to handle all the functions including , planning , financing , staffing , strategies and marketing , and actual selling of goods and services . A person can only do so much .
By hiring a Tax Agent , the business owner will focus on what he or she does best i . e running the business . Time for tax concerns will be left and dealt with by an expert . This provides a sense of calm and relieves stress knowing that the business taxes are being handled by a professional .
Provides valuable advice
The Tax Agent will come in handy and provide efficient tax advice . This could be in transactions such as mergers and acquisitions , financing deals , KRA tax disputes and audits , tax compliance , tax risk management and tax planning .
Reduce risk of audits and avoid costly mistakes
Some of the tax audit profiling parameters used by the KRA include errors on the returns , late filing and payment of taxes , regular amendments of tax returns , nonreconciling numbers amongst others . By engaging a Tax Professional these costly
mistakes are drastically minimised and thus reduced tax risk of tax audits .
Paying taxes is a cumbersome affair . One has to fill in the right form of return , provide numerous facts about income , accounts , payroll , and expenses while running their business . It is efficient to unburden yourself from this stress and let a professional get it right the first time .
A business person can make an error , such as unintentionally giving the wrong income amount for taxes , simply because his or knowledge of taxation is not comprehensive . Unfortunately , KRA will not overlook this error . A Tax Agent knows how to navigate the process easily which can save their client money , and prevent mistakes .
Stay updated with new tax laws
The tax law is complex , dynamic and keeps changing every year . Tax Professionals will stay on top of things and will keep you duly updated .
Reliable beyond taxes
By hiring a Tax Agent , an entrepreneurial
is also engaging a learned business partner as well . This is because , Tax Agents are professionals with immense experience outside the tax arena .
As such , they are able to provide other business professional services such as legal , treasury , audit , forensics , asset management , secretarial , deal structuring , transaction advisory and accountancy .
A Tax Agent / Consultant is not only a very necessary expense but also an indispensable Partner in the running of any business .
Food for thought : Are your business tax affairs being by managed by a qualified and competent Tax Professional duly registered by the Commissioner of Kenya Revenue Authority ?
CPA Peter Kinuthia is a Tax Director at Resolute |
Business Advisory Limited . You can commune |
with him on this and other tax related issues via |
email |
on : |
Peter . Kinuthia @ resoluteadvisory . |
co . ke . |
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