The idea of outsourcing the financial projects is not accepted by everyone. Many consider that it may leak their private, especially financial data online and put the company or organisation at risk. However, with the progress of the modern market, you need to upgrade your thoughts as well. For small businesses, it would be wise to outsource their financial projects. It will help them shed the extra burden of pressure, especially the matter of maintaining the financial processes.

Mandatory financial processes the companies need to handle

There are several mandatory financial processes that almost all the companies need to maintain. They are

Tax returns
VAT returns
CIS returns
Payroll processing
Budget setting for the business
Management accounting

Managing all these things may not appear easy to handle for an individual. In fact, if the company is a smaller one, dealing with all these factors may be tough enough. On the other hand, if the small scale companies outsource their financial processes to a renowned financial service provider, the tasks like VAT and CIS return filing will be easier.


Why do the companies need to file VAT returns?

VAT or Value Added Tax is usually imposed on all the goods sold and purchased in the market. In fact, according to the current market surveys, filing the VAT returns is one of the most important tasks and in order to perform the work, many companies consider a consultation with the leading financial service providers.

In order to outsource VAT return services, the companies need to collaborate with the financial service providers. Certainly, the market leaders will come into the consideration in this regard. However, if a company is located at a remote area and wants to expand the business across the county only, it will be wise to find a local financial service provider. The local accounting and bookkeeping companies can perfectly understand the sentiment of their local clients and take actions accordingly.

However, as far as the VAT return is concerned, the companies need to file them on quarterly or yearly basis. A company either sells its goods in the market or provides services. In United Kingdom, the current VAT registration threshold is 85,000 GBP. A company needs to register VAT if the services provided by it cross that certain limit. The modern accounting companies use several modern software systems to calculate the VAT returns. That is a beneficial aspect for which a small business should outsource VAT return services.

How do the VAT returns look like?

The VAT return services depend on certain factors

The sum of purchase as well as sales during a certain accounting period
The individual amount of VAT charged from the sold items
The amount of returns that a company can claim for certain purchases it has made to support the business

Outsourcing the VAT returns will help a company seek direct help from the financial experts. Rather than hiring those experts, outsourcing the task will ease the pressure and the companies can properly concentrate on their businesses.

The name of Subtilis Accountancy can be mentioned in this regard. This company is based in Hertfordshire and its association with financial experts can help local companies to solve their problems related to VAT and CIS returns.