Tax compliance is the act of following the laws, regulations, and requirements set by the government and enforced by Inland Revenue. It involves the timely and accurate reporting of income, expenses, and other relevant information to ensure that the taxpayer fulfills their tax obligations.
The five key elements to tax compliance are:
- Preparing and filing tax returns.
- Timely payment of the tax.
- Record-keeping.
- Staying complaint with the law.
- Cooperation with Inland Revenue.
At Insight Accounting we specialise in keeping our clients fully complaint with their tax obligations and standing between them and Inland Revenue.
If you want peace of mind around your tax obligations, then get in touch today.