Get Independent Tax Advice

Whilst in business I often wondered why I paid so much tax and yet other similar business owners that I knew paid so much less. It was all about getting the right advice. A good accountant will significantly reduce your tax burden and probably charge high fees, whereas an accountant that is not so sharp may charge less but cost you a great deal more. The point of this is that getting independent quality tax advice is crucial to the success of your whole business and strategy. Get this part wrong and your best laid plans could later crumble. I hope the point has been made clearly.

A word of warning be careful who you consult in your own country as in many places they may have to legally disclose information if required to. Also take your time on this stage, check out a number of companies and talk to them, go with your gut feeling, do they seem trustworthy?, professional?, how long have they been trading?. Do a search on the internet to make sure they are not linked to any scams.

You may think all this seems over cautious, but the offshore industry is booming and so are some unscrupulous people along with some very good companies. When asking companies that offer company formation and bank accounts remember, that it is in their interest to recommend their products. By all means talk to them, listen to what they have said, ask questions and then compare it with an independent tax advisor. Ideally you want to talk to someone for a fee that does not benefit by the outcome of the decision you make. You will find a list of independent Tax advisors in Resources at the end of this publication.

NEXT PAGE