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Corporate Tax Preparation services
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Our Outsourced Corporation Tax Service
For busy accountants handling high volumes of clients, processing routine corporation tax returns for limited company clients can be a drain on time. You might just want help at the busiest times of year as corporate financial years wind to an end, or someone to take the burden away from you entirely. Why not let our outsourcing team handle those for you?
Why outsource tax preparation?
Corporate tax preparation outsourcing can be beneficial for accountants in a number of ways. First, it can help to free up time that would otherwise be spent on preparing routine corporation taxes. Tax preparation outsourcing as an ongoing part of your business model can allow your core staff to focus on the highest value clients who are most in need of strategic advice.
Additionally, corporate tax preparation services outsourcing can help to reduce the overall cost of preparing corporate taxes. This is because accountants will not have to purchase and maintain expensive tax software or dedicate a significant amount of time to tax preparation.
Finally, corporate tax outsourcing can also help to improve the quality of corporation tax returns. This is because accountants who specialise in corporate tax preparation will be able to provide more accurate and complete information than those who do not have this specialisation.
Increase your capacity with outsourcing
Our cost-effective solution is the easy way to increase your capacity. Our outsoucing team, based overseas but managed from our headquarters in Sittingbourne in Kent, is experienced in processing corporation tax and business tax registrations and preparing limited company, partnership and LLP tax returns.
Working with the information you provide, and using your own accounting software and systems, they’ll provide a seamless, efficient service that reduces the burden and, crucially, will make you look good. We will take care of everything for you, from start to finish. We can even file the return on your behalf!
Outsource tax Preparation services – What we need from you
To get started, we will need some information from you about your business and your clients. This includes:
– The name, address and VAT registration number of the limited company
– The accounting period end date
– Details of any corporate tax losses carried forward
– Details of any corporate tax payable in the current year
– Any other relevant information that would be helpful in preparing the corporate tax return
Once we have this information, we will be able to provide you with a quote for our corporate tax preparation services. If you are happy to proceed, we’ll get started right away.
Let’s talk
A conversation is the best way for you to explore how outsourcing could work for your business or accounting practice. Whether you’d rather talk, put your questions and details in writing, or visit our office in Sittingbourne, contact us to take the first step today.
With the extra capacity our business has continued to grow. We spend less time moving figures around and more time ensuring our customers really understand the accounts to make a difference in their business. We’ve been working with Diamond outsourcing for 2 years now and I have continued to recommend them to my peers.
— Sole practitioner, Oxfordshire
Four easy steps
Our process is straightforward and transparent
step one
Initiation
Our UK management team will work with you to set up goals and processes – who is responsible for what and how it will work in practice.
step two
Handover
We'll brief the overseas audit team and get you connected. You'll manage them directly but can call on us whenever you need to.
step three
Processing
The audit processing team will work through the tasks you set them, from reviewing accounts to running audit tests.
step four
Results review
They'll present outputs on the agreed schedule and we'll check in with you to confirm you're happy with the results.
Corporation Tax Outsourcing Guide
Why outsource tax preparation?
Outsourcing tax preparation has many benefits for businesses. These include access to expertise, cost savings and focus on core activities.
Access to Expertise: Tax regulations and compliance requirements are complex and changing. An outsourced tax service gives us access to people who are up to date and have experience. For example they can navigate changes in tax laws such as the Finance Act 2020 so we stay compliant. They also offer tax services across multiple jurisdictions so we get expert advice across many regions.
Cost Savings: Hiring and maintaining an in-house tax team is expensive. The cost of a full time tax professional is £40,000-£70,000 per year. Outsourcing is a more cost effective solution as we only pay for the services provided and not the overheads.
More Focus on Core Activities: Managing tax preparation internally takes up valuable time and resources away from our core business activities. By outsourcing we can focus more on product development and customer service which directly contributes to business growth. According to a 2021 Deloitte report companies that outsource non-core functions saw a 20% increase in productivity.
Better Accuracy and Compliance: Tax mistakes can lead to penalties and audits and drain financial and time resources. Outsourced tax services use advanced tools and systems to ensure higher accuracy. They also do regular compliance checks to reduce the risk of errors. They also advise on structuring and income flows for each investment so we are compliant and financially efficient.
Scalability and Flexibility: Business needs can change significantly throughout the year. Outsourcing gives us the flexibility to scale up or down according to our current needs. For example during peak periods like the end of the financial year we can allocate more resources to manage the workload.
Outsourcing tax preparation gives us many benefits and puts our business in a position for growth and operational efficiency. By using external expertise, cost savings and time savings we can focus on our core business.
How to get started with corporation tax outsourcing
Outsourcing your corporation tax services can be a game changer for your business. First assess your specific needs and identify where external expertise can make a difference, including your tax profile. Next evaluate potential providers by looking at their experience, technology and cost structures. Make sure to check their compliance standards to ensure they meet the regulatory requirements.
Don’t forget customer support. Good communication and help is key to a seamless transition and ongoing working. By thinking about these we can make better decisions to optimise our tax management and business growth.
How do you prefer to work?
Talk to us about your processes and challenges so that we can design an outsourcing service for you. Discover our...