Tax Services – Lightening the Corporate Burden

tax timeThe numerous types of tax and the varying levels of taxation mean that determining one’s liability can be a complicated and arduous process. Although calculating the liability of an individual is complex, determining the liability of a group of people, such as employees, or the liabilities of companies is even more complicated and often requires specialist advice. There are, however, a range of tax services available to assist people and companies with determining and managing their liability.

Individuals often rely on tax lawyers or corporate finance specialists to provide a range of tax services and assist them in managing their finances. In addition to income tax, individuals can be liable for other taxes such as capital gains or inheritance tax. It is important that individuals seek advice regarding their finances in order to protect their assets for themselves and for future generations. By relying on the advice of specialists, clients can protect their wealth, reduce their liability and ensure their assets are arranged in accordance with their wishes.

In addition to providing tax services to individuals, corporate finance specialists offer a range of services designed to assist businesses. The complex legislation and intricate regulation framework governing taxes means that companies are often forced to rely on in-house teams or seek the advice of external specialists. For example, many companies rely on external specialists to ensure they meet the relevant compliance requirements. Often, specialists will offer services which deal with all aspect of compliance ranging from gathering the data to reporting and submitting financial reports to the HMRC. This alleviates the burden on the company and enables the management team to focus on the day-to-day running of the business.

Firms offering tax services generally have in-depth experience of dealing with corporate tax issues and have built up a network of skilled professionals. Due to their experience, specialists are adept at corresponding with the HMRC on behalf of clients. This can be particularly advantageous for clients who are facing an investigation or have a dispute with the HMRC. In addition to negotiating settlements with the HMRC, specialists can often negate the need for the HMRC to conduct an investigation thus reducing the pressure on the company.

Although there are a number of tax services which focus on matters of compliance or dispute resolution, some of the most beneficial services enable companies to including tax considerations in their business strategy. Specialists can offer advice regarding the implications of particular deals or potential changes to company structure and suggest alternative options which will reduce the client’s tax liability. By reducing their liability, companies are cutting costs and, therefore, increasing their profitability and highlighting the benefit of effective tax services.

All companies or individuals are affected by tax in some way. In order to operate legally companies must adhere to relevant legislation and meet with regulatory requirements on an on-going basis. By commissioning specialists, companies can meet compliance requirements in addition to obtaining strategic and commercial advice which will enable them to increase overall profitability and provide them with a competitive edge within their industry.

Baker Tilly is an independent firm of chartered accountants and business advisers, positioned as one of the leading mid-tier accountancy firms. Baker Tilly specialises in tax services to large corporates and high net worth individuals alike.

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