What is Tax Planning?
Tax planning means a taxpayer making use of the tax law to pay the least amount of taxes possible. Tax planning involves the analysis of the taxpayer’s financial situation to ensure he pays the lowest tax. Tax planning involves keeping the taxpayer in a certain tax bracket so as to reduce the amount of taxes to be paid, which can be done by manipulating the timing of income, purchases, selecting retirement plans, and investing accordingly. Most times, it’s better to hire tax planners who are experts to handle your tax planning.
There are many tax planners in the United States, but we have selected and compiled the top 10 leading tax planning firms.
What is a Tax Consultant?
Tax consultants also known as tax planners are accounting professionals — certified public accountants (CPA) or tax attorneys — who work with clients (businesses or individuals) to ensure that the clients are prepared for the next filing season and pay the minimum taxes legally possible.
Benefits of Hiring Tax Consultants
All businesses and income earning individuals are required by law to submit a tax form to the South African Revenue Services (SARS). This form, known as a Tax Return, allows SARS to work out what taxation must be paid or refunded.
Taxation is calculated as a certain percentage of taxable income. This percentage, known as your tax rate, is determined by a number of factors, which include the type of taxpayer and level income. Taxable income is calculated as income less allowable expenses. Income being what you have received or earned during the year, allowable expenses being the expenses you incurred to earn the income. Tax planners' help to ensure that the taxation payable is minimized without violating tax laws .
Hiring tax planners can save you money. They will advise you on life-long decisions and help you make better financial plans. They are knowledgeable about the tax code, deductions and credits.
Hiring a tax planner may seem to be costly but you will gain more in the taxes you can save with their services.
Hiring tax consultants will as well save you time preparing your tax returns. They can advise you on how to organize for tax season, and get you prepare for the IRS if you happen to get audited.
Best 10 Tax Planners in South Africa
1 SAICA
The South African Institute of Chartered Accountants (SAICA) is the number accountancy organization in South Africa and one of the leading in the world. Its major objective is to train chartered accountants [CAs(SA)] to become leaders in government, businesses spheres. The Institute plays important role in South Africa’s business sector. Outside its role in developing chartered accountants, it provides other support services to its members.
2 Francis Reed & Co
A Chartered Accountants firm that provides tax planning services in the areas personal tax, corporate tax, Value Added Tax, PAYE, donations tax and Capital Gains Tax all require careful consideration.
The company undertakes to make the process of submitting income tax returns as stress free and cost effective as possible.
Services offered by Francis Reed & Co include:
Our Tax Services
Tax planning and advice
Registration for income tax
Income tax calculations
Capital Gains Tax calculations
Prepare and submit annual income tax returns
Checking of income tax assessments
Prepare and submit provisional tax returns
Attend to SARS queries on behalf of clients
Prepare and submit IT14SD reconciliations
Lodge SARS objections
Prepare SARS deferred payment requests
Request tax clearance certificates
Request tax directives
Prepare tax exemption applications
Accounting Services
Audits
Independent Reviews
Annual Financial Statements
Bookkeeping and Payroll
Management Accounts
Business registrations and amendments
Cash flows
CIPC annual returns
PAIA manuals
Wills and estates
3 Tax Consulting South Africa
Tax Consulting South Africa is one of the largest independent tax practitioners in South Africa with more than 140 professionals that are made up of tax attorneys, chartered accountants and tax professionals who advocate complex matters to taxpayers and their professional advisors.
Its team of attorneys who are experts in tax laws assess risk and provide advice on tax compliance and the corresponding tax implications.
The firm provides wide range of services that cover all aspects of South African and international tax and tax-related law, as well as ensuring SARS remains accountable for its administration of client tax matters.
Their professional services include but not limited to VAT refunds, Cross-border taxation, SARS audit, Voluntary disclosure, Accounting, and other business management consultancy services.
4 PKF Professional Services
PKF Professional Services also known at as Pannell Fitzpatrick & Co., Pannell Kerr Forster is a global network of accounting firms with more than 220 members ooering under the PKF brand name in 150 countries including South Africa
PKF taxation consulting demystifies complex tax matters you may have.
Tax law, regulation and tax efficiency are complex areas for any business, PKF makes it simple and straightforward.
You should consider hiring PKF Professionals to handle your tax matters especially if you operate business overseas. The complexity of tax regimes varies from country to country and frequent changes in tax laws can serve to move international borders farther apart.
Key tax services offered by PKF include:
Business
Mergers and acquisitions
Corporate re-organisation
Tax compliance reviews
Consulting
Compliance
Personal
High net worth individuals
Tax planning
Estate planning
Consulting
Compliance
Indirect Tax
VAT (consulting and compliance reviews)
Transfer duty
International Tax
Cross border transactions/structuring
Transfer pricing
Employees' Tax
PAYE reviews
Payroll structuring
Expatriates
5 Attentus Accounting & Tax Solutions CC
Attentus Accounting and Tax Solutions CC provides taxation and accounting services for small to medium sized businesses.
The firm offers wide range of financial and administrative services to meet all business and personal requirements especially in the areas of accounting and tax solutions.
Tax solutions provided by Attentus include:
VAT and VAT Returns
Income Tax
Personal Income and companies income Tax
Provisional Tax
Provisional Tax (Due At End Of August & February Every Year)
Tax Clearance Certificate
BEE Verification (EME Letter)
PAYE Returns & PAYE Recon
Payroll & Payslips (Monthly/Bi-Monthly etc.)
Administrative Services
Other professional services offered are:
Company Registrations
New Company Registrations
Reinstatement of your Company or CC
CIPC – Amendments
Annual Returns
Accounting Officer Appointment
Accounting Services
Annual Financial Statements
Monthly Management Accounts (Bookkeeping)
UIF (Department of Labour registrations)
Workman's Compensation
Valuation of companies