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 Initor Global, we have been helping UK accountants deliver self-assessment and other personal tax work to clients for over 10 years. In this blog we highlight some of the gains accountants can secure by using an outsourced accountant to deliver self-assessment tax return services, and how the upcoming peak of work can create opportunities for growth and profitability.
Our accountants work exclusively on your tax returns
Despite an accountant’s best efforts, it can be difficult to prepare clients to meet HMRC’s deadlines for submitting a self-assessment tax return (SATR) each year. Many clients avoid providing information which results in a liability and want to delay paying HMRC any tax due until the deadline of 31 January. In addition, many clients are simply not interested in the work accountants need to complete to ensure a return is prepared accurately and on time.
Accountants outsourcing personal tax services to Initor Global find they have more time to spend with their clients discussing their personal tax situation and engaging them in the process, with the opportunity to upsell advisory services. Practices have easy access to our offshore team of tax specialists who will ensure SATRs are prepared accurately and on time, and that experts are available to provide any other services commissioned, such as the preparation of sole trader accounts or amendments to prior year submissions.
Opportunity to reduce costs, increase margins, improve turnaround times and quality
The cost of outsourcing tax and accounting services is typically 50% less when compared to the equivalent services provided in-house. At Initor Global, our rates are based on the complexity of the work involved, supporting most accountants’ pricing strategies. Our rates remain fixed, allowing accountants to improve margins when increasing rates for their clients as the 31 January deadline looms.
Accountants are increasingly using automation and cloud-based solutions to improve the efficiency of their workflows. However, many accountants are not securing the full benefits of automating tasks and improved document management. With our outsourced solutions, we use your Practice servers to manage information flows and ensure a seamless service to your clients. Our turnaround times from receiving all supporting documentation from a client are usually less than five days. The quality and accuracy of SATRs is improved, with an increase in the quality of services to your clients.
Clients can access more services
Using an Initor Global outsourced solution frees up accountants’ time to spend with their clients, understanding their personal tax situation and future needs. It enables accountants to scale, deliver growth in revenues and ensures clients have access to all the services they need as their personal tax situation changes.
Reduced risk of service failure
Many Practices rely on a small team of accountants working tirelessly through peak periods to achieve HMRC’s deadlines. Reliance on a small number of experienced tax specialists presents a high risk of service failure should individuals leave at short notice, and if you cannot access a suitably qualified or experienced replacement quickly. With an Initor Global outsourced solution, accountants have access to a large team of experienced personal tax specialists who can provide the continuity of service needed.
Data Protection assured
At Initor Global, we have experience of all major cloud-based bookkeeping and accounting software, which can be accessed from our secure servers. We can also access your Practice servers using secure remote login arrangements. We are GDPR compliant and ISO 27001 accredited. Your client data is always secure and cannot be downloaded.
Removing recurring tasks helps develop people
Some accountants are nervous about outsourcing any service because of the perceived negative reaction among their people. However, the removal of deadline driven tasks from the day-to-day workload of accountants means they have more time to spend understanding the needs of clients and upselling services. Less time is spent on tasks such as contacting clients for missing information and data management, allowing individuals to focus on their continuing professional development and building the skills needed for the future growth of a Practice.
Which personal tax services can be outsourced to Initor Global?
The end-to-end process of preparing SATRs can be outsourced, including the preparation of Form SA100 for individuals, Form SA800 for partnerships and Form SA303 to reduce payments on account. Sole Trader accounts can also be prepared if needed and we can prepare returns for previous tax years.
Main features of Initor Global personal tax services
Our team of qualified tax specialists and accountants provide the SATR preparation services your clients need, with our rates typically 50% less than the equivalent service in the UK. All services are delivered to the highest professional and quality standards your Practice expects. Many of our accountants and tax specialists trained and worked for Practices in the UK.
We price our SATR preparation services based on the complexity of the work involved, from simple returns involving salary and dividends, through to the most complex where specialist tax advice, such as capital gains or foreign income, may be needed. Our services are completely flexible and can be scaled to meet your Practice growth plans or peaks of work.
If you are looking to take your Practice to the next level, and provide effective personal tax services while reducing costs, you can arrange a free consultation with our expert team.
We offer a free, no-obligation trial of our personal tax services.
You can also call us on 0203 519 2121.