Choosing a Tax Consultant can be a difficult and potentially stressful task if you are not knowledgeable of the Accounting and Tax industry in your city, which is why we have taken it upon ourselves to highlight a number of points to consider in order to make the process of choosing your Tax Consultant easier and stress-free.
- Most importantly, is your potential Tax Consultant qualified!? As with any service provider, it is imperative that you are aware of the qualification level of the potential Tax Consultant you are looking to hire. Although Tax consultants can do work even if they have not had any special training however, for peace of mind it is best to work with a consultant who has had some form of advanced training within the industry. There are a number of requirements that are recognised by SARS in this regard (highlighted below.)
- REQUIREMENT 1: Tax practitioners now required by law to hold minimum qualifications – and register them with SARS.
It is now a legal requirement that all Tax Practitioners/Consultants must have at least an NQF Level 4 qualification. ICB learners who have the FETX: Bookkeeping NQF 4, the National Diploma: Technical Financial Accounting NQF 5, or the National Diploma: Financial Accounting NQF 6 qualification are eligible.
- REQUIREMENT 2: Registration with a controlling body
SARS had appointed several professional bodies to control the registration of Tax Practitioners. The ICB is partnering with the South African Institute of Tax Practitioners (SAIT) to facilitate the registering and administration of ICB Tax Practitioners.
Which brings us to our next point for consideration…
- Are you aware of the registration requirements for Tax Consultant in Durban? As mentioned above, all practicing Tax Consultants and Tax Practitioners need to be registered fully with SARS (South African Revenue Service) as well as registered with an approved controlling body such as the South African Institute of Tax Professionals or the South African Institute of Chartered Accountants.
Below is a list of all the recognised controlling bodies in South Africa, according to SARS:
- A Law Society
- Chartered Institute of Management Accountants (CIMA)
- Chartered Secretaries Southern Africa (CSSA)
- General Council of the Bar of South Africa
- Independent Regulatory Board for Auditors (IRBA)
- Institute of Accounting and Commerce (IAC)
- SA Institute of Chartered Accountants (SAICA)
- SA Institute of Professional Accountants (SAIPA)
- SA Institute of Tax Practitioners (SAIT)
- The Association of Chartered Certified Accountants (ACCA)
- Association of Accounting Technicians Southern Africa (AAT(SA))
- Does your potential Tax Consultant have experience? If so, do they have experience with your kind of case? A lot of Tax Consultants (or any professional for that matter) will identify their qualifications in their CV or Resume, however this does not help if you are unaware of what each one stands for. It is important that your potential Tax Consultant is clear and honest with regards to the amount of years’ worth of experience they have under their belt as well as with what sort of client and cases.
(It is important that you feel comfortable enough that they are capable of handling a case or situation such as yours as each Tax Return is different.)
- Will your Tax Consultant be able to represent you should you be audited? Should you hand in your tax return and they decide to audit you, your consultant should ideally handle the case for you and represent you in this sort of a situation. If a Tax Consultant is reluctant to represent you should you be audited it is definitely a red flag that should be dealt with appropriately.
Should you require a professional Tax Consultant, be sure to visit our website for more information on what we offer at Durban Accounting and Tax Consultants