Considering
the current market scenario in the UK, where accountants are facing a
hard-hitting competition and picking the outsourcing route to reduce cost. If
not for all at least for accounting and tax professionals outsourcing is a
common practice in the UK. Although the primary objective of outsourcing is
lower wages costs, when it comes to outsourcing tax return preparation or
self-assessment tax return preparation there are other factors too that you
should consider. In this article, we run through what are the key benefits you
get if you outsource tax return preparation services to India
Benefits of Tax Return Preparation Outsourcing to India
Outsourcing
is already a common option in many industries, but if we talk about
accountants, undeniably many still fear outsourcing accounting services and tax being a very sensitive matter they have more concerns. Therefore, you
need an outsourcing partner whom you can bank on. In India there are plenty of
accounting firms to select from along with the benefits mentioned below.
- Significant cost reduction without compromising quality
This is
the first aspect of outsourcing any services. And when you outsource tax return preparation services to India particularly apart from saving
employee costs substantially you do not have to compromise with the quality of
work. There are already many accounts outsourcing firms in India who are
working with numerous accountants and accounting firms in the UK. So, they have
years of experience and expertise to help you. Further, due to the exchange
rate difference between INR and GBP you can get highly qualified professionals
at a fraction of the cost of what you pay in the UK.
- Quick turnaround time
Most of
the accountants in the UK prefer outsourcing self-assessment tax return
preparation work during deadlines. And the reason is the very quick turnaround
time i.e. even less than an hour for a self-assessment tax return if you can
provide them with all the required information. Additionally, due to the time
difference of 4.5 hours between India and the UK you get a few extra hours to
work on. During those peak days just before 31st January; this time difference
proves to be a real help for many accountants in the UK to complete
self-assessment tax returns that they receive just on the day of the deadline.
- Resources to expand service offerings
Outsourcing
gives access to a poll of expert professionals from your outsourcing partner.
This enables you to offer different services to clients even those that you
normally do not offer. This means you can take in more work and increase your
client base without hiring more staff. A good example is tax-related compliance
with the HMRC.
- GDPR
Compliant
Tax is
a sensitive matter; undeniably your topmost priority is that your client’s data
must be safe and secure. Needless, to mention the greatly high fines post 25th
May 2018. Therefore, you have to be more careful before joining hands with your
outsourcing partner. However, the good news is that there are many firms in
India, who will provide you with extensive data security. You must make sure
that your outsourced tax return service provider is GDPR compliant. Further,
you can determine data security by confirming their ISO standards and asking
them to sign a non-disclosure agreement.
Thanks
to the advanced technology and tools that are available, your outsourced
partner can do your work in many ways with remote access, on a secure FTP
server, and in a cloud-based system. If these are sounding too technical!
Nothing to worry! Most of them have a dedicated IT team who will guide you on
this. It takes a few minutes to set things up. So, try and see how it benefits
you.
This is
the first aspect of outsourcing any services. And when you outsource tax return preparation services to India particularly apart from saving
employee costs substantially you do not have to compromise with the quality of
work. There are already many accounts outsourcing firms in India who are
working with numerous accountants and accounting firms in the UK. So, they have
years of experience and expertise to help you. Further, due to the exchange
rate difference between INR and GBP you can get highly qualified professionals
at a fraction of the cost of what you pay in the UK.
- Quick turnaround time
Most of
the accountants in the UK prefer outsourcing self-assessment tax return
preparation work during deadlines. And the reason is the very quick turnaround
time i.e. even less than an hour for a self-assessment tax return if you can
provide them with all the required information. Additionally, due to the time
difference of 4.5 hours between India and the UK you get a few extra hours to
work on. During those peak days just before 31st January; this time difference
proves to be a real help for many accountants in the UK to complete
self-assessment tax returns that they receive just on the day of the deadline.
- Resources to expand service offerings
Outsourcing
gives access to a poll of expert professionals from your outsourcing partner.
This enables you to offer different services to clients even those that you
normally do not offer. This means you can take in more work and increase your
client base without hiring more staff. A good example is tax-related compliance
with the HMRC.
- GDPR
Compliant
Tax is
a sensitive matter; undeniably your topmost priority is that your client’s data
must be safe and secure. Needless, to mention the greatly high fines post 25th
May 2018. Therefore, you have to be more careful before joining hands with your
outsourcing partner. However, the good news is that there are many firms in
India, who will provide you with extensive data security. You must make sure
that your outsourced tax return service provider is GDPR compliant. Further,
you can determine data security by confirming their ISO standards and asking
them to sign a non-disclosure agreement.
Thanks
to the advanced technology and tools that are available, your outsourced
partner can do your work in many ways with remote access, on a secure FTP
server, and in a cloud-based system. If these are sounding too technical!
Nothing to worry! Most of them have a dedicated IT team who will guide you on
this. It takes a few minutes to set things up. So, try and see how it benefits
you.
Most of
the accountants in the UK prefer outsourcing self-assessment tax return
preparation work during deadlines. And the reason is the very quick turnaround
time i.e. even less than an hour for a self-assessment tax return if you can
provide them with all the required information. Additionally, due to the time
difference of 4.5 hours between India and the UK you get a few extra hours to
work on. During those peak days just before 31st January; this time difference
proves to be a real help for many accountants in the UK to complete
self-assessment tax returns that they receive just on the day of the deadline.
- Resources to expand service offerings
Outsourcing
gives access to a poll of expert professionals from your outsourcing partner.
This enables you to offer different services to clients even those that you
normally do not offer. This means you can take in more work and increase your
client base without hiring more staff. A good example is tax-related compliance
with the HMRC.
- GDPR
Compliant
Tax is
a sensitive matter; undeniably your topmost priority is that your client’s data
must be safe and secure. Needless, to mention the greatly high fines post 25th
May 2018. Therefore, you have to be more careful before joining hands with your
outsourcing partner. However, the good news is that there are many firms in
India, who will provide you with extensive data security. You must make sure
that your outsourced tax return service provider is GDPR compliant. Further,
you can determine data security by confirming their ISO standards and asking
them to sign a non-disclosure agreement.
Thanks
to the advanced technology and tools that are available, your outsourced
partner can do your work in many ways with remote access, on a secure FTP
server, and in a cloud-based system. If these are sounding too technical!
Nothing to worry! Most of them have a dedicated IT team who will guide you on
this. It takes a few minutes to set things up. So, try and see how it benefits
you.
Outsourcing
gives access to a poll of expert professionals from your outsourcing partner.
This enables you to offer different services to clients even those that you
normally do not offer. This means you can take in more work and increase your
client base without hiring more staff. A good example is tax-related compliance
with the HMRC.
- GDPR
Compliant
Tax is
a sensitive matter; undeniably your topmost priority is that your client’s data
must be safe and secure. Needless, to mention the greatly high fines post 25th
May 2018. Therefore, you have to be more careful before joining hands with your
outsourcing partner. However, the good news is that there are many firms in
India, who will provide you with extensive data security. You must make sure
that your outsourced tax return service provider is GDPR compliant. Further,
you can determine data security by confirming their ISO standards and asking
them to sign a non-disclosure agreement.
Thanks
to the advanced technology and tools that are available, your outsourced
partner can do your work in many ways with remote access, on a secure FTP
server, and in a cloud-based system. If these are sounding too technical!
Nothing to worry! Most of them have a dedicated IT team who will guide you on
this. It takes a few minutes to set things up. So, try and see how it benefits
you.
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