1300 758 292
Book Now 
Other Tax FAQsAt Right and Keystone Taxation Experts, we understand that tax and accounting can be complex and often raise many questions. Below are answers to some frequently asked questions that cover various aspects of tax and accounting to help clarify these topics for our clients. |
| What is the difference between accounting and bookkeeping? | Bookkeeping is primarily concerned with recording financial transactions and maintaining accurate financial records. It involves tasks like entering data into accounting systems, managing invoices, and reconciling bank statements. Accounting, on the other hand, involves interpreting, classifying, analysing, reporting, and summarizing financial data. Accountants use bookkeeping information to produce financial statements and provide advisory services based on financial data. |
| How often should I update my financial records? | Ideally, you should update your financial records regularly to maintain a clear picture of your business's financial health. This can be weekly, monthly, or quarterly, depending on the size and complexity of your business. Regular updates also facilitate smoother transaction processing, reporting, and tax filing. |
| What should I look for in an accountant? | When choosing an accountant, consider their qualifications, experience in your industry, and the range of services they offer that match your needs. Additionally, assess their communication skills and ability to explain financial matters clearly. An accountant should be a trusted advisor who can provide strategic guidance tailored to your business or personal financial goals. |
| When is the best time to start tax planning? | The best time to start tax planning is at the beginning of the financial year. This allows you to take full advantage of any tax-saving opportunities throughout the year and implement strategies effectively. However, it’s never too late to start, and engaging with a tax professional can help optimize your situation at any time. |
| What are the consequences of not complying with tax laws? | Non-compliance with tax laws can lead to serious penalties, interest on unpaid taxes, and even legal action. It can also damage your reputation with financial institutions and governing bodies. Ensuring compliance helps avoid these risks and contributes to the smooth operation of your business. |
| How can I make my business more tax-efficient? | To make your business more tax-efficient, consider strategies like structuring your business appropriately, making full use of all available tax deductions and credits, employing effective year-end tax planning, and consulting regularly with a tax advisor to stay updated on current tax laws and strategies. |
| What is an audit, and how should I prepare for it? | An audit involves a formal examination of an organization’s accounts or financial situation. To prepare for an audit, ensure that all financial records are accurate and complete, organize your documents, and review previous audits to understand potential focus areas. It’s also helpful to have a clear understanding of the auditing process and any specific requirements from the auditing body. |
Contact Us Today
For further queries or detailed, personalized advice regarding your tax and accounting needs, do not hesitate to contact Right and Keystone Taxation Experts. Our experts are here to assist you in navigating the complexities of finance and tax regulations.