Outsourcing tax return preparation to India

Outsourcing tax return

Outsourcing tax return preparation to India

Over the last decade, India has established itself as the most ideal location for service outsourcing. Despite stiff competition from Asian competitors such as China, India has managed to retain a stronghold. The most compelling factor is the surprisingly low prices at which you can hire a highly skilled and seasoned workforce.

Let’s take a look at the reasons why many accounting firms are considering outsourcing their tax return outsourcing services to India’s outsourced accounting service vendors.

1. Workforce that is highly qualified and experienced

The fact that Indian outsourced accounting firms have pools of highly qualified and seasoned professionals is the most important aspect that has aided them. Since tax is such a delicate topic, most UK accountants prefer to outsource their tax returns to India. With years of experience, Indian tax professionals can guarantee a high degree of accuracy, which is essential if you want to save time reviewing jobs once they arrive at your place. As a result, you will potentially have more time to focus on your marketing strategies and attract more clients.

2. Significant Cost Savings

Without a doubt, this is the primary reason you begin searching for outsourced accounting firms to lower the wage costs. Outsourcing to India is always a good move due to the exchange rate disparity between INR and GBP; you would never want to compromise on the standard of work just to save a few more pounds. In India, compared to the United Kingdom, the cost of hiring a tax expert is very low. Furthermore, you will have free access to the most up-to-date technologies and software. Quality job for a fraction of the price; that sounds fantastic!

3. Extra Hours to Work on

When it comes to outsourcing tax returns, a fast turnaround time is critical. If it’s a deadline set by your client to complete a project or HMRC deadlines, to please your clients and avoid receiving a penalty notice from HMRC, you must fulfill all of these requirements. As a result of the time difference between India and the United Kingdom, your Indian outsourced accounting company will give you an additional 4.5 hours, allowing you to give your clients a more accurate turnaround time. This time difference, particularly in the case of self-assessment, makes it much easier to work on tax returns obtained in the final minutes before the deadline.

4. Extensive Data Security and Safety

Since tax matters are always private, you must ensure that your client’s information is secure and protected. Furthermore, if you do not comply with GDPR, you could be fined up to €20 million, or 4% of your previous financial year’s annual worldwide revenue, whichever is greater. But don’t worry; your GDPR-compliant Indian outsourced accounting company will take care of all of your worries. As a result, before you sign up, double-check that your outsourcing partner is GDPR compliant and meets the relevant requirements. The majority of them would gladly sign a non-disclosure agreement.

Reasons why should one focus outsource tax return preparation

In recent times, many companies are interested in operating on leaner budgets because outsourcing administrative tasks become a great way to reduce headcount. Below are some of the reasons why you should consider finding support for tax return preparation.

Spend less time on your business.

You’re probably aware that tax planning can be a lengthy procedure. Until finalising the work with top management, an accountant needs a lot of time to check data and obtain tax declarations. You’ll devote more time to day-to-day activities and attract new customers.

Get in touch with a highly skilled expert.

You’ll have access to a professional individual who is up to date on tax and regulatory changes and has expertise in your sector if you outsource. Accounting, tax return preparation and filing, payroll and social contribution administration, cash management, and audit liaison are only a few of the services that external accounting firms can help with. Get the flexibility and mitigate risks

In-house accounting teams are beneficial, but scalability can be a challenge in certain cases. The majority of businesses are turning to external service providers that are readily available, allowing them to devote more resources to a customer. By having an outside team inspect the money trail, you will reduce the chance of internal fraud while also improving enforcement.

Success tips for tax planning outsourcing

There are several tax preparation outsourcing services available on the market, but they are not all created equal. It’s time to remember the following points if you want to be successful:

Costs – Find a provider with fair rates that are appropriate for your business.

Licensure – To achieve the desired result, depend on experienced professionals.

Transparency – Always choose a tax preparation company that is fully transparent in its operations.

Keep an eye on the security situation – Since tax returns contain a lot of personal information, you’ll want to make sure that they’re done securely and privately.