January 11, 2022
6 mins

You don’t need tax advice; you need tax consultancy

Zara Farr
Digital Accountant

Tax advice and tax consultancy; you’d assume they’re the same thing, right? But those are actually two different approaches, and we wanted to talk to you about why you should invest in the latter over the former.

But first, let’s dig into what these two terms mean:

What is tax advice?

Tax advice is information delivered by a financial expert relating to tax law. Most tax advice aims to minimise the amount of tax a company has to pay while fully complying with tax law.

How is tax advice delivered?

A tax advisor will focus on a specific aspect of your tax, such as R&D tax relief and make and execute a plan that will ensure future savings for your company or, in the case of R&D tax relief, ensure you get cash back from HMRC.

What is tax consultancy?

Tax consultancy looks at the entire picture, your whole business, from a tax legislation perspective. They can then use this data to forecast all the ways you can use this to your advantage and pay as little tax or claim as much money back as possible while still operating within the confines of the law.

What does a tax consultant do?

Like a tax advisor, a consultant will work to ensure that your business is operating in a way that results in tax savings or the ability to claim money back. The difference is that they have a greater investment in your company and work from as many angles as possible to get you the best result.

So, which would you rather invest in?

The thing is that most accounting companies will include tax advice as part of their service but will only focus on that aspect of the service when the need arises.

We don’t want to or believe we should do that.

We want to provide a service that continuously looks at your company’s situation, compares it to changes in tax law and helps you put strategies in place to benefit from those changes as much as possible.

There are benefits available through HMRC that they want you to know about and take advantage of, such as the R&D tax relief; eligible businesses can claim back £33 for every £100 they spend on research and development.

If you’d like to speak about how we can help you reap the benefits of tax consultancy, book a complimentary 15-minute chat.

Zara Farr

Subscribe to Gravitate

Get industry insights that you won't delete, straight in your inbox.
We use contact information you provide to us to contact you about our relevant content, products, and services. You may unsubscribe from these communications at any time.

More news

The Benefits of Hiring a Modern Finance Director 

As a business owner, you know that having the right people on your team is essential.

Read Article

How can a company secreterial service help me and my company?

As a business owner, you know that there is always something to do.

Read Article

How to run a sucessful finance function

As a small business owner, you know how important it is to have a finance function that is fit for purpose.

Read Article

Is my business ready for exit / sale? Do I need an exit strategy?

Selling a business is an exciting time, but it’s also one of the most complex and challenging processes that many small and medium-sized

Read Article

Making tax digital for income tax

If you’re an SME owner, you may have heard about Making Tax Digital (MTD) and wondered what it means for your business.

Read Article

Digitise Your Finance Function and Unlock New Opportunities 

Is your finance function still stuck in the dark ages? Do you find yourself drowning in paperwork and manual processes?

Read Article

Why is Sheffield being recognised as a top city to start a business?

Sheffield is one of the best places to start a business in the UK.

Read Article

What are the benefits of using Xero?

Running a business can be demanding, and keeping up with the finances is no exception.

Read Article