When you’re running a small business there is one crucial element that you don’t want to get wrong, and that’s your tax affairs. Taxation is often far from simple and it’s not uncommon for small businesses to engage the services of a tax expert to at least make sure they meet legal compliance.
We’ve delved into the world of small business taxation and produced a guide on what you need to know:
● Why Use a Tax Advisor
Keeping up to date with all the relevant tax rules can be very challenging, requires a considerable amount of time and takes your focus away from the day-to-day running of the business. Using the services of a professional tax advisor can be an effective and efficient way of ensuring legal compliance and helping reduce the risk of audits and penalties. Often the cost of their services is outweighed by the benefits they provide.
● Choosing The Right Small Business Tax Advisor
There are several things to look for when choosing the best small business tax advisors in and around Sydney. Make sure they are registered tax agents and certified accountants with plenty of years of experience. They should specialize in small businesses, ideally with experience in a similar field and who can take care of all your small business accounting requirements. Check they have a good record of achievement and positive testimonials. Look for a provider who offers your first consultation for free.
● Services
A professional tax advisory and accountancy company will offer a wide range of services including full tax planning and consultation, and preparation of tax returns. A reputable tax advisory service will provide businesses with confidential, high-level advice and positive solutions for all state and federal tax matters. The best providers will take a proactive role and can help steer you to increased growth and more profitability as well as minimizing taxation liability.
● Additional Services
Look for a company that can provide a wide range of accountancy services and can give you a one-stop shop for all your accountancy needs, such as bookkeeping, financial accounting, management accounting, SMSF, and payroll management. The best service providers will also offer personal as well as business tax planning and consultation services, including the preparation of business activity statements. Click here for information on investment property with SMSF.
● Benefits Of a Local Taxation Advisor
Using a local tax advisory service has several benefits, such as being able to consult with your tax agent in person rather than by phone or video conference and giving you direct access to general accountancy and local knowledge expertise. The best tax advisory companies will offer a mobile service whereby they will come to your office, worksite or home which has the added benefit of allowing them to better understand how you operate and thereby tailor their services to you.
Navigating the complex world of taxation is not easy and getting it wrong can lead to severe penalties. Employing the services of a reputable tax advisory service means you will be legally compliant and can even reap rewards by minimisng your tax burden and giving you more time to grow your business. Click here for help on supporting your small business.
