Self Assessment Tax Season 2022
One of the greatest challenges accountants face during the Self Assessment tax season is the shortage of staff. Since the personal tax season coincides with the holiday season, accountants are often forced to deal with unplanned employee leaves and unexpected absences.
The UK accounting industry has been battling talent shortages for several years now. Statistics suggest 2022 is the first year when the number of unemployed in the UK dropped below the number of vacancies.
Towards the fourth quarter of the year, the figures only get worse. Owing to the holiday season, several accountants and tax preparers tend to quit jobs or go on indefinite leaves, leaving accounting firm owners in a massive pit and often dependent on tax preparation outsourcing.
This Year, It Could Be You…
Although talent shortages have spared no one, small and medium-sized accountancy firms are impacted most. Since young accountants and GenZ prefer working with large corporations, small practices usually lose their most talented staff to the big fish.
And believe it or not, this year it could be you! The UK staffing crisis is getting severe by the day. The fourth quarter being the most vulnerable time of the year for accountants, it is essential to evaluate your firm’s staffing immediately.
How Well is Your Firm Staffed for the Self Assessment Season?
With your entire staff currently on board, you may believe you are all set for the Self Assessment season. But have you considered your team’s holiday season offs or unexpected sickness? How well are you prepared to handle these challenges?
To evaluate your firm’s staffing readiness for the 2022 Self Assessment season, consider the following questions.
- How many employees do you currently have?
- Have your employees applied for leaves during the busy tax season?
- Do you have backup resources?
- How many tax preparation requests do you process on average each year?
- Do you plan to secure new clients this PTR season?
- What are your firm’s growth goals?
- Are you prepared to handle last-minute tax preparation requests?
- Have you had meetings/discussions with your current clients yet?
- What are your thoughts on practice transformation and expansion?
If you just discovered that you might be short on staff or a handful of additional resources could help you sail through the tax season easily, it may be the right time to outsource tax preparation services. Here’s what you should do next.
It may not be easy to find the right talent for your firm within just a month’s time, which is why you better get started. Tax preparation outsourcing is the simplest and most effective way to hire skilled resources and onboard them quickly.
Hire External Help
The Self Assessment season is a busy and competitive period for accountants. As much as you want to outgrow yourself and your competitors solely, you need not do it alone.
Even with your team by your side, hiring external help during the tax season is always advisable. It not only creates a reliable backup in case your employees do not turn up to work but also helps focus on the larger picture.
Offshoring Can Help Save the Day (Or Season)
Offshoring is the most effective way of finding talented tax professionals at reasonable costs. Hiring tax professionals from top outsourcing destinations like India opens doors to rapid growth and scalability for accounting firms during the busy tax season.
A growing trend in the accounting world, the number of firms outsourcing tax preparation work to India is rising every year. With the 2022 tax season officially started, it may be the right time for accountants and accountancy practice owners to hire offshore professionals before your competitors book them.
How Can Fin-eX Helps Help?
Fin-eX Outsourcing is a pioneer accounting outsourcing company with operations in several countries, including the UK. We specialise in personal tax preparation outsourcing services with highly trained and experienced professionals.
We offer dedicated engagement models to suit our clients’ diverse requirements. With a distinct focus on quality and excellence, we help our clients achieve their goals with our ‘tax’ solutions.
Our dedicated staff, trained extensively at the Fin-eX, specialises in the latest technology, excellent communication, and the overall UK tax legislation.
To learn how Fin-eX can take the stress out of the tax season, call us at +44 208 144 8995 or drop an email at . To book a free consultation with one of our outsourcing experts, click here.