Will COVID make this tax busy season the toughest yet?

15th Oct 2020
Brought to you by
taxfilerbyiris
Share this content

The tax busy season is notoriously tough – the name is indication enough for anyone unaware it exists.

However, it’s probably fair to say that the challenges could be on another scale entirely this year due to the COVID crisis.

Furlough and staff challenges

Some practices may have been operating with fewer staff than normal in recent months due to furlough or sickness. Therefore, some of the usual preparation in the lead up may not have happened yet.

Crucially, accountants have had their hands absolutely full with all the legislative changes and financial support packages for businesses resulting from coronavirus.

COVID client advice

As accountants provide support and advice to clients to keep hard-hit businesses afloat, it wouldn’t be surprising if accountants hadn’t found time to lay all of the key groundwork yet.

Potentially then, a massive backlog of work could be building for the end of this year. This may mean an even more hellish early 2021 – as if January isn’t already stressful enough usually.

Solutions to reduce the stress and strain

1. Outsource routine accounts work

Firms struggling with a lack of resources may understandably be reluctant to hire new full time employees in this environment, but what about outsourcing?

Outsourcing frees up staff time to concentrate on higher fee-earning work and client care.

You could temporarily acquire highly trained and qualified staff able to complete routine accounts work for a short period without the cost of hiring.

2.  Speed up tax return approvals

Slow approvals could be even more of a problem than usual this year. E-approvals can be a great option to speed things up. With the desire to avoid unnecessary mailing, due to concerns over COVID transmission, the electronic alternative is even more attractive. Plus, it meets data protection law requirements – unlike email.

3. Automated deadline reminders and reports

With so much going on, keeping track of deadlines is even more troublesome. Nobody wants a £100 fine for a late tax return. Automating the process can relieve this particular headache. Software can help by generating reports on exactly how and when many returns have been completed, filed, or are not finished.

 

How can Taxfiler help?

  1. We help you with outsourcing through IRIS Resourcing – a team of highly qualified accounts staff. The service is ISO 9001:2008 certified and complies with the UK Data Protection Act and GDPR
  2. Taxfiler integrates to IRIS Openspace. In previous Januaries, accountants have created more than 217,000 e-approvals this way.
  3. Taxfiler's Deadline diary is a new feature that helps you keep on top of deadlines.

Looking for more information about this topic and Taxfiler’s accountancy and tax software? Why not sign up to one of our FREE weekly product demo webinars here or visit our website taxfiler.co.uk

If you have any questions email us at [email protected]