What You Need To Know Before Outsourcing Tax Preparation Work To India


outsourcing-tax-preparation-work-to-india

August 22, 2020

During the last decade, India has emerged as the most ideal place for the outsourcing of services. Although there has been stiff completion from Asian counterparts like China, India has managed to maintain a stronghold. The most significant reason is the surprisingly competitive rates at which you can avail services of a highly qualified and experienced workforce.

In recent years, more and more accounting firms and accountants are outsourcing to India. They are benefiting a lot by working with the outsourced accounting services providers in India. The significant difference in the exchange rate between INR and GPB makes accounts outsourcing to India more productive. And the outsourced tax returns service is one of the most popular among UK accounting firms and accountants. 

Now, let’s look over the reasons that you need to know why many accounting firms are considering the outsourced accounting service vendors from India to handle their tax return outsourcing services.

1. Highly Qualified and Experienced Workforce
The biggest factor that helped the Indian outsourced accounting firms is that they have pools of highly talented and experienced professionals. And tax is a very sensitive matter, most of the UK accountants are preferring Tax Returns Outsourcing to India. With the years of experience, the Indian tax professionals can ensure a high level of accuracy, which is a must if you want to save the reviewing minutes after you receive the jobs at your end. So, eventually, you will have more time to work on your marketing plans and fetch more clients. 

2. Substantial Cost Reduction
Undeniably, this is the first reason that you start looking for outsourced accounting firms to reduce the cost of your wages. Due to the exchange rate difference between INR and GBP, outsourcing to India is always a smart decision; as you will never want to compromise with the quality of work just to save some more pounds. The cost of hiring a tax expert is very less in India compared to the UK. Further, you will have access to the latest technology and tools without incurring any cost. Quality work at a fraction of your actual cost; sounds great!

3. Extra Hours To Work On
When it comes to tax returns outsourcing a quick turnaround time is very important. Whether it is the deadline given by your client to finish a job or the HMRC deadlines. You must meet both of these to satisfy your clients and ensure that they don’t get any penalty notice from HMRC. So, due to the time difference between India and the UK, your Indian outsourced accounting firm can provide an advantage of extra 4.5 hours, so accordingly you can state turnaround time to your clients. Particularly in the case of self-assessment, this time difference helps a lot to work on the tax returns received during those last minutes of the deadline.

4. Extensive Data Security and Safety
Tax matters are always confidential, so you must ensure the security and safety of your client’s data. Further, if you fail to comply with GDPR then you may be fined up to €20 million, or up to 4% of the annual worldwide turnover of the preceding financial year, whichever is greater. But there is nothing to worry; your GDPR compliant Indian outsourced accounting firm can eliminate these concerns. So, before signing up you must make certain that your outsourcing partner is GDPR compliant and has required standards. Most of them will be happy to sign a non-disclosure agreement as well.

Now the question is how this outsourcing works? Thanks to advanced technology and tools, the outsourcing tax return preparation process is simple and quick. Mainly there are three methods viz. remote access, on a secure VPN server, and in a cloud-based system. The IT personnel of your outsourced accounting firm will set the system for you within a few minutes. And as we can file tax returns online which makes the whole process even simpler. So, there is no need to wait; pick the right outsourcing partner and start outsourcing your services to reap all the benefits.