It’s probably safe to say that everybody dislikes paying taxes, even those that completely agree with the reasons as to why they must pay it will have had non-positive thoughts, at some point, or another. It’s one of those things in life that most people tolerate, because they must, yet, if they had a choice in the matter, would either not pay, or pay a smaller amount, if possible. Why? Because nobody likes to throw money away freely. However, if a business isn’t using the right tax consultants, or making the most of their services, then they may as well be. You should be looking for a benchmark as per the following.
Location is important
It might be easy to assume, that because there are an endless number of technologies available for Chinese business owners to keep in contact with their tax advisers, that it doesn’t matter where their advisers are based. In some respects, it’s perfectly feasible to have that mindset, however, one must consider things like local knowledge, language, and experience, especially if you are visiting, or trading with other countries within Asia. That might sound like a challenge, and it might be if most of Asia’s trade was split equally throughout different countries, or industry sectors.
As you are no doubt aware, that simply isn’t the case, and is of no secret, that China is the most dominant trading power in the world right now, this has a knock-on effect to everything to do with finance, and tax compliance services on both a personal, and corporate level. There are good reasons as to why China is the number one trading power in the world, has been for some time, and will continue to be unless something changes. All of which can be easily taken advantage of if you play your cards right.
Report filing and returns guaranteed, on time
Unless you are really on the ball, and motivated to do so, it can be hard work to get everything ready for tax returns, without a frantic rush near the end of the year. Most people aren’t turned on by the prospect of filing tax returns, it’s more a necessity that doesn’t get the time it deserves, so it makes perfect sense to hand the processes over to a company that is, a company that will guarantee the proper, timely filings of your reports, and their return to you.
You should be kept up to date
Your chosen taxation team should monitor, and be able to adjust, according to new tax regulations, or laws, before they happen, so that you, or your business stays ahead of the game. For example, if something like cryptocurrency becomes something a reality for your business, you will need to know quickly. You shouldn’t need to do any research or must think about checking yourself, they will be monitoring the whole of Asia for you, on your behalf.
Taxation for the future
In addition to the standard, mandatory taxation rules that you must follow, your team should be able to offer strategic advice, helping to plan your future. By forecasting and structuring properly, you will be able to take advantage of much better tax savings, not only that, but they will be able to advise you on your expenditure as well. The process should benefit you in many ways, primarily though it will help to identify where you can gain efficiencies by saving and reducing costs which takes care of both ends of the finance flow.
Comprehensive corporate tax compliance plan
Depending upon how your business is structured, you may have to adhere to monthly, quarterly, and yearly obligations, your tax advisers need to be capable of doing the same. You would simply send them your reports each month, quarter, or at the end of the year, the monthly reports comprise an overview of your expenses, and if you send it to them on time, you should expect everything done on your behalf. Naturally the taxation reports are expected to become more detailed as the year progresses.
They should be able to send your reports to either the relevant governing bodies, or your customers, if needed, and will be capable of applying tax relief for you. The added value that comes from having your reports checked to make sure that there are no errors offers superb peace of mind, and if there is anything that you need to know that could help to benefit your business, they will of course let you know.
Your personal tax planning
Whether you want to make use of monthly, or yearly assessed services, your chosen taxation team should be able to accommodate you, accordingly, giving you the freedom of choice with regards your tax affairs. You will be able to make use the very same level of service that they provide to corporate customers, and shouldn’t be treated any differently, there should be diligence, care, and accuracy taken in all areas of tax planning, including helping you to set a clear, well-defined plan of attack that should help to remove any worries you might have about the future.