Tax consultant – where do you find good tax consultants and especially a person (or organisation) you can trust?
When you are on a simple, fixed salary income, tax calculations aren’t that complicated. But if you have a small business, work on a freelance basis, receive added benefits such as car instalments and petrol allowance, your tax situation can become a little more complicated. If you are in such a situation, it is especially important to call in the help of a professional tax consultant.
Trustworthy Tax Consultants
Most importantly when looking for a tax consultant, you need someone who you can entrust your finances to. So here are a few helpful tips in finding a trustworthy tax consultant.
When you’re looking for a tax consultant, don’t wait until tax season starts. Be proactive and start looking well in advance. Professional and reliable tax consultants will be extremely busy at the time tax season starts, and chances are good they are already fully booked and/or will take them a while to get back to you.
- Always consult with friends and family in a similar situation. Find out who does their taxes. It is always hard to beat personal experience, and you can be guaranteed a truthful opinion.
- First determine exactly what type of tax help you need. If you simply need someone to help you fill out your tax return, a tax preparer will suffice. It is also relatively expensive.
- A tax consultant on the other hand provides much more, including advice on how to structure your business to reduce taxes.
- A tax consultant can also offer advice on how to create a retirement plan for your small business to shelter income from taxes while planning for your future.
Tax consultants generally also charge per hour, which can be quite expensive. So it is advised to budget for this very important expense.
Managing your own taxes or that of your business can be the most frustrating and difficult task if you aren’t a bookkeeper, tax consultant or practitioner. Even if you do have financial and bookkeeping knowledge, it can still feel like an impossible task if you aren’t updated on the latest standards and requirements of the South African Revenue Services (SARS).
Luckily, obtaining tax consulting assistance or rendering a professional to do your taxes on your behalf, is an easy task. There is a multitude of professional, tax consulting practices that are trained and equipped with the right skill and knowledge to manage your taxes for you.
They are informed of the latest SARS regulations, requirements and procedures pertaining to businesses and individuals. Don’t let your taxes become a frustration. Instead, contact a professional. It is so much easier to acquire the services of a professional.
Pay a minimal fee and enjoy the peace of mind that comes from knowing your taxes are in safe and capable hands.
Why contact a tax consulting practitioner?
Starting a business: there are different tax requirements for different businesses.
VAT. – Businesses with an annual income of R1 000 000 and above or has a projective income equal to R1 000 000 and more, need to be registered for VAT. Voluntary VAT registration can be done if the monthly projective income is equal to, or exceeds R20 000. VAT returns need to be submitted at 1, 2, 4, 6 or 12 month intervals. Contact a professional to guide and assist you regarding your VAT.
Pay as You Earn (PAYE) Tax. If you are employed by an employer or employ individuals, you need to be registered for PAYE. This type of income tax is applicable to all employees that earns a salary of more than R46 000 per annum.
Income Tax (IT). Employees that earned less than R120 000 for a respective year from one employer, need not submit a return to SARS. If your earnings exceed this amount for a given year, it is best to consult a tax consultant to advise you regarding the Income Tax return process.
Managing your taxes shouldn’t be a nightmare and the dreaded event of the year. Rather contact a professional tax consulting practitioner to manage it for you.
Whether you are an individual, small to medium sized business; corporate company or massive enterprise; all of us need an experienced tax service.
With a lack of time and a the essential skills, essentially the most cost-effective solution is to outsource your tax requirements to a professional Tax Services Consultancy or bookkeeper which offers a complete range of tax services.
Most companies and entrepreneurs require assistance with their personal tax, business tax or VAT; and outsourcing to a professional will make sure that your tax is carried out according the South African Revenue Service’s (SARS) standards and requirements. SARS has implemented serious tax penalties and interest on monies outstanding and as a consequence it is very important have your books and tax administration correctly and timorously done.
It is important to engage a cost-effective, yet reliable and knowledgeable supplier who’s a registered SARS tax advisory practitioner! The important thing remains that tax consulting will save you time, effort and frustration!
There’s definitely so much to know about the subject, so many different taxes; and tax deduction benefits along with penalties, it is advisable to get a professional tax consulting practitioner to manage it on your behalf.
In case you aren’t a bookkeeper, tax consultant or practitioner, managing your personal taxes or that relating to your company it might be the most complicated and frustrating task in the world. Even though you may have accounting or bookkeeping knowledge and some experience, it will probably certainly be overwhelming if you aren’t updated concerning the latest standards and requirements of the South African Revenue Services (SARS).
Then the other thing is basically that you have more to do daily than only accounting; and without records and books being kept up to date daily; tax season as well as other deadlines become a period of dread!
These practitioners and consultants are informed on the latest SARS regulations, requirements and procedures relating to businesses and individuals. Don’t let your taxes turn into a frustration.
Particularly obtain the support of a tax consultant if you are starting a brand new business since there are various tax requirements with regards to the particular industry and business type.
For anybody who is employed by an employer or if you employ others then “Pay as you Earn” or (PAYE) Tax is relevant; and is relevant for all employees over a annualy set limit.
Value Added Tax or VAT applies to all businesses that produce an annual income of R1 million or a projective income equal to R1 million. In this case, the organization needs to be registered for VAT. Some businesses do choose to register for VAT before reaching this annual mark voluntarily for specific reasons for example working with parastatals or government.
There are numerous components to consider; and VAT returns need to be done at two monthly intervals.
Then, naturally, there’s Income Tax (IT). Since this is the responsibility of the individual and required for submission if earnings exceed the set amount for a respective year; lots of people require assistance to guarantee the correct documentation, deduction and submission of such return to SARS.
Obtaining tax consulting assistance or rendering a specialist to perform your taxes as your representative, is a simple task. You can find a a lot of professional, tax consulting practices which are trained and equipped with the right skill and knowledge to look after your taxes on your behalf.
It truly is more cost-effective than you may think and will help you take advantage of the confidence that comes from knowing your taxes are in safe and capable hands.