Let us face the facts. Taxes are burdensome. You can spend countless hours staring at a page without being able to grasp what you have in front of you. And guess what? That is perfectly normal when it comes to taxes.
Yet, with due foreseen tax planning, they can help you reduce overall operational costs in case you run a business, or simply reduce the tax load off your shoulders if you are a sole trader or individual looking to get your taxes right.
You can squeeze the most juice out of taxes with WAYFINDERS Consulting. With our tax allowance, relief, and exemption services, taxes become a friend of yours, instead of a foe.
Key Aspects of Taxes
Essentially speaking, taxes are levies placed onto entities or individuals by governments to generate sufficient funds for basic governmental expenses, claimed by the same territory that imparts them.
Taxes are an obligation that almost all citizens and businesses around the world have to pay in one way or another. These taxes can be either direct (i.e., income taxes) or indirect (i.e., VAT).
With obligations also come rewards, as most of these taxes are returned to the payers in the form of exemptions, credits, or reliefs. WAYFINDERS Consulting is in charge of helping you get the biggest return for all the taxes that you pay.
Tax exemptions are taxes you do not have to pay depending on the type of income you perceive. Diverse qualifications are needed to apply for exemptions, and they mostly rely on your situation.
Tax Allowances or Credit
The tax credit is a form of “currency” to your favour that you can employ for future tax payments. These credits are either directly given to you, or you have to claim them. These credits are usually carried onto the upcoming tax years when unused.
Tax reliefs are either direct or indirect, and they consist of deductions—not complete exemptions—of payment. Most tax reliefs are graded on your tax payment rates and your situation.
Differences Between Them
Exemptions are taxes you do not have to pay altogether, and deductions are reductions in the total amount you must pay for a given tax. The tax credit is the remaining credit that you can use later on to pay for future related taxes.
Most Common Problems with Taxes
Taxes usually entail many problems, whose consequences can vary in intensity depending on the severity of the fault:
- Lack of tax payments
- Not filing for tax returns
- Filing tax returns too early or too late
- Applying for exemptions, credits, and reliefs in mistaken forms
- Income underreporting
- Math errors
WAYFINDERS Consulting Gets Taxes Done Right
WAYFINDERS Consulting manages it all. Whether you have to file for tax exemptions or reliefs, or you simply need to get your due credit returns, we take the baton and deal with the whole process from start to finish, so you do not have to.
WAYFINDERS Consulting’s team of chartered accountants can help you with some of these affairs:
- Income taxes
- Tax planning
- Tax forms (e.g., P45, P60, P112)
- Tax overpayments and tax underpayments
- Tax-related bookkeeping
- Married Couple’s Allowance
- Blind Person’s Allowance
- General counseling and assistance