Having an expert to guide you through the landscape of complex laws and fluctuating markets is essential. This is where the roles of accountants and tax advisors come into play. At first glance, these professions might seem similar, but each serves its own unique and crucial functions in the financial ecosystem. Though differing in their overall roles, there is some overlap which we will cover in this blog, which may help determine which professional you need for your business.
Without further ado, Let’s delve deeper into their roles and the intersections of their work.
Accountants
Accountants manage, analyse and report on your financial information, allowing you to make informed decisions for your business. They also prepare accounts and tax returns, audit financial information and present financial statements. Providing strategic advice on cost management, financial forecasting, and risk analysis. Accountants often handle the day-to-day financial tasks, with senior accountants and financial managers analysing the data and making strategic decisions.
Tax Advisors
Tax Advisors are well-versed in tax laws and regulations and use this knowledge to assist clients in managing their tax obligations effectively. They can provide expertise in areas such as income tax, corporation tax and VAT.
Their role involves helping clients plan their financial affairs to account for tax issues, providing advice on how to save money on tax bills, and handling paperwork associated with tax compliance. They also support complex tax consultancy projects and problem-solving related to taxation.
The Cross-over
While accountants and tax advisors have specific roles within a business, there are areas where their responsibilities intersect. Both professionals are involved in tax compliance and planning, financial management, and advisory roles.
A tax advisor can be an accountant with a specialisation in taxes. An accountant can take a Chartered Tax Advisor (CTA) Exam and is qualified to be both a tax advisor and an accountant
Here at Optimise Accountants, we can offer you both professional accounting and tax advice. Our team is built of CTA-qualified accountants who can offer you the best of both worlds regarding financial and tax forecasting for the year ahead. For more information on each of our services including accounting VAT returns and Tax Advice, visit our services page. Or book one of our accountants to see how we can help your business.
