2020 is a challenging year for all of us. The state of emergency restricts us not only in everyday life, but also in our business activities and does not allow us to travel as we have been used to recently. From a business side, we have had to adapt to the current situation, change our business strategy and help our business to go through this difficult period together with as little hurt as possible.
At TaxWise, too, we try our best to deal with the situation that has arisen and to be as helpful as possible to our clients. We try to sensitively perceive the problems of our clients, to be their reliable and supportive partner. So where have we moved at TaxWise and how are we trying to help our clients?
Fair and transparent price
For our clients, we take into account their better and worse times by invoicing flexible packages. If, at the time of the business restriction, our client has fewer documents to post, our price automatically adjusts to this through flexible packages and the client pays less.
The number of accounting entries we invoice our clients can always be checked by the client in the journal, which we regularly send to our clients together with the invoice.
All under one roof
We do not only provide our clients with routine accounting and wage processing, but with the help of our experienced colleagues we also cover tax advice, VAT registrations and other areas. We have expanded our portfolio of services to include areas such as liquidations, mergers, assessmentof entitlements and make applications for state contributions in connection with the corona, helping with subsidies for newly recruited employees. If necessary, we help our clients with various permits, we handle A1 forms and other documents from state institutions.
We are not limited to providing advice only to Slovak territory, but based on our wealth of experience we also help our clients with cross-border transactions. In addition to providing international tax advice, we also assist our clients with VAT registrations and VAT declarations in Austria and Germany. For this we also use our excellent knowledge of German and English.
We constantly improve the quality of our services
During the corona , we focused heavily not only on our internal processes and their streamlining, but also on increasing our professional qualifications. By internal and external training and constant monitoring of legislation, we strive to provide our clients with ever better service.
We are meeting our clients
Our work consists not only of taking documents from the client and posting them, but also assessing their accuracy. Through internal mechanisms, we try to identify possible problems in the accounting and tax settings of our clients and either solve them immediately internally or proactively with the client and open them.
On our own initiative or at the request of our clients, we propose to them the optimal business model from a tax point of view, so that our clients do not reduce their net income due to incorrect setting of the business model.
"In accounting, taxation, wage processing and similar areas, you need to keep moving forward, educating yourself and going against new trends. This will only ensure that you will continue to be a strong and reliable partner in the future."
Regular reports and ongoing tax calculations
In order for our clients to be in the picture of how their company is doing during the year, we send them the required accounting reports on a regular basis. In addition, before the end of the year, we are proactively developing ongoing tax calculations for our clients sothat they know in good time what tax outcome they can expect after the end of the year and that they can react well in advance.
Regular information and promptness
In addition to sending reports, we regularly inform our clients about changes in legislation. We try to respond to the normal requirements of our clients as soon as possible. We are responsible for the more demanding requirements of our clients within a reasonable time so that our services meet demanding quality requirements.
We adapt to our clients while also taking into account the current need to observe certain isolation. With our clients we are able to upload and download documentation, provide advice and deal with any communication at a distance. We are available by phone, via videoconferencing but of course continue to do so in person.
Introducing gradual automation
Modern times bring with it new challenges and the need for automation. This is not only about manufacturing companies, the accounting sector will change beyond recognition in the coming years. The position of accountant is occupied by the upper rungs of the most vulnerable professions. We at TaxWise are trying to take this challenge against, by gradually introducing automation. The early start of automation will also have a direct impact on our clients as our services become even more affordable.
We already provide our clients with various discounts when we use their import instead of manually posting documents. This is a clear trend now, compounded by even more pressure to use artificial intelligence, including in the field of accounting. Our clients can be sure that the introduction of modern technologies is a priority for us. It's not just us who benefit from this, it's our clients.
If you have been approached by our strengths and our direction, we would like you to contact us. Our aim is always to set clear rules, to meet each other and to help each other. The only way we can do this is that, in the end, both sides will always be satisfied.
The client does business in the field of IT services. As of October 31, 2020, he had revenues of €38,000 and costs of €14,000, with representation costs of €1,262 and a tax office fine of €30. In 2020, he reimbursed the costs of processing the 2019 financial statements, for which he made a provision of $120 in 2019 and advances on income tax totalling €1,350.
What does such an ongoing tax calculation look like?
Cost: - £14,000
Add-ons: + 1.292 € (repre + fine)
Deductibles: - $120 (provision for statements)
Taxable amount: 25.172 €
Tax (15%) £3,775.80
Advances paid: – 1.350 €
Tax to pay: 2.425,80 €
Profit or loss after tax: 20.224,20 € (profit or loss less tax)