Know how a professional tax consultancy in Vienna can help your business?
The main goal of Steuerberatungskanzlei is to regulate the payment of direct and indirect taxes. An external specialist company is responsible for thoroughly analyzing all performed business operations. Its performance makes it possible to evaluate actions related to financial, tax and accounting activities. The main objective of the consultancy is to promote control over the payment of taxes and duties. For this to happen, the consultant must organize the tax demands, going from elaborating the tax planning to the tax review.
Tax planning: What is it?
Tax planning is something of paramount importance in consulting since it can organize and simplify tax operations. Thus, its elaboration can be divided into two categories: operational planning and the second Strategic.
Operational Tax Planning
In this case, the plan will only contemplate procedures performed by the company to comply with legal requirements. This stage lasts from three to six months, and it also includes the delegation of responsibilities. In this way, the duties of each person involved in tax operations and resources that will be used are defined. This entire process aims to create internal processes, making the team’s control over taxes more assertive.
Strategic Tax Planning
In the strategic model, long-term goals are defined. The focus is to seek alternatives for the company to start gaining advantages through the payment of taxes. It is elaborated over a period that varies from five to ten years. For this, the consultant will observe factors external and internal to the company, such as allocating resources more efficiently. Besides, among the main tasks performed by a tax consultancy are –
- The tax review within a certain period,
- Keep the company within the changes in German legislation,
- Survey the existence of possible tax credits,
- Tax refunds and tax framework.
When to hire a tax consultancy?
It is not necessary to wait for the problem to take care of your company’s fiscal and tax aspects. According to experts in taxation, the consultancy should be hired as soon as a company starts operating. Furthermore, with tax consultancy close at hand, the entrepreneur will know from the beginning how much he/she spends on tax and how to reduce the tax burden on the enterprise. Therefore, the Steuerberatungskanzlei can provide more legal and financial security for your business.
Three impeccable advantages of a tax consultancy
Tax consultancy can answer the challenges your business faces, considering the high impact of taxes on net income. You can prove it now, knowing three good reasons to have professional support in your business.
Accounting becomes strategic
Every month, every legal entity must transfer to the tax authorities data on all financial transactions carried out and even on those that have not yet materialized. Wouldn’t it be better if this entire volume of information was used to drive your business towards growth? Tax consultancy deals precisely with giving a nobler destination to the data that traditional accounting passes to the tax authorities without a critical assessment. In other words, with the support of advisory services, its fiscal and tax data are now used intelligently, serving to guide strategic decisions. Maintaining a qualified and multidisciplinary tax team is costly. When hiring a tax consultancy, companies would not have these costs.
Taxes are paid in the best possible scenario.
One of the dramas that business people face is the payment of more significant taxes. This problem is widespread in companies where taxes are paid thoughtlessly. Without an adequate treatment that allows you to see possible errors or inconsistencies, taxes are incorporated into the balance sheet as an unavoidable cost. The worst thing is that many are unaware that this can be avoided. As long as there are specialists capable of pointing out new directions in accounting and tax procedures, it is possible to escape the errors. One of the many possibilities for reducing the impact of taxes is to change the tax regime. However, it is a change that has many implications and is only indicated when it is done with the approval of consultants.
Avoid applying fines
When they deal with their taxes only in a bureaucratic way, as if they were a burden to be eased every month, companies pave the way for the careless handling of their tax obligations. After all, if it’s something that won’t make a profit and only give you work, why bother analyzing it more carefully? After all, with so many rules to be followed, it is straightforward to make mistakes in bookkeeping. Therefore, tax consultancy also acts as a protective shield, besides being a strategically. It prevents possible flaws in calculating taxes that expose your company to inspection, avoiding fines and payment of untimely taxes.
Conclusion
Due to the complexity of the tax legislation and the constant changes introduced, it becomes arduous for the entrepreneur to monitor and update the taxation levied on their operations constantly. In this case, it would be ideal for entrepreneurs to stay in touch with a professional Steuerberatungskanzlei. The consultancy must continuously promote the training and updates of its consultants and guide and correctly apply the legislation in force for its clients. Financial crisis support is part of good tax planning to reduce taxes levied on operations and postpone their taxable event. In the recovery of tax credits, a tax consultancy carries out a diagnosis of situations in which companies have potential tax credits.
Now that you know all these advantages, it’s hard to remain an amateur in your company’s tax treatment, wouldn’t you agree?
Also read — How to prepare for real estate tax planning? Step by step guide.
