Business Tax Consultants
A business tax consultant is a financial expert with advanced training and knowledge of tax law. The services of such an advisor are usually retained in order to minimize taxation while remaining compliant with the law in complicated financial situations.
By law businesses have to pay tax on its taxable income and a business tax consultant is there to assist business by structuring things in a way that will result in the business having a lesser tax liability than what it would have paid. They also complete and file businesses’ tax returns.
A Business prepares its financial information in terms of the International Financial Reporting Standards (IFRS) and its policies sometimes differ from the Tax Act and can therefore lead to tax liability being incorrectly calculated and the Commissioner (SARS) charging a penalty and or additional tax for calculating the businesses’ taxable income incorrectly (understating the profit). There is consequently a need for a business tax consultants who will determine your business’ income and its nature (capital or revenue) in terms of the Act. A consultant will also be able to define the allowable deduction and the limit in terms of the Act so that the tax liability is computed accurately.
Your business can avoid unnecessary penalties and possible additional tax (for incorrectly doing the businesses tax computation; incorrectly completing the tax returns and filing the late returns) by hiring a tax consultant today!
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