- Tax Accountants
Tax accountants are professionals who specialize in preparing and filing taxes for individuals and businesses. They have the knowledge and expertise needed to ensure that your taxes are filed correctly and on time. If you’re looking for a professional tax accountant, here’s what you need to know about finding the right person for the job.
The first thing to look at when hiring a tax accountant is their qualifications. You want someone who has experience working with individual clients and can prepare complex returns. In addition, they should have a degree in accounting or finance along with several years of work experience.
Experience is something else to consider when choosing a tax accountant. Look for someone who has worked with multiple clients over the course of several years. This way, they’ll understand how different people file their taxes and can help you find the best solution for your situation.
What does a tax advisor do?
There’s lot of different structures for tax paying entities, from sole traders, partnerships, limited companies, trusts, charities etc. Each of these structures is likely to have different tax implications and liabilities. It can even be the case that the legal status of your own business may change over time, for example if you start a small business as a sole trader and later become a limited company.
A tax advisor will help to minimise the amount of taxes that need to be paid in the most appropriate and legal way.
A good tax advisor will seek to understand your legal structure and also your goals and objectives. You’re likely to get different advice if you are seeking rapid expansion of your business, compared with seeking to wind things up due to retirement. Equally, there are different tax breaks that exist depending on industry and investments made.
Whilst we all need to pay the taxes that are legally due from us, how much we need to pay is often not as simple as a clear-cut calculation. It’s your tax advisors’ job to know how to create a the most tax efficient posture for you, taking into account your legal structure and objectives.
A good tax advisor is also a bit like having a good insurance policy. At the discretion of HMRC, there could be an investigation into your tax affairs. This can be incredibly stressful and hugely time consuming. A tax advisor can significantly simplify this process, mediating between you and HMRC to help bring about a positive resolution.