Who is a Tax Consultant or Advisor?

The payment of taxes is compulsory for individuals and corporations. Due to the complexities in understanding some taxes, many taxpayers find it more relieving to hire tax professionals to manage their taxes than doing it themselves.

Hiring tax consultants gives taxpayers the relief as they are going to help you with whatever issues surrounding taxes. If you don’t have experience in organizing and preparing tax, you might overpay or underpay the government. If you pay more than your obligations require, it is at your detriment as it will affect your revenue. Also, if you underpay, you might face problems with tax authorities. As such, you need the service of a professional in the field.

This article provides the basic information you need to know about a tax consultant or advisor.

Who is a Tax Consultant or Advisor?

A tax consultant (also called tax advisor) is an expert in tax planning, laws, and compliance. He is an expert hired to plan and compute taxes for individuals or organizations. The truth is, not everyone can carry out the procedures of computing a tax. A tax advisor works closely with his clients to prepare their tax returns. He also makes sure that the tax liabilities or bills of his clients are kept low. In most cases, this consultant also plays the roles of a tax preparer.

How Much Does Tax Consultants Charge?

The price tax advisors charge depends on several factors. The following are factors that determine what a tax consultant or advisor will charge you especially in Nigeria:

  • Experience or years of expertise
  • Reputation
  • Scope of work
  • Size of your organization
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However, a reputable tax consultant in Nigeria will charge between ₦200,000 and ₦500,000 per month.

Roles and Responsibilities of a Tax Consultant

Tax consultants have certain roles and responsibilities as regards their profession.  For example, a tax consultant is expected to possess excellent communication skills to communicate with his clients effectively. Also, since tax consultants work with clients in different industries, they must be experienced in various fields.

The roles and responsibilities of a tax consultant include:

  1. Recommend applicable strategies: it is the responsibility of a tax advisor to come up with strategies that will reduce your obligations and solve existing issues.
  2. Solve issues: When a business organization has issues on tax, it is the responsibility of the tax consultant to help his client in resolving the issues.
  3. Collaborates with other workers: A tax consultant works closely with other departments to achieve their goals.
  4. Assist pricing groups: A tax advisor works with pricing groups to prepare plans for all tax departments and implement all company price transfer policies.
  5. Interprets tax laws: A tax consultant helps his clients to understand tax laws, regulations or policies. He also ensures that his client pays his taxes as expected under the law.
  6. Update clients with new information: Another duty of a tax consultant is to update his clients with their tax obligations.

You can read about the qualities or traits of a good tax advisor.

Where to Hire Tax Consultants in Nigeria?

You may be interested in hiring good tax consultants or advisors; that is, tax professionals that know their onions and almost everything about taxes and taxations. Well, if you’re in Nigeria, there are a few tax consulting companies that have tax professionals in various industries. Some of these tax consulting or advisory companies are:

  • Andersen Tax
  • Accenture Inc.
  • PKF Nigeria
  • Pedabo
  • Deloitte
  • EY Nigeria
  • Grant Thornton Nigeria
  • KPMG
  • PML Advisory
  • PwC Nigeria
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Read about each of these tax firms here.

Conclusion

Planning and organizing taxes involves the experience of an expert in the field. If you are not experienced, you are likely to make mistakes in the process of preparing and organizing your tax. As such, you need the service of a tax consultant to help prevent tax issues that might arise. This article has provided you with all you need to know about a tax advisor.