The avoidance of taxes is the only intellectual pursuit that carries any reward. – John Maynard Keynes, an economist of some stature (although, I am a supply-sider).
Avoidance of taxes is relatively strong wording, so let’s call it optimizing your financial position in relationship to the government’s revenue requirements. As an individual, you want to keep as much of your hard earned income out of the tax collector’s pocket. Unfortunately, tax regulations and tax law in all countries are overly complex and burdensome. A relatively minor inconvenience for most individuals, many businesses can be broken by the byzantine tax codes. Neither a small business nor a large corporation can afford to employ tax experts full-time to navigate the potentially chaotic regulations imposed upon them by government revenue agencies.
The turn of the century has ushered in the age of the information specialist. A corporate accountant will understand the business she is working for and have vested interest in skills honed to that business. There is a point at which a specialist in accounting for a particular business will need to consult with a tax accountant, who will be able to translate the needs of the business into an actionable plan that reduces taxes to the legal limit. Compliance with tax law is complicated and requires understanding of the business and the ever changing tax rules and requirements.
A tax strategy without a well constructed business plan can also doom a business to failure. In house accounting experience can be grown in businesses, but the strategic use of external accounting resources can leverage a limited budget. Working with a chartered accountant from an accounting firm with a proven record can help a small business staff work as if it were part of much larger organization. Without the overhead of a full-time accounting staff, a small business or even individuals with complicated financial situations can appreciate the security of having a knowledgeable team of chartered accountants available by outsourcing.
All manner of businesses, individuals, public and non-profit organizations benefit from an unbiased review of their business procedures and processes. Making an organization “accountable” is an important part of an audit service. The auditor should work in partnership with the firm or organization in trying to make things work better by improving practices. An independent firm of chartered accountants, like Saffery Champness can bring all of the skills and experience required for accounting, audit and tax services to individuals, families, commercial and public concerns.