Tax Advisory Services: Understanding Their Need for Your Busines

Read on to know why tax advisory services are beneficial for your business.

Who provides tax consultancy services?

A CA (Chartered Accountant) is considered to be expert enough to handle business taxes. However, there is no compulsion to hire a chartered accountant for your business. You can also contact a CA firm that offers consultancy services to businesses. A reputed CA firm has many experts that are fully aware of the taxation norms and challenges. Apart from filing tax returns on time, a CA firm will help you in maintaining tax documents and following the tax-related compliance requirements. Besides completing the taxation processes in-house, you can outsource them to a reliable CA firm.

What comes under the bracket of tax consultancy services?

One should not confuse a tax consultant with a tax preparer. A tax preparer is someone that helps you file your income tax return on time. A tax preparer will only be concerned with filing your tax return on time. No advice will be passed by a tax preparer on any other aspects of taxes. A tax consultant is someone that offers several tax-related services. From tax advice to lowering the tax burdens, a tax consultant will help you with all. The services that come under tax advisory services are given below:

• A tax consultant helps a business organization in maintaining all the tax-related documents. A consultant will help you in filing tax returns on time to avoid any legal hassles or fines.

• A tax consultant knows about all the tax schemes and benefits launched by the authorities for businesses. A consultant will help you in making the best use of available tax benefits.

• A tax consultant will make sure that the tax burden on the business organization is as low as possible.

• A tax consultant will help you in applying various tax management techniques for your business organization. Tax management techniques like transfer pricing are used by many businesses to decrease their tax burden.

• There are several types of taxes a business organization has to care about. From direct taxes to indirect taxes, a tax consultant can help you all. Management of different types of taxes is challenging for global firms. Tax consultants can help you in understanding the taxation landscape of different countries where your company is established.

• A business can be asked by tax authorities to show proof of tax filing or any other tax-related activity. In case of any legal visit, a tax consultant can speak on behalf of your company and make sure your company comes out of the legal hassle unharmed.

• Tax consultant can help you with tax implications occurring due to special events like divorce, ownership transfer, etc

Why should I choose a CA firm for tax consultancy services?

Many business organizations have started partnering with CA firms for tax advisory. It is because businesses have realized that they cannot handle the complexity of the current taxation scenario. The pros of outsourcing tax processes to a reputed CA firm are as follows:

• You can focus on core competencies while tax-related processes can be handled by consultants.

• By outsourcing your tax department to a responsible CA firm, you can slash the in-house operational cost. You don’t have to spend on recruiting/training tax professionals.

• A CA firm has tax experts that can make the most out of the tax benefits launched by the authorities.

Conclusion

Why go through the hassle of hiring tax experts when you can just outsource the tax department? A tax consultancy firm will make sure your company has the minimum tax burden and follows all tax-related norms. Boost your tax department by outsourcing it to a CA firm!