A company can take care of its accounting and taxation on its own, but it can be complicated for most people. Taxation is related to the law of a country, so not only it is essential that a person is qualified, it is important that individuals have adequate experience. Rather than doing it yourself, it is better to seek professional help. Consider consulting a registered tax practitioner in Cape Town to help with your company’s taxation. (Information source: https://atlanticaccounting.co.za/tax-consulting)
Registered tax practitioners take care of all tax matters for their clients and provide services related to:
- Tax advice, planning and strategy.
- Individual tax returns, VAT returns, and PAYE returns.
- Capital gains tax and dividend tax.
- Salary packages and tax optimisation.
- Tax matters and advice related to trusts.
- Tax compromise applications.
- Tax incentives and allowances for SME’s.
The Advantages of Hiring a Taxation Service Are:
1. Reducing Errors/Mistakes:
Making errors during your tax filing can cause you a lot of trouble. When there are multiple sources of your income, errors can become frequent and tax calculations can then tend to get complicated. A professional tax practitioner will make no mistake as he knows exactly what to do and how it must be done.
2. Efficiency in Filing Taxes:
Taxation is a lot of work to do. You need to look for records and write-offs. Before you start filing your tax, it is also important to double-check your receipts. All these can take many hours to complete. Hiring taxation services will save time as they are professional and will do it faster, while you can dedicate your time on improving your company.
3. Human Assistance Available:
You can use advanced tax software to take care of your taxation. However, it is recommended to have the assistance of a real person that you can ask for assistance. Minor information can be missed by tax software, but a tax practitioner in Cape Town will be able to provide you with minute details until you are satisfied.
4. Strategic Advice Available:
Apart from taking care of your taxation, the tax practitioner can act as your tax advisor as well. He can advise you on what to do at the time of tax filing next year to making your work easier. You will also know which risks you need to be aware of when filing taxes.
5. Stay Updated:
Your taxation service will always keep you updated about taxation laws and changes (if any), so you know about the changes to tax laws in your country. You will not get stuck in any kind of legal trouble when you know what is going on and what you should do.
6. Foreign income:
A Business accountant is essential if you have income from foreign assets. For example, you may have a property in another country, and you might receive rent from it. These transactions make your taxation more complicated, which demands expert handling from a registered tax practitioner.
These are the main reasons why you must seek assistance from a professional tax practitioner in Cape Town.