Tax consultants assist people and organizations to make informed financial decisions on tax-related matters. So, tax consulting maybe your choice, if you have an interest in helping people and organizations with their financial security. However, this article explains how to become a successful tax consultant in Nigeria.
Who is a tax consultant?
A tax consultant is a professional who helps people and organizations to make informed decisions about tax-related matters. The tax consultants collect necessary information about the financial activities of the clients to help them to minimize their tax liability. They achieve this through proper tax planning, taking all available deductions and allowances into consideration, and others. They help clients to fulfill their tax obligations. So, they help clients to save time and money as well as avoid tax punishment.
What services does Tax consultant render?
The tax professionals have experience and knowledge in tax laws that relate to both individuals as well as companies. So, tax consultants help their clients to file tax returns in line with appropriate tax laws. Some of the services to be rendered by consultants include:
- Preparing and filing of tax returns to SIRS and FIRS.
- Providing professional advice to taxpayers on tax-related matters.
- Assessing the financial and legal circumstances of taxpayers to minimize tax liability.
- Representing the taxpayers in the process of paying the tax.
Requirements to become a tax consultant in Nigeria
There is no particular educational requirement to practice tax consulting. However, if you have a degree in accounting, taxation, law, and other social science courses, it will enhance your success in your career. A tax professional must have a solid foundation in accounting, taxation, finance, and law to succeed. Additionally, if you have a master’s degree, it will be a competitive advantage in your profession.
Professional credentials and license
A tax advisor needs a solid foundation in accounting, taxation, finance, law, and other related courses. Therefore, tax professionals need professional credentials from an accounting-related body like ICAN, ANAN, ACCA, and others. Also, to practice tax consulting in Nigeria, you need to have a professional license from CITN. Meanwhile, if you have the necessary professional credentials and licenses, it will be a competitive advantage and enhance the quality of services render. Also, it will improve your career and earning power.
The tax consultants are dealing with the public and complex tax matters; therefore, they need certain skills to succeed in the profession. So, to become a successful tax consultant, you need the following skills:
The tax consultants need effective and efficient communication skills because they are working with the public. They need to understand their clients’ requirements, gather the necessary information about tax matters and accurately communicate their position to the clients.
More so, they are helping clients to solve complex tax-related matters, therefore, they need problem-solving and critical thinking skills. They must have eye for detail and use logic to solve complex problems.
Consultants also need an accounting and mathematical skills to understand the financial implication of the professional advice provided to the clients. They must be able to assess the performance of the clients and make informed decisions. They also need to know how to use tax and accounting-related software as well as Microsoft Office suites such as Microsoft Word, MS Excel, and others. However, the tax advisor may need other skills depending on the client’s need.
Choosing tax consulting as a career is one of the best choices if you want to help people and organizations to enhance their financial situations. With their knowledge and experience in accounting, taxation, economics, law, and others, tax consultants can improve the financial security of their clients. More so, they help their clients to solve complex tax problems and enhance informed decisions.
Afeez is one of the founding partners of Marasas Consulting limited. He consults for both individuals and entities in the area of accounting, management, audit, tax, and investment. He has a wide range of experience both online and offline which allows him to provide relevant and timely professional advice and assistance to business owners with their accounting, tax, management, audit, and investment plans.
Afeez is a member of the Institute of Chartered Accountants of Nigeria (ICAN) and a member of the Nigerian Institute of Management (Chartered). He is a certified Google analyst and strategist. He earned his Bachelor degree in Management and Accounting from Obafemi Awolowo University, Ile-Ife, Nigeria, and earned an ordinary national diploma in Accountancy from The Polytechnic of Ibadan, Oyo State, Nigeria. He earned certification in “Excel Crash Course” and “Reading of Financial Statement” from Corporate Finance Institute, Canada.
Afeez is dedicated to helping clients achieve business success by helping them to establish solid and sound accounting, tax, and financial processes.