Oct 6, 2020
Tax – whether it be for your business or your personal needs – is about far more than simply filing tax returns.
SARS has developed one of the most advanced tax calculation systems in the world. Your tax is calculated automatically and you then need to agree to whether the figures that SARS has on their system is correct or not.
Many people use this system as an easy way to file their tax returns, and although SARS figures are often correct, this is not always the case.
This is why you need a tax practitioner on your side.
Your tax calculations are unique!
Though as we’ve said, SARS calculations can be correct, they are using an automated system to create your tax return. An automated system doesn’t understand you as a person and what your habits, true expenses and income streams are. Only an accountant and tax practitioner can go through your income and expenses line-by-line and create a fully accurate calculation of your actual tax contributions.
Do NOT compare!
Tax differs from person to person. Everyone’s tax needs are different. We find that often, clients compare their tax affairs with others and swap notes on what their accountant has done or submitted for. But your expenditure, whether as an individual or a business, is different to others. It is not possible at all to compare tax returns.
In short, don’t compare your taxes with that of your friends and colleagues because your needs, habits and expenditure is entirely different to the next person. Trust your accountant and tax practitioner to do what is right for you, or your business.
What to look for in the ideal accountant and tax practitioner…
A good tax practitioner will review your taxes and will know, out of your particular expenses, what you will be liable for in tax. It is true that some accountants and tax practitioners don’t take the time that they should with a client’s books, which is often why people share their experiences.
What you should look for in an accountant, is someone who will take the time to understand you beyond just the numbers. This applies to whether you are a business, employing an accountant, or a private individual, looking for an accountant to help you with you tax affairs.
Looking for an accountant and tax practitioner that you can trust?
Finding the right accountant and tax practitioner can be difficult. Apart from just understanding accounting principles and practices, as well as tax laws, you need someone that has a certain aptitude that enables them to practice accounting and tax consulting in a way that really benefits you, but also is completely legal. You need top-level skills that you can rely on. You need someone who files tax returns when they say they will, takes initiative and always acts in your best interests. You need a company that is small enough to care, yet big enough to be entirely professional. We are all that and more.
If you are looking for a registered accountant and tax practitioner that you can trust, chat with us today:
Email us at office@msoaccounting.co.za or ring us on 082 430 6016 to set up a consultation (at no cost to you).
Oct 5, 2020
The right accountant is a combination of a few things, the most important two being skill and their registration with the relevant governing bodies. But you should also look at aptitude, even though this is more difficult to quantify, because though someone may have all the training in the world, there is an element of natural ability that is very important in setting an accountant and tax specialist apart from the rest.
Let’s get back to why it is important to select a registered accountant and tax practitioner however.
Registration with a governing body means that the accountant has taken the time to align themselves with a certain level of professionalism. They’ve committed to a specific code of conduct and by the very virtue of being registered with a governing body, they are answerable to you and their profession, if they don’t stand up to that code of conduct.
This is why MSO Accounting is registered with SAIBA (South African Institute of Business Accountants and SAIT (South African Instute of Tax Professionals.
Let’s take a brief look at what membership with these two governing bodies means…
SAIBA (South African Institute of Business Accountants)
Established in 1987, SAIBA has the legal authority to verify and monitor the delivery of quality professional services by business accountants. Their objective is to protect the interests of government, the CIPC and SARS, as well as SMEs, Corporates and anyone using professional accounting services.
SAIBA regulates all standard services offered by accountants including:
- Preparation of financial statements
- Agreed Upon Procedures.
- Accounting Officer Reports.
- Limited Assurance reports.
- Assurance on non-financial information.
- Commissioner of Oaths.
- Business Rescue Practitioner Engagements.
- Tax Returns and Advise (with SAIT).
- Financial Intelligence Reports (Namibia).
In other words, by being registered with SAIBA, we are expected to deliver the best quality of service, accurately and ethically. MSO Accounting is committed to providing you with a standard of service that you would generally not expect from your accountant.
We go above and beyond – and though this is said so often by so many companies, the proof is in the pudding and we have an increasing number of very happy customers who appreciate the fact that we make accounting easy, clear and accurate.
SAIT (South African Institute of Tax Professionals)
The largest professional tax body in South Africa, SAIT has developed high standards in education, compliance, monitoring and performance. SAIT ensures that we in South Africa, are encouraged to deliver world-class, professional tax services.
So often we encounter individuals and businesses who have had poor experiences with accountants who do not follow due process to ensure that their tax matters are dealt with correctly, both in terms of calculations and the relevant submissions to SARS. As a member of SAIT, we go beyond merely being an accountant, and ensure that all your tax related requirements are taken care of, to protect all of your interests.
It’s easy to say that one is highly knowledgeable about tax, but experience proves whether this is an accurate statement or not. We’ve not only saved individuals and businesses thousands of Rands, but we have done so ensuring that every line item and claim is fully legal with full respect for the law, compliant and in the best interest of our client.
Submitting the correct documentation at the right time is also essential and often is not done in a timely manner. We ensure that your profile at SARS is in perfect order to save you unnecessary worry and cost.
In a nutshell
Having a registered accountant and tax practitioner to help you, ensures that your interests are a top priority. If you find that your interests are not being taken care of, you have a means of recourse.
Our objective is to go beyond simply being a registered accountant and tax practitioner and deliver a service to you, that is of a high standard of professionalism that you would not expect.
If you are looking for a registered accountant and tax practitioner, chat with us today:
Email us at office@msoaccounting.co.za or ring us on 082 430 6016 to set up a consultation (at no cost to you).
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