Every business has to comply with the taxation norms in its business landscape. Taxation is an indispensable part of a business and is also a big challenge for business owners. From filing tax returns before the due date to preparing necessary documents, there are numerous taxation processes. Businesses are looking for tax experts that can help them with the taxation processes. Due to the massive demand for tax experts, the global tax advisory services market is growing with an impressive CAGR of 9%. Read on to know things to consider before choosing a small-business tax advisor.
Choose a reliable advisory firm
It is difficult to find tax experts that can work full-time for your company. You will waste some funds on the training and recruitment of tax experts. It is better to partner with a reputed advisory firm and outsource your taxation processes. A CA/advisory firm will have in-house tax experts that have already worked for many clients. They will be well-aware of the taxation landscape in your state/country to guide you at each step.
Look beyond the big four
Besides the top four advisory firms in the market, you can also look for smaller CA firms. Since you are a small business, you can choose a CA firm that is better oriented for small businesses. It can also help you slash costs that are involved in taxation processes.
Look for diverse tax services
A business can be subjected to various types of taxes like direct taxes, indirect taxes, goods and services tax, etc. While looking for tax advisory services, choose a firm that can help you handle various types of taxes. A tax advisor should be able to help the client uncover all the tax liabilities, including the ones not known yet.
Look for global tax services
Are you looking to scale or sell your small business in the future on a global scale? Well, one should choose an advisory firm that has clients all over the world. Such a firm will have tax experts that are aware of the global taxation landscape. You may need an advisor for international taxes or expatriate taxes. Many businesses look for transfer pricing experts that can help them with taxes for related-party deals. If you are looking for setting up a branch in a foreign country, international tax experts can help you understand the foreign country’s taxation norms.
Conduct research about previous clients
Before partnering with a tax advisory firm, you should know its experience in providing taxation services. You can research previous clients of a tax advisory firm to know about their productivity. You can also compare the rates of various tax advisors to choose the most affordable one for your small-scale business.
In a nutshell
A good tax advisor can help you save while clearing the tax liabilities. Tax advisory services can help you in making the best use of available tax credits and schemes. Choose an experienced tax advisory firm for your small-scale business!
