HICBC tax accountant is not the same as a certified public accountant (CPA). The latter specializes in tax accounting and represents the financial interests of clients. A HICBC tax accountant represents the legal interests of the HMRC i.e. the government. As such, HICBC tax accountants have to follow the guidelines issued by the HM Revenue & Customs (HMRC). A good HICBC tax accountant will be able to provide you with complete expert tax services which can save you time, money and stress.
They Provide Services to Individuals and companies
HICBC tax accountants will provide their services to individuals, companies and other bodies having to comply with the Income Tax Act 1974. The first step toward selecting an appropriate tax accountant is to find out which kind of tax accounting firm you wish to work with. There are two main types of tax accountants i.e. self-employed tax accountants and licensed tax accountants. Licensed tax accountants are allowed to practice on behalf of a client on the condition that they keep to the prescribed rules and regulations.
Key Performance Indicator
The next step is to establish the scope of their services. This is called the ‘key performance indicator’ i.e. the number of clients they have served and whether the services they have provided have been helpful to their clients. This also enables you to establish how efficient they are. The measures of effectiveness include:
Develop a Business Case for Each Year
Business analysis HICBC tax accounting firms are required to develop a business case for each year, review the business history, look at current and expected cash flows and identify the tax implications for the client. The audit procedure is carried out after this stage. It is the accountant’s job to assess the accuracy of the provided records and other information provided by the client.
Prepare and Audit
Audited financial statements HICBC tax accountants to prepare and audit the following financial reports. The year ended statement, the half year-end statement and the year-end statement. The year ended statement gives a detailed account of the income and expenses of the firm as well as the cash collections and disbursements. The half year-end statement details the end of the financial year, namely the income and expense accounts and the balance sheet. It records the following transactions: sales by the firm for which it received money and the amount is repaid, the assets sold, its capital assets, its liabilities and its ownership interest in its business. All transactions resulting in the payment of dividends or interest are also recorded.
Tax Law and Rules
Tax law and rules The responsibilities of HICBC tax accountants depend on the nature of the tax laws in a country. For instance, if the laws are progressive. Then the income and expenses of the company would be taxed according to how much. It earned and spent in a certain period of time. In such a case, it becomes necessary for accountants to know what rates apply to them, particularly when they are paid.
Wide Range of Services
Choices available HICBC tax accountants have a wide range of options available to them. They can choose to work independently or as representatives of a larger firm or partnership. They can also choose to work only with specific clients. There are even firms that offer their services exclusively to businesses, accounting firms and individuals.
Conclusion
In order to become a HICBC tax accountant. One needs to pass the exam conducted by the Canadian Society of Certified Public Accountants (HICPCA). A candidate is required to have at least a two-year post-high school diploma. At least two years of relevant experience working directly with individuals or firms involved in tax preparation. These include working directly with individuals and firms as an individual assistant. One can also make direct appearances before the Royal Bank or other large financial institutions and banks. One can also work for accounting firms or large law firms that outsource their tax accounting.
