Tax Planning

[jnjsarauer]

Even as a small business owner, I have always done my own taxes. I am wondering if it would be a good idea for me to go to a professional now, prior to the end of the year, to see if there are still some things I could be doing to cut my tax liability for the year. Do you do your taxes yourself or hire a pro? If you do hire a professional, do you feel they save you money in the long run by finding tax cuts you may miss on your own?

[raketeer_mom]

I will probably hire a tax pro to save time. Filing is a very time consuming job. And the pros have their contacts already in the office so they do not have to fall in-line every time the will file for your taxes.

[rockage]

I think that if you can afford to, going with a tax agent is the better choice. They know where to look for tax cuts, and they probably are experienced. If you can't afford one, I recommend using a program called taxcut pro. It's really been a great help for my personal use.

[yen]

Well, it depends how big your business is. My father started with a small business with turnover of less than 100k per year. However, years later when the figure is much more than that, he started to engage third party consultants to advice on how to save on the taxes and accountant to help on the year end accounting.

[zerzis]

i always think you should be the one who decide where you money should go. If youy dont know about tax saving then learn it! There are some tax saving instruments like government bonds and also some ELSS funds (Equity Linked saving schemes - these are mutual funds with tax saving benifitt). Just read some articles from internet and take help from your friends.. you will know how to save tax. Good luck.

[Fergal]

It is worth remembering that a good tax advisor / accountant will often save you more in tax bills than what they charge you in fees. They do this by managing the financial side of your business in such a way as to minimise your tax liabilities. This is on top of the benefits they provide in terms of the time you save in doing your tax returns.

On a note of caution a bad advisor will cost you more in terms of time and money than no advisor at all. So choose carefully.

[melbel]

I plan on doing my taxes myself. I can save a lot of money and be directly accountable so that some company can't get me in trouble. Plus, I know the ins and outs of the IRS since I'm majoring in tax law.

[deepak_sharma]

Well for small business you can manage your tax activities by yourself.You just need to know the norms of tax rebate and other activities by which you can cut your tax to minimum.Now the problems comes in large turnover business.In my opinion you should consult your expert for smooth running...

[Fergal]

Most small business owners don't enjoy doing the books and will quickly outsource this task. It is still worth keeping your records as comprehensive and as neat as possible so that your bookkeeper has an easier job which should keep costs down.

[deepak_sharma]

Mat be but in most of the cases prices are not cutted down.Also you may hire professionals on combined basis . My friends do it a lot and it does save money..

[Fergal]

..you may hire professionals on combined basis...

Can you please explain what you mean by that?

[deepak_sharma]

Currently two of my friends have hired an CA for which they pay him on combined basis. On return he has to see all the tax planning of both my friend business's. This obviously saves them good amount of money rather than hiring different CA for their business.

[Fergal]

Thanks for the explanation Deepak, sounds like a good idea for reducing costs.

[slidemcbride]

hey guys, i noticed that this thread is specifically about tax planning. i have just moved to the UK from the states and need to get my papers in order. I saw on another forum that Urs Meisterhans from Sinitus and Martin Cavegn and Thomas Wegmuller in Switzerland are recommended.

Can you guys help me out?

Do you know if Urs Meisterhans, Martin Clavegn or Thomas Wegmuller are good and if they are happy to work with clients in the UK?

Regards,

[Fergal]

slidemcbride welcome to Business Advice Forum! I'd suggest that you speak with that business and ask in the first instance if they would be happy to work with you. If they are, next ask them for references and contact details of some of their existing UK clients. Speak to these clients and you will quickly get a feel as to whether this is a good company to work with.

[Sandra Mott]

Hi Slide,

While I haven't used Urs Meisterhans services myself, I have heard from colleagues of mine based in Zurich, that he provides high quality services and advice.

I know it's a big decision.

So, I recommend following Fergal's advice. Give him a call, see if you click, and ask for references!

Regards!