Income tax matters hold a significant place in the business. Slight carelessness can put you into big trouble. So, it is a better decision to hire a skilled tax agent for maintaining all your tax matters.
Usually, small business owners manage tax matters themselves. But it is not at all a useful approach. Filing income tax returns requires support from the tax agent. You can find the best accounting and bookkeeping services in your city that look after both accounting and taxation matters.
The role of a tax agent in Malaysia
Tax agents are individuals licensed by the Commissioner to manage tax matters on behalf of a taxpayer. They could also be an administrator, a personal representative, an agent of a will, a trustee – in bankruptcy, a receiver or liquidator designated to administer, maintain, liquidate or wind up the activities of a taxpayer, including a deceased taxpayer.
Taxpayers can reliably hire tax agents for their services since they are verified as qualified practitioners and will assist them to comply by:
- Planning and filing accurate tax returns to ensure taxes are not evaded;
- Submitting proper documents;
- Using the right tariff classifications to ensure imports are not undervalued
- Keeping tax records on behalf of the taxpayer
Top 3 benefits of hiring a tax agent
Apart from general income tax filing, tax agents can provide the following benefits to the business:
1. Maximise savings on income tax
Every businessman desires to get a huge return on income tax. But it is possible only when you choose a skilled tax agent. Because tax agents are well versed in all the laws of taxation. Besides that, they additionally understand the deadlines when to file the income tax return. The tax agent will try his/her best to give big returns on the income tax.
2. Time efficiency
Doing income tax filing by yourself will waste your valuable time. You have to check each record, document, and transaction to reach the final figure. This will take more time to deliver zero results.
Because of this reason, it is a smarter decision to hire a tax agent who can monitor every tax matter. They will benefit not only from taxation work but also look after the records of accounts.
3. Comprehensive knowledge of taxation laws
A tax agent understands all the latest updates of income tax. They are specialists in applying accurate income tax percentages. Being a small business owner, it becomes challenging for you to understand all the changing and updated regulations of taxation. This will save you from paying penalties on delayed filling of income tax.
For comprehensive business and financial solutions for small and medium-sized enterprises (SMEs) in Malaysia, including accounting, tax compliance, company incorporation and financial due diligence, Bispoint Group is here to help. Our team of highly skilled professionals can swiftly and expertly implement solutions to meet your business needs. Currently, we have over 70 dedicated teams, including Chartered Accountants, managers, supervisors, and junior associates in our offices serving over 1,000 private companies.
Speak to us to explore how we can provide long-term support for your business growth.