UK Tax Season 2021: Why Outsourcing is the Key

Tax return season in the UK is mostly the nerve-racking one for the Accounting firms. 2020 has added additional havoc with the extension of nationwide lockdown and economic hardships due to COVID-19. Due to political and other reasons tax authorities are under pressure, have tightened enforcement and penalty policies. Ever changing and increasingly complicated tax law can make the practice work even difficult.

It’s January, Again!!

It seems extremely unfair, but the tax filing deadline is starting to creep up on us again in spite of spending most of 2020 battling the outbreak and the associated fallout.

Practitioners have never been busier, so how can they fit in the extra work in the period upto 31st January? To survive this Tax season, accounting firms need to revisit their business plans to be ahead of the rush in good time while keeping their financial wheels turning.

There are various external factors as well such as complex tax policies and ever growing risks, making this tax season the most challenging ever.

Here are some of the key legislative changes to roll your eyes over:

1. The budget announced that business rates would temporarily be “scrapped” for certain business premises with a rateable value of less than £51,000.
2. Businesses in receipt of small business rate relief (SBRR) or rural rate relief will be entitled to a £10,000 local authority small business grant.
3. A new wage subsidy scheme, the Job Support Scheme (JSS), will replace the JRS when it ends in December 2020
4. The government is extending the CJRS to support individuals and businesses who are impacted by disruption caused by coronavirus (COVID-19) this winter. The CJRS (also known as the furlough scheme) will remain open until 31 March 2021.

To know more about the recent changes in the policies, visit HMRC .

The Right Time to Consider Outsourcing

Outsourcing the seasonal workload to Offshore Outsourcing firms like SandMartin can enable a helping hand for UK accounting firms to complete the filing process within deadline.

By outsourcing tax services, practices can have peace of mind on the compliance issues and save significant time and cost which you may allocate to core areas of the business strategy and grow business rapidly with better client relationships. Simple and unintended mistakes can be a cause of significant amounts of penalty and demand valuable time to manage the issue raised by tax authorities.

Benefits of Outsourcing to SandMartin

• ACCA Qualified staff give confidence and peace of mind about accuracy
• A flexible and cost-effective means of tax returns preparation and filing
• Escapes the expensive overheads from recruiting extra employees
• GDPR Compliant – No need to worry about data security
• Reduces the turnaround time of jobs
• Frees up in-house resources to focus on higher fee-earning work and client care

Savings, Savings, Savings

Further, Outsourcing has been a proven cost-friendly business plan to ensure financial stability in the long term. Since it’s clear that COVID is here to stay a bit longer than we thought it would. Accounting firms should place financial liquidity & profitability their utmost priority.

As a matter of fact, SandMartin’s cost-effective outsourcing solutions save over 40% to 50% of the in house tax accountant’s cost in the UK while ensuring streamlined processes & quality tax returns.

We have a specialized taxation team which is well trained, experienced, passionate and with up to date knowledge on tax rules.

SandMartin Tax Outsourcing Solutions

As a leading Accounts, Tax & Payroll outsourcing services provider to UK Accounting firms, SandMartin- An ACCA approved Employer has already been helping numerous accountancy practices with their tax filing workload in order to support them in the rush of this Tax season. SandMartin’s ACCA qualified accountants are accustomed to remote working and are providing unsurpassed taxation services to UK accountants already.

Our tax outsourcing services are:

• Corporation Tax Returns outsourcing
• Self Assessment Tax Returns outsourcing
• Partnership Tax Returns outsourcing
• Trust Tax Returns outsourcing

SandMartin’s robust and efficient team streamlined tax filing process with finished quality files, allowing accounting firms to focus on clients’ demands and smoothly navigating Covid-19 implications. SandMartin’s professional staff meets all HMRC requirements, well versed in all the leading Accounting & Tax software.

We have so many success stories to tell. For now, head to the below video to learn how you can sail through the busiest and most challenging tax season!!

Contact us for the busiest Tax Season

To learn more about our range of Accounting & Tax services and to register for the free trial, please feel free to email us at info@sandmartin.com or you can also fill out the Contact Form. Our team members will be happy to meet you to discuss solutions for your unique requirements.