Entrepreneurs and business owners need to understand the functions of a Tax Consultant and a Registered Tax Practitioner. As an entrepreneur, running your own business and keeping your business tax compliant is a daunting task.

Basic functions of a Tax Consultant (or registered Tax Practitioner) for South African Entrepreneurs:

• A Tax Consultant specializes in understanding how to interpret various taxation laws for Small Businesses
• They also advises Small Business Owners on solutions to help their Small Business manage their tax affairs efficiently
• A Registered Tax Practitioner is qualified as a Tax expert and acts as a representative.

The expert knowledge, experience, and qualification the Tax Consultant holds determines the successful management of tax affairs in a business.

So how do you know you need a Tax Consultant or a registered Tax Practitioner?

The Tax Consultant or Tax Practitioner you need is the one who:

• will meet your business aspirations the best

To understand who this person is, you must first understand your key problem areas.

Your business accountant can mainly keep you compliant by filing your Business Tax Returns.

Your business requires a tax expert when you want to save on paying Company taxes.

Structuring certain assets, and planning for future investments, also requires a Tax expert.

Tax Consultants are experts that helps your Company saves on taxes. Tax Practitioners are generally registered with SAIT.

An expert Tax Consultant or registered Tax Practitioner usually works on a contractual basis and depending on your

• specific requirements,
• the intensity of the specialties, and
• the urgency of matters,

your expert Tax Consultant can become very expensive.

Tax Consultants has vast specialties.

Let’s look at a few specialties:

• Dealing with various Tax Audits,
• Finalizing Audit Verification’s, or
• Dealing with VAT Reviews to
• Handling legal taxation matters, fairly and meticulously.

Registered Tax Practitioners pride themselves on understanding the Tax Administration Act. They can legally assist your Business in keeping compliant and stay clear of unwanted penalties and interests.

Outsourcing taxation compliance to an expert such as a Tax Consultant or registered Tax Practitioner, gives you peace of mind. Such an expert knows and understands taxation regulations and also understands how to legally protect your Business.

Here are ways a Tax Consultant or registered Tax Practitioner can help you:

• By Managing your Business e-filing tax profiles such as CIT, VAT, EMP
• By updating your Business records on e-filing (RAV01)
• Managing Individual e-filing profiles for IT and VAT
• Applying for Tax Clearance Certificates
• Dealing with SARS correspondence
• Submit Supporting Documents for Audits, Verifications or Reviews

Registering an e-filing profile for both your Business and individual taxes, helps managing your tax affairs efficiently online.

You can visit here to register for such a profile should you not have one already.

E-filing is not a complicated process, but various problems often arise where

• correspondence issued by SARS,
• documents requested or
• verification audits require certain specific actions and
• the taxpayer does not understand how to respond or how to communicate effectively with SARS.

A Tax Consultant or Tax Practitioner can manage multiple correspondences. This ensures responses reach SARS within the time frames allowed according to the Tax Administration Act.

History Tax Returns and Assessments followed by Statement of Accounts can become a huge headache to manage. For someone with limited knowledge about The Tax Administration Act, this is daunting.

For a minimal monthly tax management fee, a Tax Consultant can keep your business compliant. Managing these monthly and sometimes weekly tasks efficiently by the help of a Tax Consultant eases many burdens.

Dealing with SARS often causes unnecessary pains and anxiety for Small Business Owners.

As a registered Tax Practitioner with SARS since 2006, I completely understand the pains and challenges you face. Your tax affairs are in good hands when you trust a Tax Consultant or a registered Tax Practitioner!

Reach out to me if you are ready to get the help of a Registered Tax Practitioner for your business.

You are also invited to join my FREE Facebook Group, PROFITABLE ONLINE CREATIVES, for a community of Entrepreneurs and Business Owners to help, support, and empower each other.

See you online!