Should Business Owners Pay Taxes Themselves or Let the Accounting Firm Handle It?
This topic is something that many entrepreneurs who hire accounting firms often wonder about. When it comes to filing and paying taxes, should you pay the taxes yourself, or should you let your accounting firm handle the payment for you?
I may not be able to give you a definitive answer on which option you should choose, as it ultimately depends on the agreement between you and your accounting firm. However, I will share some insights about the payment system of the Revenue Department and the workflow that I use to assist my clients.
Each time you file your taxes via the Revenue Department's website (online tax filing), the system provides various payment methods for you to choose from. The method I use most often is the pay-slip file, which I then send to my clients. This allows them to directly pay their taxes to the Revenue Department.
The clients can use the information on the pay-slip to pay via mobile banking, which is very convenient without needing a middleman, such as an accountant or accounting firm. This way, you can be assured that each month, you have directly paid your taxes to the Revenue Department.
With this approach, the accounting firm's role is only to file the taxes for you, while the responsibility of paying the taxes falls to the business owner. The benefit of this is that you can be 100% sure that the money you paid went directly to the Revenue Department.
It also helps prevent potential problems later, such as receiving a notice saying, "I've paid my taxes every month, but why did I receive a letter saying I haven't paid my taxes?"
taxcount services
- Monthly accounting services, including tax filing
- VAT registration service
- Company registration service
- Amendments to registration documents at the Department of Business Development or the Revenue Department