To the general public, there is little to love about tax. It gets a bad press for obvious reasons! But to society in general, tax is essential. It pays for public services and helps the less fortunate.
For accountants, taxation services have traditionally been a significant revenue stream. From calculations and projections to annual compliance reports, tax, in its many forms, has been an area where skilled accountants have helped businesses save money.
With the rapid adoption of digital technology many of these traditional accountancy revenue models will soon become automated. Accountants are pivoting their services to concentrate instead on business consultancy advice.
It’s an exciting time with much opportunity for accountants to really distinguish themselves.
With this seismic change on the horizon, now is a good time to review the history of taxation. In the accompanying infographic, we’ve picked out only highlights and we kept the tone light. Considering that entrepreneurs as well as the general public have no choice but to pay taxes, we may as well smile about it…