You’ve already invested an enormous amount of money and resources, and you probably know that only a few businesses realise success without getting help from great advisers. With this in mind, you should consider getting professional help for your business taxes. Here’s why:
- An accountant could aid you in setting up an efficient record keeping system, as well as a calendar of your tax return schedules to streamline and make your tax compliance well organised. You would get a due date reminder for your returns, which can help avoid penalties for late payments.
- Licenced accountants handle tax issues every single day and are always up-to-date with the newest tax changes and rulings. It would be more practical to hire a specialist instead of diverting your resources from your crucial business operations, just to monitor tax-related issues and all the work that come with calculating and filing.
- Note that submitting tax returns could be tricky and time-consuming, especially if you’re an amateur entrepreneur. On the other hand, accountants have the necessary experience in prepping tax returns every year.
- An accountant could help you claim all business expenses that you’re legally entitled to, and won’t miss any opportunity to claim more that you wouldn’t have spotted otherwise.
- You would likewise receive expert advice on issues like tax benefits of buying vs. leasing equipment, using a company or private vehicle, and other related business tax issues.
To find an ideal accountant for your business, contact other businesses in the same industry or with a similar size. You could get a recommendation from them and even ask about the fees that chartered accountants in Auckland usually charge, says Accounting North Ltd and other financial advisers in the North Island.
In general, if you think you’ll be consulting with your accountant more frequently and only during tax time, expect to spend a bit more for special service. Keep in mind, though, that paying less isn’t as crucial as the value of personalised financial services for your business. In addition, if you’re business is new, consider looking for an accountant that also offers business advice.