What Is Tax Management?
No one likes to pay taxes. But taxes are the law.
Below are our view on Tax Planning from the Accounting & Advisory Team at Robley Baynes Tax & Accounting Services
Tax Management means dealing with the Tax matters of a Company with the view to maximising the after-tax rate of return on Investments after ensuring voluntary Tax Compliance:
To ensure an effective Tax Management System and Process within your Company as a Business owner you must ensure the following:
- Ensure that it keeps proper books and records.
- Deduct Tax at source where it is necessary e.g. VAT, PAYE etc
- File all Returns on time e.g. Monthly, Bi-Monthly, Quarterly and Annually
- Remit all Taxes Contributions on time to the Board of Inland Revenue in Time, If applicable
- Comply with all notices received from the Board of Inland Revenue. If you are uncertain of the contents of the notice consult with an Accountant.
- Get familiar of all the Legal remedies where it does not have its rights under the law recognised e.g. Instalment Payments for outstanding liabilities etc.
At Robley Baynes we help you through the Implementation and realignment processes of an effective Taxes Management Systems.