What are Tax Advisory Services?

The tax landscape is constantly changing as the government tries to get the most out of taxpayers. Keeping up with new regulations, tax regimes, penalties, and other obligations is daunting, whether you are an individual or a business. Regular accountants and tax professionals can only do so much when helping you plan and file your tax returns. Sure, some will help you navigate the new tax laws and regulations, but there is not much they can do as accountants.

That’s where tax advisory services come in. These services have become popular in Kenya because they help individuals and businesses look beyond the tax return. We are talking about analyzing financial data, strategies to maximize tax position, minimize tax risks, and ensure tax compliance. Tax advisory services encompass a range of services aimed at helping you manage your personal and business tax obligations. They include the following:

• Tax Planning : Tax planning involves the organization of your financial and tax affairs to ensure you or your business is tax efficient. A tax advisor helps you analyze your finances and strategize to minimize your tax liability as much as possible. In other words, tax planning helps you pay the lowest taxes possible.
• Tax Compliance : Failure to comply with the provided tax regulations attracts heavy penalties and interest. Interestingly, some individuals and businesses fail to comply due to a lack of awareness of their tax obligations. A tax advisory service ensures adherence to tax laws and regulations to avoid dire consequences.
• Tax Audit and Valuation : A tax audit examines an individual’s or business’s financial records to ensure they are paying their taxes correctly. On the other hand, a tax valuation is common with businesses, whereby an independent tax expert determines the monetary value of the entity and its intangible assets. A tax advisory service offers audit and valuation to ensure smooth and favorable outcomes.
• Tax Dispute Resolution : A tax dispute arises when the taxpayer and the tax administrator don’t agree after a tax assessment. Tax dispute resolution process in Kenya entails five levels:

• • Tax objection and administrative decision
  • Tax Appeal Tribunal (TAT)
  • Appeal to the High Court
  • Appeal to the Court of Appeal
  • Alternative Dispute Resolution (Out of Court/Tribunal

A tax advisory service like Gichuri & Partners can represent you in disputes with tax authorities.

• Business Restructuring Guidance: A tax consulting and advisory service in Kenya can advise you on the most tax-efficient ways to structure your business operations and transactions. These include restructuring partnerships, divesting businesses’ assets, mergers, and acquisitions.

Importance of Tax Advisory Services in Kenya

Why do you need tax advisory services? Securing the help of a tax advisor or consultant is crucial for the following reasons:

• Compliance with Tax Regulations : Kenya’s tax landscape is dynamic. Tax consultants keep you well inform these changes to ensure you remain compliant. By staying compliant, you avoid penalties and other consequences that could jeopardise your business operations and success.
• Tax Saving : Tax planning streamlines your individual and business operations by saving on taxes. Efficient tax strategies help minimize liabilities by identifying incentives, deductions, and credits.
• Avoid Tax Disputes and Manage Risks : Tax advisory services keep you on top of the tax game, helping you avoid tax disputes with KRA and other relevant bodies. Tax audits and valuations promote transparency, which helps avoid disagreements with tax authorities or revenue loss incurred during dispute resolution.
• Strategic Growth : Tax advisors provide insights that align with your financial and business goals. These insights help you make informed decisions that foster strategic business growth and wealth management.
• Efficiency :  When you outsource your tax affairs to a tax consultant, they handle everything, from tax auditing and planning to ensuring compliance through timely tax returns. This saves you time. You can channel that time to better things that will promote financial health and business growth.

We Offer the Best Tax Advisory Services in Kenya

We have outlined what tax advisoy services are and why you and your business need them. The next step is finding a good tax advisor who suits your unique needs. Finding the best consultant for your tax needs isn’t a walk in the park. You’ll come across several self-proclaimed tax advisors, so how do you choose the right one Consider the following factors  when selecting a tax advisor:

• Qualifications and Experience : Ensure the tax advisor has relevant qualifications in tax affairs, such as degrees and certificates in accounting, business, finance, and related fields. The professional should also hold a relevant licence to be a tax practitioner from KRA or other relevant bodies. Lastly, the consultant should have a track record to prove their experience and expertise.
• Reputation : Secure the services of a reputable tax advisor. Check for Google reviews and reviews on other professional sites. Additionally, check their website for client feedback and testimonials.
• Scope of Services : Choose a tax advisory service that offers a range of services relevant to your business model or individual needs.
• Communication : Tax advisory relies heavily on collaboration between the consultant and the client. That’s why timely and open communication is crucial. Choose a tax advisor who offers transparent communication channels and excellent customer service.
• Cost and Value For Money : Cost of services shouldn’t be the sole determining factor when choosing a professional service. However, it’s important to choose a service that aligns it your budget. At the same time, ensure you’re getting value for your money.

Manage Your Tax Obligations and Get Your Financial Health Back on Track

Tax advisory services in Kenya play a pivotal role in helping individuals and businesses stay compliant to their tax obligations, minimize laibailities, save on taxes and promote financial growth. Are you ready to manage your tax obligations and get your financial health back on track? Leverage our tax advisory expertise to navigate the complex Kenyan tax landscape with ease and confidence. At Gichuri and Patners, we can help you on several fronts, including:

• Minimizing your tax burden
• Resolving tax disputes with KRA
• Planning your taxes and filing tax returns
• Tax strategies and optimisation

We are the best tax consultants in Nairobi and beyond! Consult us today to get your tax affairs back on track.