By Derren at www.AdvancedAmericanTax.org
We are already 3 months into 2018 and for many parts of
Asia, Europe, and of course, the Americas, it’s the dreaded tax season
already. For those expats in more senior
positions and particularly business owners, tax compliance is a serious
Here are 5 things to consider in choosing your advisor
- Firstly, the advisor needs to be part of a team. It is highly unlikely that one person knows
everything. Furthermore, everyone has
heard horror stories of one-person shows that disappear, get swamped with work,
or fall ill with no one to cover for them. You need a team.
- Secondly, your team needs to be qualified in multiple
jurisdictions. If for example, you’re an
American in Scotland? You need a team
with members that are US and UK qualified. It’s not enough that your consultant knows US tax because so many
provisions of UK tax law and the US/UK treaty modify how your situation may be
- Thirdly, your team should be multilingual. There are too many nuances of tax law that
gets lost in translation. So if you’re an
expat in China and your international tax team includes no Mandarin speakers or
you’re in Jakarta and no one on the team speaks Bahasa Indonesia? Then it’s time to find another tax team.
- Fourthly, your team should be proactive in keeping up with
changes in tax law. Question your prospective
tax consultant carefully. If you need
someone that is US qualified, she must speak expertly about radical changes to
the way foreign-owned businesses are now being taxed. If you need someone Philippines qualified,
they must have an opinion on Train 1 vs Train 2, etc, etc. If they are not keeping up with changes with
the law, you may eventually get in trouble.
- Fifthly, please ask about fees. If the tax consultant does not have a clear and easy to understand
the schedule of fees? You may be in for a
surprise bill at the end of the process.
Derren runs the US tax desk for the Moores Rowland group. Offices in 15 countries. Visit us at www.AdvancedAmericanTax.org
Published here – https://www.myexpatsworld.com/international-tax-advisor/
Note: The above reference link was live on February 2018, but it has since been taken down.