Talking Tax : Are your tax needs really that unique?

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).