Establishing the requirements – Does the tax work merit engaging general tax compliance advisers or a specialist in a specific filed of tax? There many forms of taxes, for example, Personal Tax, Corporation Tax, Capital Gains Tax, Value Added Tax (VAT) and Inheritance Tax (IHT). Within each form of tax further lies various schedules of taxes, such as sole traders’ self-employed tax, partnership tax, salaried and benefits in kind tax under PAYE, property rental tax; all of which fall under personal tax. All forms of income need to be filed each year under the Self-Assessment Tax Returns, if applicable. So establishing your needs is the start to finding and securing the right kind of tax advisers suited to the tax requirements.
Check qualifications – It is recommended to check with the register of the examining body that your tax advisers are registered with body they say they are affiliated with. For example, a quick call to the Chartered Institute of Taxation can verify whether your tax adviser is indeed a Chartered Tax Adviser and how long for. This gives you the protection and assurances of standards and professional conduct that goes with the recognised body membership.
Obtain a letter of engagement (LoE) – This establishes the remit of tax work that you are seeking. Bearing in mind that a LoE can be generic, if one specifically requires, say, personal tax planning, then that should be cover in the LoE to avoid any doubt.
Professional relationship with your adviser – Finding tax advisers that one relies upon to deal with a significant proportion of their outgoing and one’s all important financial health, requires persons of trust and integrity. Making a wrong choice of tax advisers can cost not just in fees but in tax, not least in heartache. It is very important to seek a firm of professional qualified tax advisers for valued tax advice.
Tax document collating – Preparing for your initial meeting with all the necessary documents and tax papers eliminates the waste of time-cost and reduces your eventual fees with your tax advisers.
V P Associates, Chartered Tax Advisors and Chartered Certified Accountants, represent an authoritative source on most aspects of tax and specialise in the following: Self-Assessment Tax, Company or Corporation Tax, Capital Gains Tax, Buy-To-Let Property Tax, Tax Planning and Tax Consultancy Services. With over 25 years of experience in the business of providing expert tax advice, V P Associates Chartered Tax Advisors offer valuable information to clients to help them save money, reduce and mitigate tax.
V P Associates, Chartered Tax advisors and Chartered Certified Accountants, hold regular meetings for client convenience in the City of London, Westminster, Bishopsgate, Mayfair, Kensington, London Bridge and Hampstead Heath.
About V P Associates:
V P Associates, Chartered Tax Advisors & Chartered Certified Accountants, are the first and foremost specialists in taxation matters. Visit their site for a comprehensive list of services including dealing with tax affairs and business accounts preparation for self-employed individuals, be it sole traders or in partnerships, self-assessment tax return preparation, limited company accounts preparation and corporation tax matters, tax planning for individuals and limited companies, VAT, IHT and succession planning and more at: http://vpassociates.com/