Tax planning is one of the most confusing and overwhelming aspects of being a business owner. It’s also one of the most critical. Anyone who has ever tried to go it alone can tell you that a simple mistake, which is made easily by a nonprofessional, can cost endless hours of additional work, not to mention the added financial burden that the errors place on you.
However, when you choose a highly qualified chartered accountant as your tax accountant, you know you are in the right hands. A chartered accountant is someone who has gone through additional accredited rigorous training, after having already received a standard university accounting degree. They won’t make promises they can’t keep (be wary of anyone promising a huge refund), and, because of their advanced training and quality network of associates, you can be assured that your taxes are being done right. Remember: regardless of who’s preparing your taxes, you are ultimately responsible for their accuracy.
Tax advisors answer all of your tax-related questions, and they will help you plan for the future in terms of how your business decisions will affect you at tax time. They will also help you prepare for it.
Certified chartered accountants who serve as tax advisors will already be trained in upcoming tax law changes. They will use their expertise to help you forecast when and how to make your future business purchases and changes, such as buying new equipment and business expansion, related to those tax laws.
A certified chartered accountant gets to the business of preparing your taxes and a tax advisor works on helping you navigate your business choices from a tax advantage point of view, so that they are in the best interest of your businesses bottom line. By utilising both certified chartered tax accountants and tax advisors, you are shielding your business from any losses associated with bad tax decisions and filing errors.