K K Yeung Partnership

Learn to lawfully live with Tax Payment

A country or city has to provide an environment and infrastructures to support business for which taxes, duties, dues are levied on income sources. As the world develops and knowledge advances, more sophisticated tax systems are put in place by the taxation authority to raise revenue to pay for the facilities government will provide. A Certified Public Accountant acting as clients’ tax representative will prepare tax computation and returns required by the tax department. The correct preparation of tax returns will require thorough understanding of tax regulations and practices. As tax officers are not ordinarily involved in business, they will not have the same understanding on business transactions as the tax payer himself. It therefore happens often that a tax submission will call for lengthy enquires obliging the tax payer to answer.

A Certified Public Accountant will stand by the client throughout the process and contribute immensely to clear the doubtful minds on the opposite side of the fence so that tax computation are accepted by tax department and the citizen’s duty discharged by subsequent payment of a correct amount of tax.

Avoid Excessive Tax and Minimize Tax Liabilities Legally
Pay Tax – But Not More, Not Less

Many clients approach their auditors who are expected to be proficient with tax matters and most importantly, they can help clients to avoid excessive tax and minimize tax liability legally. To this end, a Certified Public Accountant with a strong background of experience, good knowledge of commercial, corporate and tax laws will help much in tax planning. He also is in a position to offer advice to companies and individuals to minimize their tax liabilities legally, and in some cases also globally.

A Variety of Tax Services

Apart from the abovementioned services, a Certified Public Accountant will profess himself to deal with the followings:

  1. Estate duty and stamp duty planning;
  2. assistance in handling IRD enquiries, tax field audits, tax investigation and appeals;
  3. preparation and filing of Employer’s Returns on employees remuneration and Tax Returns for individuals;
  4. preparation and filing of Property Tax Returns;
  5. preparation of Personal Assessment Returns.

How to Compute Taxable Profits

Taxation is a significant charge to profits and losses accounts. Taxation representatives who are auditors themselves will assist clients to compute their profits or losses, according to the tax regulations of a country where income from businesses will arise. The ascertainment of assessable profits does not necessarily based entirely on prevalent accounting practices. The assessable profits so computed with reference to tax regulations will be the basis to arrive at an amount of tax payable to government.

In this process, the tax representatives conversant with tax regulations will be able to advise the client how his audited profits be adjusted according to tax regulations for submission every fiscal year. In normal circumstance, some queries will be asked by government tax officers soon after the submission. This will be aptly handled by a tax representative who write to help the officer to understand the basis of the computed assessable profits to enable them to reach agreement.

This process should be handled with good knowledge of tax regulations and experience. In case of the tax officer disputing the computed assessable profits, the tax representatives will lodge adequate arguments and justifications to assist the tax officer to come to agreement and settle the client’s case.

With the experience drawn from a wide variety of tax investigation cases, a tax representative entrusted with the above process will be able to pursue an amicable and affordable solution.

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