Are you planning to start a self-employed business or a company in Malta? Have you thought of hiring a good tax advisor for your company yet? If not then you must. A tax advisor can help you with the taxes involved and also give you professional advice on the formation and running of the business. However, it is very important to hire the right tax advisor so that you can obtain the biggest benefit for your business.
As a business owner, you are already occupied with running the business, and therefore it is advisable to hire a someone who has the right experience and skills to handle your accounting and taxation system properly.
Some of the most important things that you should consider while hiring a tax advisor for your company/business include:
Know your company’s requirements
Evaluate the areas of work for the tax advisor
Every business has different requirements. While some might need a business advisor to take care of their taxes, others might need an advisor to manage the payroll, keep book-keeping records, set up their business entity, and also help with income tax returns, tax refund applications and more.
As your tax advisors, we can definitely help you with all of the above and any other related services you may require. Businesses need to have a proper tax plan and a tax advisor can definitely help you with the entire taxation process.
Evaluate the amount of work required for the tax advisor
While deciding who you are going to hire it is also crucial to evaluate the amount of work you have for the advisor. For businesses, it is important to hire a reliable professional who can give them the right advice and handle any complexities present in their business and their taxation plan.
Understand your business’ needs
One of the most important parts of hiring a professional tax advisor is to know exactly what your business’ needs are. However, as a business owner, you might not know exactly what your business needs. We can help you with identifying and getting the right services, whether they consist of back office, payroll, accounting, income tax, VAT, or other services.
Steps to considering when hiring a tax advisor
Here are a few steps that you can follow while hiring a tax advisor for your business.
#1 Choose right
Choose the right professional for your business. For a Malta-based accountant to obtain the warrant of a Certified Public Accountant, he must have high-level qualification, appropriate experience and also take yearly continued professional development sessions. This ensures that the CPA is up-to-date with the latest development and can help clients keep abreast recent developments. A CPA can help you in various requirements, including direct and indirect taxes, accounting, auditing, tax planning, internal controls, payroll and other corporate services. A CPA can offer you a wide range of services when it comes to planning and preparation of tax-related documents.
#2 Internal vs. external tax and business advisor
Business owners need to know when best to have an internal or external professional to help with tax advisory and liabilities.
Internal tax advisor
Large businesses generally have a structure big enough to warrant the hiring of an internal tax advisor. This can ensure that all business entities are kept in compliance with all tax laws and all accounting and other related corporate services are kept up to date. An internal financial controller can help you with the management of payroll, daily transactions, cash flow, and other financial aspects of the business.
External tax advisor
An external tax advisor can also offer the services that an internal advisor can. However, for small and medium-sized enterprises, it is generally more cost-effective to hire an external advisor than an internal one to help with accounting, tax, VAT and other corporate services. An external advisor is also generally preferred for foreign entities who wish to open a local branch. Hiring an external tax advisor can save your company a lot of money.
#3 Factors you should consider when chossing a tax advisor
It is very important to ensure that the professional you are going to hire as your advisor is the right one for your business. The following factors can help determine whether a certain advisor is suitable or not for your business.
Education and qualifications
Whether you are hiring an accountant or a tax advisor it is very important to look into their educational background. A well-qualified professional should generally have obtained at least an undergraduate degree qualification. Education is key for an advisor to become familiar with the various tax laws and accounting standards in place. Look for a well-qualified professional who can benefit your business.
While education is fundamental to have a proper background, experience enables the advisor to give an effective and efficient service to his clients. Make sure to hire a professional who has proven experience. An experienced professional can help you navigate through the various legislation and standards in place.
Expertise and warrants
While hiring a tax advisor you should also check if they have dealt with related businesses in the past, as this would generally prove beneficial to the service he can provide you with. Additionally, always try and get your services from appropriately warranted individuals. If you’re choosing a Maltese advisor, try and use a Certified Public Accountant as this warrant is only given if the said person has the appropriate qualifications and experience.