Never assume that hiring a tax consultant is solely for the rich. The cost of hiring a tax adviser is certainly expensive, but experts say that hiring one might actually save you a lot of time and money as well as give you piece of mind.
Some people are not comfortable with handling their own tax returns whilst others do not have the time or knowledge needed to navigate the New Zealand tax system. If you’re one of those people, it is better that you ask for professional advice from a reputable tax accountant.
Many accounting firms in Auckland have accountants and specialised tax consultants who can help you find and pay the right amount of tax. However, how can you find a good tax consultant? Below are a few steps that could help you choose the tax consultant perfect for your needs.
Ask about educational background, professional affiliations, and licenses.
You must first be comfortable with your tax consultant. One way to achieve it is to know that you can trust them. Start by asking about their l background. It is significant to know if they took up advanced tax-related degrees. Enquire about their professional affiliations and experiences in accounting firms, if there is any. More importantly, make sure that your tax consultant has the necessary licenses for their practice. Don’t hesitate to request for references as well.
Check their years of experience in handling individual taxes.
According to Accounting North, a qualified tax consultant should have a minimum of five years of experience dealing with individual tax returns. Filing individual tax returns entails different requirements. So, it is crucial that your tax consultant has enough experience in dealing with individual tax.
Enquire about the areas of expertise.
If you are working in a company that issues stock options, make sure that you are hiring a tax consultant who is an expert on financial situations similar to yours. Do not hire someone only because of their firm’s reputation. Make sure that your tax consultant’s knowledge and experiences are relevant to your needs.
Raise the issue of audit representation.
Before sealing the deal, ask the tax consultant if he or she is willing to represent you in case you’re audited. A qualified tax adviser would represent you in that scenario. Make sure that you are hiring a tax consultant who is committed to providing the necessary audit representation and is willing to so.
Hiring a tax consultant could save you both time and money in the long run. Ensuring that you or your business have a tax consultant sorted can give you piece of mind in the future and help your business grow.