Attempting to do your own tax is like as the saying goes, a man who is his own lawyer has a fool for a client! Same applies to most professional faculties, including tax. Becoming professional tax accountants takes years of studying tax law and even more so, gaining expert tax experience in the real world of tax practice. Taxation affairs can be cumbersome and complex therefore it’s best to commission professional tax accountants. This is a good way to have your tax preparation completed with accuracy but it could carry a high premium if you farm out your tax affairs to individuals or practices that are not qualified as tax accountants. This calls for care when choosing the tax accountants to hand over and trust your tax affairs to.
The first thing that you should consider about your outsourcing tax accountant is their qualification. Ensure that they are fully qualified members of The chartered Institute of Taxation and The Association of Taxation Technicians examining bodies. Professional Tax accountants will have certification and membership numbers displayed in their offices which can be referenced back to the examining bodies.
Secondly, consider the tax accountants’ experience, which can be done by consulting with their clients to establish how they managed their tax affairs. Most of us prefer hiring the newer accountants firms just because they offer their services at lower costs. Cost alone as a deciding factor can prove expensive in the long run. Miss-managed complex tax affairs can lead to high tax bills. It is advisable to go for suitably experienced tax accountants, meaning, not over qualified for the task at hand but certainly not under qualified.
Set a budget of your tax preparation outsourcing and stick to it. Search around among the huge pool of tax accountants and get the one which is most affordable but capable of delivering the job.
Whilst seeking Tax Accountant for planning purposes, it is crutial to take all taxes into account, not just the one you are trying to avoid! There is no point doing one thing to save inheritance tax if at the same time by taking this action you inadvertently give yourself a capital gains tax liability. Capital gains tax rate is much lower than income tax rate but with good CGT Tax Accountant advice and planning, one can further reduce the CGT bill. There are many ways by which CGT Tax Accountant advisers may help you reduce your CGT bill, legally of course!! This requires good advanced planning by professional offering CGT Tax Accountant advice rather than reacting to a tax event.
Local accountants – Google search the accountants for your local area ie Accountants London/Brighton/ Crawley should throw up a list of accountants local to London/Brighton/ Crawley and Google maps should also recommend a list of Accountants London/Brighton / Crawley with their location in Google map. If you are able to find appropriate accountants from the list of Accountants in London/Brighton/ Crawley then widen the search. Also remember that just because you search for the term Accountants London/Brighton/ Crawley does not necessarily mean the list will only have London/Brighton/ Crawley Accountants as this will depend also on search listing rankings.
If you find the right accountants for your business they can easily become invaluable to your business; by helping you to structure your business most effectively, be as tax efficient as possible and help you implement the right tools to manage your business financially.