The need for tax accounting is growing by the day. Every company wants to become more efficient and decrease their tax burden. Many tax accountants are available to offer their services at reasonable prices. As tax season approaches, you may find that there are many tax accountants from which to choose. While it is important to make sure that you get the services of a tax accountant who is reliable, ethical, trustworthy, and well versed in tax laws, you also want to ensure that you get your money’s worth.
Tax accountants usually engage in several tasks including drafting various tax documents, assisting governments in enacting new laws and regulations, and reviewing different tax documents. If you need the full comprehensive professional service provided by tax accountants in London, then it would be best if you hired the services of an officially licensed private tax accountant. However, if you are already short of funds and still require professional tax services, you can still find the right tax accountant by conducting a simple online search.
Accountancy Professionals Association of London
You can also go for an individual tax accountant who is registered with the Accountancy Professionals Association of London (APAL) or the Institute of Chartered Accountants of India (ICAI). These professional bodies provide accreditation to accountants and other taxpayers based on a stringent code of conduct. Only experts in the field of tax accounting can become members of these organizations and work for accredited public accounting firms.
Tax Consulting Services
Not all tax accountants will be able to provide the comprehensive tax consulting services you require. For instance, some accountants specialize in offering advice on tax planning for individuals, small businesses, corporations, and even for international tax clients. Some excel in preparing IRS-approved individual tax returns, while others focus on corporate tax planning and tax accounting. On the other hand, there are tax accountants that only provide budget counselling services. If your firm has several taxpayers or clients, you may want to hire one with broad specialization.
How to Find a Tax Accountant
There are various ways to find a tax accountant with sufficient skill, professionalism, knowledge, and experience in corporate tax accounting. You can first determine the size of your taxpayer or client by requesting a brief from them. You can ask for references or check with the local Business Authority to see if the tax accountant has already been accredited or licensed with the relevant organization. Next, check if the tax accountant is licensed with the IRS or is a member of the Institute of Chartered Accountants of India (ICAI). Finally, inquire about the tax accountant’s expertise, training, certifications, and background.
Type of Tax Accounting System
The type of tax accounting system employed by the tax accountant should be checked. Make sure that the taxpayer or client will get the best accounting system to minimize complications and liabilities in the future. The system employed should ensure easy and quick processing of tax returns by both the company and the tax accountant. In addition, ensure that the system uses state-of-the-art computerized tax software that will enable better processing speed and accuracy.
CPA’s Professional Fees
Make sure to ask about the CPA’s professional fees and services. Inquire about the tax accountant’s experience and skill level. Find out if the taxpayer or client you will get will benefit from their tax advice. Most importantly, ensure that the tax accountancy firm or professional is qualified with applicable licensing or certification from the relevant agency. Furthermore, check if the firm or professional has satisfied the necessary state and federal tax requirements.
Hiring a Tax Accountant
Before hiring any tax accounting firms or professionals, you need to review their previous projects, if any, and the type of tax returns and tax accounting they have prepared. As much as possible, try to hire one that is well experienced and capable in providing excellent tax return preparation services. You should also be able to find testimonials and reviews from their past clients. Make sure to compare the prices and services offered by different corporate tax accountants. In order to save on the tax cost, you should try to find a tax accounting that will provide all the tax information you need at a reasonable price.