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Tax Advisors - What you Need to Know....
A tax advisor is a financial expert who has been specially trained in the area of tax law. In some countries, companies are required by law to call in a specialist tax advisor to verify their balance sheets if they have a high annual turnover.

An individual might call upon a tax advisor to help them to minimise their taxes when doing their own accounts. As tax law is so complex, it is often easier to pay a professional to come in and deal with the complicated stuff, rather than take the time to learn the intricacies of tax legislation, especially if you are trying to manage the day to day running of your business.

In many instances, the services of a dedicated tax advisor are not always needed. Most small businesses find that their accountant is able to provide them with most of the specialist tax advice that they require.

In the UK, practitioners do not require a licence in order to describe themselves or practice as an accountant - unless they are undertaking audit or insolvency work. The profession of accountancy is very broad and covers many disciplines such as auditing, bookkeeping, chartered accounting and taxation advice.

Chartered accountants must be members of one of three recognised institutes, or hold a recognised qualification from another commonwealth country such as Canada.

Tax Advice
One of the major concerns for most self-employed people is completing their self-assessment tax return. You need to fill in the form if you are self-employed, a company director or a partner in a business.

By law, these people need to keep records and if HM Revenue and Customs suspects that they have income which needs to be taxed then they will send them a tax return to complete. If you want HMRC to calculate the tax for you then you must return the form by 31st September, if you want to calculate your own tax then the final deadline is by 31st January the following year - if you fail to submit the tax return before this deadline then you will be liable for a financial penalty.

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