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A competent tax consultant: what is he like?

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  • Digital Team 

Everybody knows that tax consulting is considered an absolute necessity for the development of small businesses these days. Laws are being issued, changed, and canceled all the time, it becomes almost impossible to keep track of all the subtleties of conducting these processes, especially in our time when we consume too much information and news anyway.

Now businessmen understand that it is extremely difficult to run a business without a competent and educated tax consultant, but it is also not easy to find such a person. The market is full of questionable options, and now business owners spend months searching for the most reliable and professional person. It’s really not easy and what’s worse, you keep wasting time, and money. In addition, trusting a new person every time and immersing them in all the subtleties of your business can also be very exhausting.

In order to find a good employee who will help you not only close the accumulated issues but also choose the best business structure for taxes, you need to know the criteria by which you will consider various applicants.

Selection criteria

Strictly speaking, the post of “tax consultant” does not exist, it all depends on the name of his position and the structure in which he works:

  • an independent firm or office;
  • a service attached to a private company (bank, insurance, etc.).

This covers a variety of professions, each of which requires a minimum degree level (most often a bachelor’s or a diploma of access to regulated professions).

You should know that a good tax consultant has versatile skills. He really needs to know complex tax law and private law, but he is also good at math, accounting, and finance.

What are the types of consultants:

Corporate Tax Consultants

  • Company’s own tax lawyers: ensure regulatory control and compliance of the company’s activities. They also analyze the tax implications of transactions and advise on optimization solutions to ensure good financial management.
  • Accountant: This important professional in numbers is an ally in analyzing the accounting and tax impact of transactions. Indeed, a transversal approach is used here. But he is also competent to help business leaders with more complex tasks.
  • Tax lawyer: Involved in complex transactions, a tax lawyer advises a company on important issues such as mergers. He also develops legal documents for structuring transactions.
  • A notary: he is usually responsible for drafting and publishing documents on real estate issues. But it also plays an important role in the asset management of a business manager. Thus, he intervenes during the donation (for example, company securities), and inheritance and anticipates the transfer of assets.

Individual tax consultants

Some professions that serve individuals can provide you with tax advice:

  • Asset Management Consultant: He advises you on asset transactions using an end-to-end and general approach. After analyzing your personal situation, he will offer you a suitable device. He works in banks, insurance companies, or within firms.
  • Heritage Specialist: He is an expert in the field of law and wealth taxation. It is designed to solve complex issues and develop the best taxation and asset strategies. He cooperates with other consultants of the client in the implementation of solutions (lawyers, notaries). A heritage engineer works in banking, insurance companies, asset management firms, or real estate companies.
  • Tax Lawyer: He helps you with tax returns and implements asset strategies, in particular by creating documents such as charters of civil companies. The lawyer practices in the firm and is independent in his functions.
  • Notary: a government and ministerial official, he intervenes in matters of donations and inheritance, as well as in real estate transactions. Notarial activity is in the office and independent.
  • Chartered Accountant: If you have an individual enterprise, a civil company, or a holding company, it is the chartered accountant who prepares balance sheets and profit and loss statements. It has an end-to-end approach and measures the accounting and financial implications of a transaction.

How to choose a good tax advisor?

The best tax consultant is, first of all, someone who listens to you, is competent, educated, and adapts to your needs. Therefore, education is not an empty phrase, check what your applicant has, and study his competencies and already existing work experience, because this person should suit you or your business in all details. You can check in advance whether your consultant has the necessary authority to offer you his services. You can find him in the registers and check whether he has the status of a financial investment consultant or a registration in the directory of notaries or in the directory of lawyers. All this is really necessary before entrusting this person with such important and valuable information.

Next, you should define your question, your plans, and the framework of the relationship. Even if it is not always easy to talk openly about your personal situation with a stranger, the balance of assets is the basis of the work of any tax consultant for individuals. If you give him the wrong information, his advice will inevitably be of poor quality. Professional secrecy is required, as well as the right to make mistakes in tax matters.

Pay attention to his manner of speech. He may be a qualified employee and at the same time unable to convey this information to you in simple language. A good tax consultant can clearly explain to you all the subtleties of each issue.

Remember that quality advice comes with a price. And even if in most cases asset valuation is free and does not oblige you to do anything, do not hesitate to compare the prices of other tax consultants around you. If the consultant is completely free, it will obviously not benefit you. By investing in a high-quality service, your business will only grow and will have no problems at all.

Do not hesitate to refuse those who do not suit you or those who you simply do not like. This is a person who will be the right hand of your business or whom you entrust with any other personal issue, so it is definitely worth taking care that you are comfortable and calm around him and you are 100% confident in his professionalism.

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