Finding a Tax Consultant for Small Businesses
Finding a tax consultant can sometimes be a difficult process if you have not had to engage an tax consultant previously. Many small and new businesses make the mistake of completing their own tax returns in the early years. Often a Tax consultant can save tax in areas that individuals would not be aware of — this is money well spent.
There are few things more stressful than not having a good grasp on your finances and feeling unable to approach your tax consultant. So its important to get a good one; here are some tips on choosing an tax consultant for your business:
1) Try and choose a tax consultant before you start your business as they will be able to add value at the early stage.
2) Don’t accept a bad service from your tax consultant. You deserve better. If you change tax consultants your new tax consultant will deal with the handover so if you are getting bad advice or service then change.
3) Ensure your tax consultant works with small business clients and has experience in various sectors.
4) Ask what other services the tax consultant provide – do they provide business advice, can they do accountancy or have they contacts to help grow your business?
5) Get a fixed fee, paid monthly with unlimited telephone support so you won’t be afraid to call them when you need to them.
6) Go with your gut feeling, if you don’t think you will be able to get on with the tax consultant after the initial meeting then you probably won’t.
7) Ask for testimonials. A good tax consultant won’t mind if you talk to other clients.
8) Make sure your tax consultant keeps in regular contact with your business – not just at year end! They can hep and advise on capital purchases throughout the year.
9) Sometimes its best to have an tax consultant who has a smaller practice as they understand what it’s like running a small business also they won’t be tempted to pass your work onto the junior staff.
10) Make sure your tax consultant is fully qualified, for example as a Certified Public Accountant (i.e. CPA). Ask them what qualification they hold and check with the qualifying body.
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By Leon Clinton