5 Tips For Hiring An International Tax Advisor

Taxation is one of the most critical parts of any business. If you can plan your taxes efficiently, then you will save a lot of money. This is the reason why tax advisors are highly important to any business venture. If your business involves foreign transactions, then hiring an international tax advisor is very crucial.

What is an International Tax Advisor?

With the rapid increase in globalization in the last few decades, international taxation has become a crucial part of any business. A global advisor will guide with the taxation process and the rules and regulations of different countries. Most of the multinational companies need them on a priority basis. Some small firms which have little business outside their country also hire an international tax advisor.

Tips for Choosing an International Tax Advisor

First of all, you should check if the advisor you are hiring is legally certified in the domain of international taxation. In case you are opting for a consultancy company, then check if they have a valid license from the government for providing tax advice. You should never trust some random person who doesn’t possess any legal license or certificate.

Experience is the key factor in the quality of a tax advisor. You should only hire an experienced advisor. We are not at all saying that newcomers don’t have the required capability, but it is proven that experience always has a significant edge over anything else. Ideally, someone with an experience of more than 10 years might be perfect.

Look for the feedbacks of previous clients of your advisor. They will tell you about the pros and cons of choosing him or her. Don’t just fall for a high number of positive feedbacks. Even if there is only one negative feedback, pay attention to the specific details on where that customer was unsatisfied. It will be beneficial if you can meet someone in person who has taken the services of the same advisor.

Choose an advisor who is ready to spend a reasonable amount of time with you. Many proprietors talk to their tax advisors hardly once or twice a year and that too when the due date for paying taxes is close. It would be best if you did not fall into this category. Your tax advisor must have regular meetings with you, and he or she must tell you each and every detail of the work which they are doing.

Don’t believe those people who guarantee in the first meeting that they will help you in saving a lot of taxes. A genuine tax advisor will never claim anything without carefully studying your financial statements. They always talk in term of numbers although these numbers can be approximate figures. However, they will never claim anything just by looking at your face.

Choosing an excellent international tax advisor can help you in saving millions of dollars throughout the lifetime of the business. It would help if you always considered the above-mentioned tips while choosing any advisor. Otherwise, you might end up paying a major portion of your profit in taxes or the worst case, and you might even get a massive penalty due to the negligence of your advisor.

While my day job keeps me busy with India tax laws and accountant things, my numberphile personality pushes me to keep giving more to my work. I have a way with words that entertains people even with the most boring subjects.