If you own a business, chances are that you probably have a good tax accountant to ensure that you are in compliance with all tax regulations and to file your taxes. But business tax accountants don't just do taxes and help you stay on the right side of the Tax Office, they also offer some other services that could benefit your bottom line. To help you out, here are some of the lesser known things they can do.
International Business Consulting -- A lot of businesses are starting to do more of their work abroad, which can create a legal and tax nightmare given the differing regulations in other countries. This is where business tax accountants can offer you value, as they not only ensure compliance with foreign tax laws, but more importantly, help you keep some of your revenues in overseas trusts and retirement accounts, which reduces the amount of taxable income you have to pay on those earnings. Tax accountants can also help you structure the way you pay your overseas workers to maximize your deductions and reduce payroll taxes that you pay in Australia.
Business Insurance -- One of the most overlooked aspects of owning a business is ensuring that you have comprehensive coverage to handle a variety of issues that could affect the operation of your business. It's the job of a business tax accountant to set you up with all the insurance policies you need to protect your company from harm. For example, while you may have liability insurance as a matter of course, you may also need business interruption insurance that pays you for your lost earnings in the event that a covered risk makes the normal operation of your business impossible. A tax accountant will also recommend that you buy business loan coverage, which protects you in the event that your business partner dies and leaves you responsible for debt that isn't yours.
Business Financing -- Many businesses experience growth that may spur expansion and investment in other companies to increase revenues. But that type of expansion requires financing, which also falls under the purview of a business tax accountant. They can help identify the best business loans on the market, secure you that rate and find ways for you to offset the purchase of new business vehicles and business equipment. In some instances, they can arrange for your company to merge with another company to form a stronger business entity and to handle any issues related to the merger.
Contact a professional company like CMA Chartered Accountants and ask about hiring a tax accountant to help you with your business.Share