Tax advisor – how to choose one and why you need tax advice

Tax hurts, as does doing your taxes. That’s a given. That’s why we use the word ‘taxing’ to describe something that is tiring and drains you. However, paying your taxes can also cost you more than it needs to. In some cases – a lot more! This is the fundamental reason everyone needs a tax advisor and tax advice – from professionals in legal tax assistance who can help you make taxation less ‘taxing’.

Tax Advisor for Tax Planning and ‘Legal Tax Loopholes’:

Fortunately, you don’t have to try and fool the tax man. There are many legal ways you can lessen the amount of tax you need to pay, maximise tax rebates and take advantage of legal tax loopholes.

‘Legal tax loopholes’ offer creative (but still legal) ways of reducing your business or personal tax bills. Legal loopholes offer significant tax savings, but you’ll need great tax advice from expert tax advisor to help you find them and structure your personal and family financial, investment and business strategies to make the most of the them.

Tax planning now involves ‘task risk planning’ that will help prepare you and your financial portfolio for changes in legislation, as the government tries to either close existing loopholes(or reduce the amount you save and so not pay SARS, by using them) or regulate compliance. There’s no doubt you’ll need expert advice for tax risk planning and to maintain tax compliance. What might be compliant one year, is not necessarily so, the next year.

A tax advisor makes sure you are compliant with any changes in tax law

Personal Tax Advice for Personal Tax Planning:

Your personal tax advisor will help you structure a personal tax plan as part of your personal financial plane. This tax advice will help you protect your personal and family wealth. Two examples of these would be Offshore investments under the umbrella of an Offshore Trust, and the setting up of Family Trusts.

Business Tax Advisor for Business Tax Planning:

Business Tax Planning requires targeted business tax advice from dedicated and experienced business tax advisors. Ideally you will need tax advice from a firm specialising in taxation matters, with the resources to advise you on all aspects of business tax. Business tax advice is essential across the board – from small to large business – when it comes to employee tax matters. From there, the business tax spheres expand outward (though always interlinking) into a number of influences on the monthly balance sheets, quarterlies, projections and year end balances and tax returns. Some you may think aren’t legal, may well be – if they done right, ethically and legally.

Choose the right Tax Advisor:

To get the best out of legal tax assistance and advice, based on your unique needs, financial portfolio, business operations and goals, you’ll need the right tax advisor – one with more than the required qualifications (including FAIS credentials):

• Tax advisors need to have integrity and be trustworthy.
• When looking for a tax advisor, look for an individual or company that shows an excellent track-record, that has the experience and knowledge to take care of your financial future on both a personal and business level.
• You can request references from your tax adviser’s other clients or opt for that service from an established assurance company with a public record.
• A general rule is that the best legal tax assistance is found within a firm structure that offers a wide range of financial and accounting services.

When your taxation needs are considered within a full portfolio of financial services aimed at your financial well being and freedom, you can rest assured that you are in safe hands. You can also be assured that your tax assistance is legal, compliant, and any changes in SARS regulations are promptly and expertly dealt with.