As a business owner, getting tax advice can be confusing. Many advisors don't explain what they do, which can leave you uncertain about whether you're getting all the help you need.
This is because tax advice is a complex area that hasn't been defined or priced in a standard way. You probably:
- Don’t know what to expect from your accountant
- Don’t know if you are getting all the advice you need
It isn’t really anyone’s 'fault'. Tax advice is an incredibly complex area that hasn’t been set out as a universally defined and priced service before.
Like, say, bookkeeping has. If you need bookkeeping, your accountant will ask you several questions about your business and give you a price based on the requirements.
Luckily we’ve found a way to make tax services transparent and clear for our clients. We define three types of tax services:
Tax compliance: Helping you pay the right amount of tax that's due, including your year-end accounts and tax return.
Tax advice: Delivering specific work or planning to improve your tax position, make future savings, or get cash back into your business (for example, making an R&D Tax Claim).
Tax consultancy: Reviewing your overall affairs and applying tax legislation to your situation to see where you may benefit from advice in the future, like a SASS pension.
Most accountants offer a tax compliance service that is priced or built into their accountancy package services, while tax advice is charged for as and when a situation arises.
Tax consultancy, however, is less well-known but is where the most value can be found for you as a business owner. It helps you run a business that serves you.
At Sidekick, we believe in being transparent with our pricing and recognising that every business has different tax requirements. We offer different tax services at each stage of a business's lifecycle to ensure you're operating in the most tax-efficient way possible.
If you're interested in learning more about our tax services, reach out using the contact form at sidekickaccounting.co.uk.
Questions agency owners ask
What should I expect from my accountant regarding tax advice?
You may not know what to expect from your accountant, as tax advice can be confusing and complex. Many advisors do not clearly explain their services, which can leave you uncertain about whether you are receiving all the help you need.
What are the different types of tax services available for my business?
There are three main types of tax services: tax compliance, which helps you pay the right amount of tax due; tax advice, which focuses on improving your tax position and making future savings; and tax consultancy, which reviews your overall affairs to identify potential benefits from tax legislation.
How is tax compliance different from tax advice?
Tax compliance involves helping you pay the correct amount of tax that is due, including preparing your year-end accounts and tax return. In contrast, tax advice is more focused on delivering specific work or planning to enhance your tax position and achieve savings.
Why is tax consultancy important for business owners?
Tax consultancy is less well-known but can provide significant value for business owners. It involves reviewing your overall affairs and applying tax legislation to your situation, helping you identify where you may benefit from advice in the future.
How does Sidekick ensure transparency in their tax services?
At Sidekick, we believe in being transparent with our pricing and recognising that every business has different tax requirements. We offer various tax services tailored to each stage of a business's lifecycle to help ensure you operate in the most tax-efficient way possible.
