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Income Tax Compliance Advisor- A professional with Keen Financial Mind-Set

30 June, 2018

An income tax compliance advisor makes the effective use of his or her knowledge of tax laws for providing consultancy and advisory services to clients. They advise their clients on income tax return filing in order to ensure that they pay their taxes in time and in the most efficient manner. This way they help their clients in benefitting from all kinds of tax exemptions and advantages. It is important for tax compliance advisors to remain updated about major changes taking place in tax laws. They should also have the ability of explaining complex legislations along with their implications to the clients in the simplest way possible.

Types of Tax Advice Offered by Tax Compliance Advisors

There are basically two types of tax advice provide by the advisors and they are:

  • Personal: This involves offering advice to independent clients among which there can be private clients possessing huge assets.
  • Corporate: Offering advice to business clients for ensuring that they are paying taxes on time or not paying more than what is necessary.

The work of an income tax compliance advisor is complicated and detailed and therefore beginners into this field should try and develop expert knowledge quickly. The areas that they need to master are as follows:

  • Inheritance tax
  • Corporate tax
  • International tax
  • Personal tax
  • National insurance
  • VAT
  • Estates and trusts

Clients for these professionals might include small and large companies, individuals, trusts and partnerships.

Specific Areas of Work for a Tax Advisor

The role of a tax advisor involves:

  • Organizing meetings with clients and exchanging information
  • Analyzing, researching and understanding changes in tax laws
  • Working with revenue and tax law provisions
  • Coming up with compliance tax returns within deadlines
  • Helping the clients with their income tax return filing
  • Negotiating on behalf of clients
  • Offering consultancy services to private clients with huge assets
  • Framing tax strategies and planning financial futures of the clients
  • Indulging in detailed computations for calculating tax liabilities
  • Offering advice on the process of minimizing the liabilities of the clients
  • Offering advice on domicile and tax residence matters
  • Estate planning
  • Providing proper guidance on different indirect tax problems like customs planning, environmental taxes and VAT
  • Creating presentations and reports for clients
  • Offering accountancy services like payroll, VAT and bookkeeping

Conclusion

Income tax compliance advisors excel at offering services to businesses and individuals that like to go for a hands-on approach to tax returning filing and planning that offers them perfect financial standing.

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