What is Business Tax Advisory
A business tax consultant is a professional that has been trained and has knowledge of tax law and how this applies and impacts on your business and financial affairs.
Business tax advisory services usually consist of services to clients that are aimed at minimising taxation and compliance related risks especially due to the fact that the tax landscape changes regularly. This requires tax planning to map out the most efficient route for the given situation.
Businesses must, by law, pay taxes on their income. Hiring a tax consultant can help people manage their money better and pay less in taxes. This means that businesses can end up paying a lower amount of taxes than they initially would have had to pay. Business tax consultants also complete and file a businesses’ tax returns for their various taxes.
A business follows the International Financial Reporting Standards (IFRS) to prepare its financial information. Sometimes, the business's policies are different from the Tax Act, which can result in incorrect calculation of tax liability. A business uses the International Financial Reporting Standards (IFRS) to prepare its financial information.
There are instances where the business's policies will differ from the Tax Act. This can lead to incorrect calculation of tax liability. In these situations, the Commissioner (SARS) may impose penalties and additional tax for calculating the business's taxable income with errors.
We require a tax consultant to determine your business's earnings and its classification as capital or revenue under the law. A consultant can help determine the deduction and limit allowed by the Act to accurately calculate the tax owed.
To avoid penalties and paying more on taxes, it is recommended to hire a tax consultant. They can help prevent mistakes in tax calculations, ensure accurate completion of returns, and timely filing of returns.
Frequently asked questions
What does a tax consultant do in South Africa
Personal and corporate income tax return preparation and submission. Advise their clients on the implications of income tax legislation. Services on different types of taxes, like PAYE, SDL, UIF, corporate income taxes, stamp duty, estate duty, donations tax, and VAT. Advise on capital gains tax and dividends withholding tax.
What is a tax consultant
A tax consultant provides tax advice and support to individuals, businesses, and organizations on various tax issues. They help with taxes by doing paperwork, studying tax laws, giving advice on tax planning, and helping clients with tax disputes and tax submissions.
What is the difference between tax accounting and consulting
Tax consultants and tax accountants handle taxes, but they have different main focuses and provide different services. Tax consultants plan and advise on complex tax issues, while tax accountants handle the practical tasks of preparing and filing taxes.
Do I need an accountant or tax consultant
A tax consultant is more concerned with your compliance with tax law and they give you advice about the latest legislation when you need. They'll also file your statements and represent you to the revenue services. An accountant is your strategist. Their business is helping you pay less tax within the ambit of the law.
How much do tax practitioners charge in South Africa
Tax practitioners charge anything between R300 - R500 per hour dependent on the service and skill required. Some services are quoted on a case-by-case basis due to the nature of the case and the complexity thereof.
Must my tax practitioner be registered
Such a person must register with SARS as a tax practitioner within 21 business days after becoming liable to register. Certain exceptions do apply as set out in section 240 of the TAA. The TAA defines certain bodies to be recognised controlling bodies (RCBs). RCB's help SARS regulate the industry by maintaining the compliance and competence of members.
Therefore, it is important to check that your tax practitioner is in fact registered with SARS. Verify Tax Practitioner with SARS.
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