Over the decades, there have been some major reforms in the global taxation landscape. Changes in the taxation landscape bring new challenges for business organizations. A business organization has to abide by the taxation laws of its respective country. For global firms, managing taxes is a hassle as they have to deal with regulations of different countries. Not paying tax can land a business organization in unwanted legal hassles. Taxation laws are often complex and hard to be interpreted by business owners. It is why business organizations opt for tax consultancy services to streamline their taxes.
Continue reading to know more about tax advisory services for businesses.
Who offers tax advisory services for businesses?
Usually, CA firms involve themselves in offering tax advisory services to businesses. A reputed advisory firm will have many tax experts that understand the complex regulatory laws. Those tax experts will work to streamline the taxes of your company. Tax experts know about the tax compliance norms that are to be followed at all costs. Also, they understand the dynamic nature of the taxation landscape and help you steer through challenges.
What comes under tax advisory services?
Before you know the functions of a tax advisor, you should understand the difference between a tax advisor and a tax preparer. A tax preparer will only help you to file taxes with proper documentation. Besides preparing your taxes, a preparer will not give you any advice on tax benefits or compliance norms. On the other hand, a tax advisory firm will help you in making the taxation processes better for your business. They will pass you advice even after filing the tax return to make better decisions.
We have mentioned the functions of a tax advisor below:
- A tax advisor will help you in filing the annual tax return before the due date. He will make sure that all the tax-related documents should accurately maintain for filing annual tax returns.
- Every government offers some tax benefits to business organizations. Usually, business owners do not know about tax credits and benefits. A tax advisor will use the tax schemes and benefits launched by the government to lower your tax burden.
- If you are planning to retire or sell out, a tax advisor will help you in decreasing your tax liability.
- A tax advisor will help a business organization in managing all types of direct and indirect taxes. For global firms, tax advisors make sure that the regulatory norms of each country are being followed.
- A tax advisor can help you set the transfer price for transactions between subsidiaries or related entities.
- In case of a visit from tax officers, a tax advisor will help you in showing them the required documents. A tax advisor will make sure that all tax-related documents are maintained and updated regularly.
- Many times, business owners have to go through tax implications due to life events like divorce, death, transfer of ownership, etc. A tax advisor will help you go through tax implications imposed by notable life events.
Why should I go for tax consultancy services?
The market size of tax advisory firms is more than ever. It is because business organizations are realizing the importance of following the tax regulations. No business organization wants to get into tax-related hassles. Some of the reasons for choosing tax consultancy services are given below:
- By choosing a CA firm for tax advisory services, you don’t need to hire in-house advisors. It will save you the costs incurred in hiring and training in-house tax professionals.
- You do not have to deal with the complexity of tax documents and regulations. Tax advisors will do it for you while you can focus on business goals. It will also free your employees from tax processes and will focus on business tasks.
- A tax advisor will help in reaping the benefits of tax schemes and benefits launched by the respective tax authorities. Also, you will understand the risks associated with the taxation landscape.
In a nutshell
The global consulting industry has a worth of around USD 250 billion at present. Business organizations are relying on professional consultants for ensuring smooth business operations. You can also take help from tax advisors to lower your tax burdens. Choose your tax advisory firm for a lesser burden!