What is a Tax Advisor?
A tax advisor is a financial expert who helps their clients to plan finances so they pay the right amount of taxes according to local law and regulation. They have advanced training and knowledge of tax law and tax accounting. A tax advisor may also be known as a tax consultant and can include financial planners, tax attorneys and certified public accountants.
What Does a Tax Advisor Do?
A tax advisor prepares and optimises individuals and companies tax returns. They also help clients navigate and resolve any potential tax issues. This could mean acting as the communicator between the client and a legal authority and advising on the best way forward.
Responsibilities include:
- Preparing and filling out tax forms
- Communication with clients and authorities
- Advice on formalities and legal issues
- Maintaining receipts and tax records
- Tax and financial advice for companies
Why Do You Need a Tax Advisor?
Navigating the world of taxes and understanding all the financial jargon is a challenge in itself. If you don’t know what you’re doing, it’s possible to miss an important detail and end up not paying the right amount of tax.
A tax advisor is professionally trained and is able to understand and oversee the complex tax requirements of different sized businesses and individuals. With this knowledge, you can be sure you’re being tax efficient, paying the minimum amount of tax possible and taking advantage of any tax breaks or loopholes.