Taxation Outsourcing and other Compliances
Taxation Taxation Services
We provide taxation & compliance to our domestic as well as International clients.
Preparation of Tax Returns for Trusts, Individuals & companies.
Preparation and Lodgement of monthly & quarterly GST Returns.
As suggested by foreign counterparts we provide them tax related services by feeding up various incomes in their tax returns of respective countries
We at Ashutosh Financial KPO Pvt. Ltd.
Provide you with all types of Taxation solutions
Here are few Frequently Asked Questions related to Taxation Outsourcing
In the era of digital globalization; now it’s easier than ever to setup offshore firms to outsource/offshore various CPA Firm services to such offshore/outsource firms. Also different regulatory requirements with respect to different foreign countries can be taken care upon like – For Australia – Outsourcing Australian tax returns; For United Kingdom (UK) – UK Tax Return Offshore preparation etc.
Tax Return practitioners expect their offshore teams to be capable to enough to provide robust services. And for this tax practitioners train their offshore team with all the tax laws including updating them with regular amendments in respective tax regime so that delivery of services is not impacted & workflow is smooth. Foremost reason to hire offshore tax return staff is to save a fortune in labour/labor costs. Tax practitioners also take care about all the supervisory arrangements to make sure that staff capable enough to provide competent services. To ensure appropriate supervision and control is being exercised by offshore staff or not; it will require an assessment of the measures taken by a registered tax practitioner to supervise and control relevant activities in the context of their circumstances. Australian compliance outsourcing to offshore tax return staff becomes very critical task as it involves consideration various points such as eligibility requirement, licensing requirements, & competent standard of the top-performing CAs or CPA practices.
Tax outsourcing to India involves various benefits such as:
- Outsourcing tax services would lead to getting international knowledge base which may result in high-end offshore tax staff providing sophisticated & professional tax work.
- India has large talent pool because of which it attracts tax outsourcing services along with various other business operations & processes.
- Taxation offshoring can be one of the best business model for CPA Firms & Tax Return practitioners which may help themselves getting more time for client communication & business expansion.
- India is located very strategically in the world map which can lead outsourcing/offshoring to India much easier & efficient.
- India has maximum number of youngsters which is one more plus point that it can attract work from all around the globe.
- Accounting & Tax outsourcing services is now becoming increasingly normal in India and more & more people are getting into it as it’s a lucrative market creating win-win situation for Indians as well as foreign countries like New Zealand, Australia, Hong Kong, Singapore, Middle-East, Africa, United Kingdom, Europe, United States (USA) or Canada etc.
Outsourcing of Taxation services can provide multifaceted benefits to Tax preparers in various countries, like New Zealand, Australia, Hong Kong, Singapore, Middle-East, Africa, United Kingdom, Europe, United States (USA) or Canada, by freeing them up from routine mundane tasks and focussing more on various other tax functions & business expansion.
A business model of a Tax Returns preparer includes various tax functions such as compiling data, identifying missing information, comparison of current year tax information with previous financial year, & various other miscellaneous tax services. For genuine cost savings to their tax business; tax professionals should prefer tax outsourcing services.
Taxation outsourcing/offshoring includes outsourcing of both Direct & Indirect taxations work.
Direct taxation work includes outsourcing/offshoring of Corporate income tax returns (also known as Company tax returns – CTR), Partnership income tax returns (PTR), trust income tax returns, Individual income tax returns (ITR), Superannuation income tax returns (Self-Managed Super funds – Australia) and similarly for various other entities with different tax regimes.
Indirect taxation work includes outsourcing/offshoring of preparation VAT (Value Added Tax) Returns & GST (Goods & Service Tax) Returns. In United Kingdom (UK) it is known as VAT. In Australia it is known as GST (Business Activity Statements & Instalment activity statements). In different foreign countries it might be termed differently.
Core business operations of any bookkeeper, accountant & a CPA/CA includes doing day to day bookkeeping, processing month-end & year end accounting, preparation of various tax returns throughout the year as mentioned above, and after all of these preparing various financial statements as per compliance to various statutory laws or even voluntarily. But from all of these providing outsourced/offshore taxation service becomes most crucial service as it involves direct involvement of respective foreign countries tax departments such as Australian taxation office (ATO) for Australia, HM Revenue and Customs (HMRC) for United Kingdom (UK), Internal Revenue Service (IRS) for United states of America (USA), Canada Revenue Agency (CRA) for Canada etc.
Many people think that outsourced services may lead to tax evasion by hire firms by implementing Accounting & Tax Outsourcing services. But in reality that’s not the case at all! Instead it leads to tax planning by hiring remote offshore tax staff which increases knowledge base by implementation of new & innovative tax ideas.
When outsourcing/offshoring tax work there is no requirement for registration as such, as per any provision of tax agents. Tax agent services regime are very clear on this note and only thing which they need to follow is about supervisory arrangements as discussed above.
Outsourcing/offshoring of tax work by tax return preparer is not only about tax return preparation outsourcing but it could also include various other taxation aspects such as Standard Business Reporting, outsourcing business processes, foreign tax compliances, & other multiple tax aspects which may lead to developing a sophisticated & professional offshore tax firm for your business.
Some of the tax offshoring work also involves offshore tax staff directly liaising with respective taxation office of foreign countries for various tax related matters & queries. For example – Australian registered tax practitioner may give direct access to offshore tax staff for liaising with Australian taxation office (ATO) / Tax Practitioners Board (TPB – AU) and, UK registered tax practitioners might give access to HM Revenue and Customs (HMRC).
Tax practitioner legal entity could setup various type of outsourcing arrangement from very simple documentation/data entry arrangements, to an arrangement as big as developing a dedicated infrastructure with all world class facilities with a well experienced offshore tax staff which can not only support in simple documentation/data entry services but can also help in various complex tax matters like tax planning, tax liaising, answering tax notices, interpretation of complex tax matters as well!
- For 1st month its complimentary – which will include Basic briefing / training by the client to our staff regarding their specific work & trial work for the client. This is to compensate for the time taken as “setup time” to make an effective transition.
- For 2nd month complimentary rates at half the prices mentioned below – which will help in getting synchronized with the processes of the client & delivering work as per the expectation.
- From 3rd month onwards price for Taxation Outsourced Service is AUD 21.56* / Per Hour (For upto 500 hours)