Every business owner knows that tax preparation and filling is not an easy task due to the nature and amount of information involved. Although your business may have an accountant who handles all the accounting issues, including recording and analysing accounting transactions to generate accounting reports, he or she may not be qualified to deal with complex tax issues. Since every business is obligated to prepare and file tax returns, as a business owner you need to ensure that you hire a tax expert to help with the process. Unfortunately, finding the right tax expert is not as easy as it sounds due to the existence of a myriad of factors to consider. Here are essential factors you should consider before hiring a tax expert to ensure that you choose a tax preparer that suits your needs.
Table of Contents
Check qualifications
It is essential that you check that the tax expert you intend to hire is qualified and able to offer tax preparation services. Request that they share with you their credentials, you will need to consider the training they have taken and ensure that the credentials are authentic.
Tools and equipment
The accounting world changes regularly, therefore you should consider hiring a professional who is up to date with all aspects of tax preparation and filing. You should ensure that a tax expert is familiar with a Making Tax Digital system to avoid tax preparation and filing errors which might lead to penalties. The tax expert should have vast knowledge of how to navigate your systems (including accounting software) and be able to generate the required information for filing VAT.
Check their history
Just because a person has the necessary credentials, it does not mean he is the right person for the job. Check the kind of businesses they have served before so you can ensure they can handle your type and size of businesses. Checking the reviews of their previous clients will also help you determine whether their services are satisfactory. You should also check whether they are still allowed to offer tax preparation services since some of the professionals who violate any regulations usually get banned or suspended. They often fail to disclose this information to unsuspecting clients.
Check their fees
Compare various quotations to determine the fees are fair and their skills reflect the nature of your business and amount of work involved. Also, try to avoid desperate and cheap services as they may seem enticing and enthusiastic but may end up delivering poor services.
Availability
Since MTD for VAT requires regular information updates, you should ensure that the professional will be available on a regular basis to handle your VAT issues. You can consider hiring a tax preparation expert located near your business to avoid a distance barrier. The professional should also be easily reachable by phone or email and respond promptly in case of an emergency.
Hiring the right expert will not only save you money but will also ensure that no errors occur during tax preparation and filing.