the right time.
Reasons to get a Tax Consultant:
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 professional as this will save you money as opposed to shelling out extra to amend mistakes made by newbies. Inexperienced consultants can offer you misleading advice and this could lead to legal disputes, which something we all want to avoid at all costs.
Services they offer:
GST and Tax Services:
o Preparation of tax returns for
o Preparation of Business Activity Statements both monthly and quarterly for GST
o Professional Advice
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
o They can even help you with the preparation of company minutes
o Company formations
o Auditing of-
-Real Estate Trust Accounts
o They can even 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 purchase of commercial equipment and machinery, leasing of equipment and machinery, Hire Purchase, Chattel Mortgage.