Review tax returns prepared by the enterprises/individual

The review of tax returns made by enterprises or individuals should be conducted with the aim of helping to ensure that enterprises and individuals comply with the provisions of law in the process of declaring and notifying arising taxes, payable taxes and activities in the tax period. This activity plays a very important role not only because it meets legal regulations, but it also helps individuals and businesses avoid unexpected troubles in the future. However, not every individual or business has a professional team to review the issue of tax declaration, so there are still many cases of encountering risks in their tax documents. Understanding the difficulties that people face, PHAM CONSULT harmoniously provides tax return review services for customers in a professional, fast and economical way.

Tax returns prepared by businesses/individuals

Tax returns are an important document in filing and paying taxes for both businesses and individuals. This is where information about income, expenses, payable taxes and other relevant information is compiled and reported to the tax authorities. Accordingly, the tax declaration of enterprises and individuals includes:

  • Enterprise: A corporate tax return (often called a financial and tax statement) includes information about revenue, expenses, profits, tax rates and tax amounts payable to tax authorities.
  • Individuals: Individuals must also prepare a tax return to report personal income (such as salary, interest, income from investments, etc.) and the amount of personal tax payable.

The process of making a tax return includes: collecting and synthesizing financial information, calculating the payable tax amount based on the provisions of the current tax law. Then submit the declaration and pay the corresponding tax amount to the local tax authority. Preparing a tax return requires accuracy and careful preparation to avoid being penalized or getting into tax trouble later on.

Businesses and individuals should work with an accountant or tax consultant to ensure proper tax returns and avoid potential legal issues. PHAM CONSULT is confident to provide you with tax experts to help clients fulfill their tax obligations.

Instructions for filing business/individual income tax returns

Filing income tax returns for businesses and individuals is an important process to ensure compliance with tax laws and avoid legal risks. Specifically, the declaration of tax returns shall be conducted as follows:

  1. Business
  2. Prepare information:
  • Income: A summary of the sources of income of the business in the fiscal year, including revenue from sales, services, profits from investments, or other revenues.
  • Expenses: Includes expenses incurred during the financial year such as operating expenses, compensation, administrative expenses, advertising expenses, depreciation expenses, etc.
  • Tax rates: Determine the tax rates that apply to each type of income and expenses.
  • Financial data: Financial statements such as profit and loss statements, balance sheets, and detailed ledgers of accounts are required to make declarations.
  1. Preparation of tax returns:
  • Use the tax return form provided by the tax authority.
  • Fill in complete and accurate information about income, expenses, and payable tax amounts.
  • Calculate the payable tax amount based on the provisions of the current tax law.
  1. Filing tax returns and payments:
  • After completing and inspecting the return, submit the return along with supporting documents to the tax authority.
  • Pay the payable tax amount on time.
  1. Individual
  2. Prepare information:
  • Personal income: Including salary, interest, income from investment, income from real estate, and other sources of income.
  • Deductions: Such as family circumstance deductions, tax exemptions, and other personal deductions are prescribed.
  • Expenses: Includes personal expenses and reasonable expenses related to earning income.
  1. Preparation of tax returns:
  • Use the personal tax return form according to the tax authority’s regulations.
  • Fill in the information related to income and expenses completely and accurately.
  • Calculate the payable personal tax amount based on the provisions of the current tax law.
  1. Submission of tax returns and payment:
  • Submit your tax return along with supporting documents to the tax authority.
  • Pay the payable personal tax on time.

Tax return preparation is an important part of managing personal and business finances, ensuring that tax authorities receive accurate and timely information to handle each individual and business’s tax obligations. To be able to perform your tax duties in the best possible way, you need  to work with an accountant or tax consultant to ensure that the tax declaration process is carried out in accordance with regulations and effectively.

Review of tax returns prepared by businesses/individuals

Reviewing tax returns prepared by businesses or individuals is an important process to ensure accuracy and compliance with tax laws. Here are the basic steps in the tax return review process:

  1. Prepare the necessary documents:
  • Prepared tax returns: Collect and prepare tax returns that have been prepared by businesses or individuals. This is the basic step to start the review process.
  • Supporting documents: Includes financial statements such as profit and loss statements, balance sheets, detailed ledgers of accounts, contracts, invoices, and other documents related to the income and expenses of the business or individual.
  1. Check the accuracy of tax returns:
  • Benchmark data: Compare the figures in your tax return with supporting documents to ensure accuracy. This includes checking income (revenue) metrics, deductions (expenses), applicable tax rates, and taxes payable.
  • Detecting and fixing errors: Identify and correct errors in your tax return. These errors may include errors in calculations, miss-assessment of income or expenses, or failure to comply with tax laws.
  1. Assessment of compliance with tax laws:
  • Check legal regulations: Consider whether the tax return fully complies with tax regulations. This includes ensuring that tax calculation methods and deductions are applied in accordance with the tax authority’s regulations.
  • Make recommendations for improvement: If necessary, make recommendations to improve the tax return process, minimize legal risks, and optimize tax obligations.
  1. Complete and submit tax returns:
  • After completing the review and correction process, it is necessary to ensure that the tax return has been adjusted and fully meets the requirements of the tax authority.
  • Submit tax returns and pay payable tax amounts on time.

The tax return review process is an important part of a business or individual’s financial management and legal compliance, especially in the context of frequently changing and complex tax regulations.

Benefits of a tax return review

  • Ensure accuracy: Help ensure that tax returns are not only accurate in terms of data, but also comply with tax laws.
  • Avoid fines and administrative handling: Minimize legal risks from making false declarations.
  • Optimize tax liability: Make recommendations to optimize tax liability and tax costs.

Tax return review service of PHAM CONSULT

Tax return review service for businesses and individuals is a service provided by tax consultants or accounting firms to check and re-evaluate tax returns that have been prepared by businesses or individuals to ensure accuracy and compliance with tax laws. PHAM CONSULT will provide you with professional services as follows:

  • Tax Return Inspection and Analysis: Evaluate the return to determine the accuracy of information about income, expenses, and deductions.
  • Compare and check figures: Compare the figures on the declaration with financial and contractual documents to ensure integrity and consistency.
  • Detecting and correcting errors: Identify and correct errors in tax returns, including errors arising from misinterpretation of tax laws.
  • Process improvement consulting: Providing suggestions to improve the tax return process, helping businesses or individuals optimize their tax obligations and minimize legal risks.
  • Support in case of tax inspection: Provide advice and support to businesses or individuals when facing tax inspection from tax authorities.

Tax return review services are an important part of the financial management and legal compliance of businesses and individuals. By using this service, users can be assured of the accuracy of their tax returns and avoid legal problems and unwanted consequences from tax authorities.

 

If you have any legal questions that need to be answered, do not hesitate to contact PHAM CONSULT immediately at hotline +84932 103 118 to receive advice from specialists.

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