Tax Season Stress? Here's How to Simplify Your Self Assessment

 

Accountants are already bracing themselves for the inevitable surge in self-assessment work between October and January. Some are already thinking about what lessons have been learned in previous years to ensure this year’s workload is manageable and the risk of fines or penalties for clients avoided. Regardless of the action taken to smooth the flow of information from clients and accountants’ work, many accountants will still find themselves working long and unsocial hours throughout the festive period and in the lead up to 31 January.

At Fin-eX Outsourcing, we have helped UK accountants provide self-assessment services and other tax-related work to their clients for more than 10 years. In this article, we discuss some of the advantages accountants can achieve when they use an outsourced accountant to offer self-assessment tax services and how the anticipated peak of business can provide opportunities to increase profits and growth.

Our accountants work exclusively on your tax returns

Despite the best efforts of accountants it isn’t always easy to ensure clients are prepared to complete HMRC’s deadlines for filing an self-assessment tax returns every year. Lot of clients do not provide details that could result in liability, and they want to put off the payment to HMRC the tax due up to the deadline of 31 January. Furthermore, a lot of clients do not want to take on the tasks accountants must do to ensure that the tax return is accurately prepared and timely.

Accountants who outsource the personal tax service through Fin-eX find they have more time with their clients, discussing their tax situation personally and involve with them throughout the process, offering the chance to sell consulting services. Practitioners have access to our offshore tax specialists who ensure that accuracy and timely, and the experts are able to assist with any other service that are required, like making sole trader’s accounts, or changes to submissions from prior years.

Opportunity to reduce costs, increase margins, improve turnaround times and quality

The expense of outsourcing accounting and tax services is generally 50% lower than the comparable services that are provided by in-house. In the case of Fin-eX Outsourcing, our rates are based on the difficulty of the task that is involved, which supports most accountants price strategies. Our rates are not subject to change and allow accountants to boost margins while increasing their rates for their clients when the deadline of 31 January is near.

Accounting professionals are increasingly utilizing automation and cloud-based tools to enhance productivity of workflows. But, many accountants aren't gaining the full benefit of automation processes and better documentation management. Our outsourced solutions we utilize your Practice servers to handle the flow of information and provide smooth service to our clients. The turnaround time from the moment we receive all supporting documents from clients is usually lower than 5 days.

Clients can access more services

Using Fin-eX  outsourced solution frees up accountants' time to spend with their clients, understanding their personal tax situation and future needs.  Accounting professionals can scale and increase revenue and also ensures that clients are able to access everything they require depending on their tax situation.

 Reduced risk of service failure

Many practices depend on a few accountants who are devoted throughout the peak times to meet the deadlines set by HMRC. Relying on a few of tax professionals with experience presents an increased risk of interruption if employees quit at a short notice and you are unable to find a qualified and experienced replacement promptly. With the Fin-eX Outsourcing solution, accountants can access an entire team of highly experienced personal tax experts who can offer the reassurance required.

Data Protection assured

At Fin-eX, we have expertise with all the major cloud-based accounting and bookkeeping software that can be accessed via Our secure servers. We also have access to the servers of your Practice using secure remote login options. We are GDPR compliant as well as ISO 27001 accredited. Client data is always protected and is not accessible for downloadable.

Removing recurring tasks helps develop people

Certain accountants are hesitant about outsourcing services because of the negative perception within their team. However, the elimination of tasks that are deadline-driven from the everyday work of accountants provides them with more time to understand the requirements of their clients and promoting services. There is less time spent dealing with tasks like calling clients to inquire about missing data or information which allows accountants to concentrate on their professional growth and developing the skills required to grow an accounting practice.

Main features of Initor Global personal tax services

Our accountants and tax specialists provide all the Tax preparation services that your clients require. We offer rates usually 50% less than similar services offered within the UK. Our services are provided in accordance with the highest quality and professional standards that your practice expects. Many of our accountants as well as tax specialists were trained in the UK and have worked with Practices within the UK.

If you're looking to take your practice to the next level and offer effective personal tax assistance while cutting costs, you can set up a consultation for free with our team of experts.

We offer a complimentary trial with no obligation to try our tax preparation services.

Please contact us on info@finexoutsourcing.com.

You can also contact us at +44 208 144 8995.