Friday, 26 July 2013

How India Can Help you make the Right Tax Return

Tax return filing and payment exerts a lot of unnecessary pressure on a business professional. Due to this there is wastage of time as well as money. When you are preparing to file a tax return it is obvious that it won’t be completed in a matter of minutes. This time spent would be better invested in furthering your business rather than devoting it to a tax return, which is best left to accountants. Thus, outsourcing tax returns has become the new tactic of success.

You might wonder why a firm would be looking to outsource tax returns rather than having an in-house accountant to look after these details. Outsourcing is a more cost effective solution and gives you the same results hence it is more preferred. Also, aside from filing your tax return, whatever amount you pay should be correct otherwise it is a waste of effort.

On this note, let us consider the recent HMRC report in which it is stated that over 5 million of our UK taxpayers have paid the wrong amount of tax. In such a scenario, even though you have paid since you have paid less you will have to incur a penalty. Therefore, making the right tax return on time is crucial and that’s where using India to outsource tax return comes in.

By outsourcing your tax return related work to India you will get the same quality of work done as any UK accountant would do. The crux is that you will have the job done at a cheaper rate. Therefore, it is apparent that any businessperson worth his/her mettle would not let such an opportunity pass by as paying tax returns is inevitable so you might as well have the work well done if done at all. Thus, for a one stop solution try outsourcing tax returns and see as well as feel the difference!    

Thursday, 25 July 2013

Affordable Accounting Need Not Start At Home

Accounting cannot be underestimated when it comes to running a business as take out the cash flow and we have a serious problem on our hands. Thus, since good accounting is a prerequisite it is fundamental that you can avail such services at an affordable price. This is why the whole concept of ‘accounting software’ has crept in. However, many business professionals find that keeping the books in good form and maintaining accounts becomes almost a sort of fulltime job. In this case, when does one concentrate on business? This is where the beauty of outsourcing accounts comes in.

Why outsourcing? A home bound accountant will surely be able to meet one’s needs – that is true, there is no denying that. But, what if you could avail the same quality of services at a more affordable price? This surely sets one thinking. Especially in the cases of a small business where capital may be less, proper budgeting is crucial. If let’s say you are using India to outsource accounts then you will be paying less for the same qualitative service. In a small business if the main requirement is a payroll bureau, considering the number of employees it is obvious that no businessman would want to pay an arm and leg for payroll calculations. Nor would there be an enormous amount of bookkeeping work that will have to be done. Thus, using India to outsource bookkeeping will actually be beneficial, as affordable accounting need not start at home.

We know from recent news updates that even large businesses have faced multiple tax issues. Some have even been evading tax – Amazon, Google, Starbucks – come to mind. Evading tax is not going to win any business a reputation but at the same time if you pay just as much as required that is enough. Many a business ends up paying more due to opting for the wrong tax scheme while others even at times end up unwittingly paying less.

So, if affordable accounting translates as outsourcing accounts it should not be given a miss as if using India to outsource accounts is going to do the trick, why should anything hold your business back?