Why accountants should secure Self Assessment help before it is too late

Written by

Parth Shah

As the tax season approaches, it is time to think about a system for completing your clients’ Self Assessment tax returns if you have not already. It can be time-consuming, and you probably already have enough on your plate as an accounting firm.

Therefore, it is a smart choice for accountants like yourself to consider Self Assessment outsourcing as a strategic decision to enhance the practice’s efficiency, accuracy, and scalability. Waiting too long to explore this option might result in inefficiencies, errors, and missed opportunities to provide better client service.

That is why we recommend taking Self Assessment help from an outsourced service provider like Stellaripe. You might be uncertain about this, especially if you have only worked with in-house teams. We get it, but outsourcing is one of the most efficient and affordable business strategies.

Let us talk about how receiving Self Assessment help from skilled offshore accountants can help your accounting firm thrive:

1. Improved client satisfaction and access to a wide pool of experts

Clients value accuracy and timeliness in their tax submissions. Outsourcing Self Assessment tax return preparation to specialists can increase client satisfaction and loyalty.

Offshore service providers have extensive experience completing tax returns for clients of all kinds. They pride themselves on their accuracy. So when you work with them, you can guarantee top-notch Self Assessment help for your clients.

Outsourcing to a specialised service provider like Stellaripe ensures that the Self Assessment process is handled by professionals who have a deep understanding of tax laws, regulations, and compliance requirements. This expertise helps ensure all tax returns are submitted accurately and in line with regulations, reducing the risk of audits and penalties.

They also have clear processes that lay out timelines and documentation needs well in advance for you to gather all the data from your clients upfront and let the outsourced team take over, getting updates from them as and when necessary.

2. Say NO to overtime and YES to better work-life balance

Overtime is part of the game when it comes to tax season. Paying overtime to your in-house staff members can be pretty expensive, specifically on top of their regular salary and benefits.

Further, offering overtime pay to handle tax returns during deadlines doesn’t consistently achieve the desired results. By outsourcing tax return work, you can prevent staff burnout and help them maintain a healthier work-life balance, ensuring they enjoy their professional and personal lives. Everyone needs a break sometimes!

Outsource your Self Assessment help, though, and you only pay a rate you agree upon in advance, no matter how many hours of work you assign the offshore team. Things work out much more cheaply that way.

3. Enjoy more time to focus on core competencies

Tax outsourcing allows accountants to concentrate on their core competencies, such as financial analysis, tax planning, business advisory, and growing their client base strategically rather than getting bogged down in routine tax preparation work.

Self Assessment tax return preparation may not be the flagship service that your practice provides or specialises in. It is a critical part of any accounting service package, though, so you absolutely should offer it – with the help of outsourced service providers.

This way, you reserve your in-house team’s time and effort for the accounting services that require creativity and internal brainstorming, which also tend to be the services clients pay more for. You also have more time left over to communicate with your client and strengthen your professional relationship, thus ensuring that they keep coming back to you.

4. Deliver scalable, economical and top-notch service

Tax return outsourcing provides flexibility and scalability, allowing accountants to handle fluctuations in their client workload without the need to hire and train additional staff.

Research shows that the cost of outsourcing your clients’ Self Assessment tax returns can be up to 50% lower than working with in-house accountants. Plus, you only pay for the services you actually use – you do not need to deal with any benefits, surcharges or hidden charges.

For instance, Stellaripe’s tax return outsourcing pricing starts from as low as £25 per tax return. This helps you plan out your accounting firm’s budgets in advance and make more accurate estimates of how much profit you must make any given tax season.

Lower cost does not stint on the service quality, though! Stellaripe, for instance, uses an extensive checklist to ensure tax returns are accurate and compliant and thereby propel risk-free tax return filings.

Outsourced accountants excel in completing Self Assessment tax returns quickly, even when the deadlines are tight. So your clients can rest assured that they would never have HMRC’s disapproval to contend with.

5. Stay competitive even during busy tax season

You do not need us to tell you that tax season is one of the busiest times of the year. With workloads piling up and last-minute delays to reckon with, your accountants can easily get overwhelmed. This ultimately affects the quality of work, leading to client losses.

By outsourcing the tax returns, accountants can dedicate more time to building and maintaining strong client relationships, ultimately increasing client satisfaction and retention.

By getting Self Assessment help from an outsourcing partner like Stellaripe, you can free up your in-house team’s time for more client-facing roles to invest in professional learning and development or simply to relax and reset.

6. Build your software expertise for the long run

Offshore tax return service providers like Stellaripe have extensive experience with tax production software, including IRIS, TaxCalc, TaxFiler, CCH, Digita, and many others.

We collaborate with numerous accountants who employ various tools. Our ongoing training programs empower our team members to become proficient with different software, ultimately enhancing their expertise and capabilities.

Contrary to what you might think, outsourcing does not actually pose any inherent risk. The software service providers use is equipped with the latest security features, assuring your critical data is in good hands.

Self Assessment tax outsourcing process

At Stellaripe, we pride ourselves on being a process-driven firm. Our dedication ensures our work aligns with your accounting firm’s priorities and objectives. If you do decide to outsource your clients’ Self Assessment tax returns, here is a general process we follow:

1. Data collection

This involves you compiling all necessary financial data, documents, and receipts of your clients for whom you must create tax returns.

We then connect to your system using secure remote desktop software. Our cloud drives are set up purposely for you on OneDrive, allowing us to access your files directly.

Our team in India also uses secure remote desktop solutions like RDP, GoToMyPC, Citrix, or VPN to access and work on your files within your system seamlessly. Learn more about our data security measures.

2. Tax return preparation

Our accountants then categorise, analyse, and prepare your clients’ tax returns. Utilising the latest checklists and tax calculation methodologies, they ensure accuracy and compliance with all relevant regulations.

3. Job review

Once the draft return is prepared, we internally self-review it to make sure all income sources are reported and deductions are claimed, as we strongly believe in maker-checker review. We then notify you to review it thoroughly and ask for any review changes.

4. Job finalisation and submission

If you suggest a few changes or corrections, we do that quickly. When you are satisfied with the tax return we prepared, we will submit it to HMRC on your behalf or share the final version with you for submission.

Our aim is always to provide you with Self Assessment support that is as seamless and efficient as possible, ensuring you receive the best possible help for your accounting firm and clients.

Over to you

We hope this blog post encourages you to seek Self Assessment help from a trusted external provider this tax season before it gets too overwhelming for you and your team.

Therefore, evaluating Self Assessment outsourcing options sooner rather than later can be a wise move for accountants looking to streamline their practice and remain competitive in the market.

Stellaripe specialises in Self Assessment tax returns for UK accountants like you and would happily share our fast, accurate and affordable support with you. Get in touch for a free consultation today!

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