How to ensure that your Tax data is filed properly by a tax return preparer
From accountants to tax preparers you will find many searching for one. You could get confused as to who to engage to do up your tax and ensure its accuracy.
Firstly, hiring the right professional will make your job easy as well as protect your financial data. You could actually ask your resources such as family, friends and colleagues for recommendations. Chances are that they might have been using a professional service all along. If you are not able to get any reference, prepare to do an extensive due diligence.
Once you have found your match, ensure that you gather all your needed records to facilitate the preparer. And do be sure you know exactly who will be preparing your tax returns. Lack of proper information could actually be under-filing your returns which could come under scrutiny should you be nominated for an audit. Last thing you need right now in the midst of recovering recession is an audit trail.
Once your preparer has done up your tax report, ensure that you go through every bit of details and scrutinize carefully. Ensure that the data matches correctly. Also ensure that all reliefs claimable are claimed. Most importantly, check if your personal particulars are up to date. Even if your data is prepared, signed off and filed by a professional preparer, the onus is on you to ensure accuracy. Therefore, do not fall short here.
If all is well, ensure proper preparer signatures are in place before you give the green light to file the tax return with the Inland Revenue.
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