Solutions
VAT Outsourcing
All outsourced solutions
Our Outsourced VAT Service
Handling VAT returns is time consuming and process based – perfect for outsourcing if you run a finance team in business and want to free up your team’s time to focus on high level work. Or if you’re an accountant in practice keen to give your clients more without taking on more routine work yourself.
But there’s more to it than that, even: the more VAT returns your process, the more expert you become, and our team, it’s fair to say, has its eye in. You’ll be amazed at the speed and accuracy with which they work. You’ll achieve the highest level of compliance with the minimum of effort.
VAT Outsourcing
Our VAT return outsourcing service integrates seamlessly with our outsourced bookkeeping offer, or you can hand over your workings to us for final processing and submission to HMRC. We’re also able to act as VAT agents if required, via our UK head office, and can support VAT investigations.
Because we work with the systems you already have in place rather than imposing our preferred setup on you, you’ll find the process of outsourcing your VAT processing as straightforward as can be.
Our VAT return outsourcing service is designed to streamline your financial processes and ensure compliance with HMRC requirements. By outsourcing your VAT returns, you can free up your finance team’s time, allowing them to focus on high level, strategic tasks. This service is particularly beneficial for accountants looking to enhance client offerings without the additional workload.
We pride ourselves on the speed and accuracy of our team. The more VAT returns we process, the more proficient we become. This expertise translates into minimal effort on your end and maximum compliance with VAT regulations. Our service seamlessly integrates with your existing bookkeeping system or can handle your VAT workings for final processing and submission to HMRC.
Additionally, our VAT outsourcing includes acting as VAT agents if needed. This involves supporting VAT investigations and ensuring that all submissions meet the necessary legislative standards. We ensure that compliance is maintained with the VAT Act 1994 and Making Tax Digital (MTD) regulations.
Not only do we manage the routine elements of VAT returns, but we also address specific VAT issues such as exemption treatment, taxable supplies, and calculation of input and output tax. By working with us, you can handle complex aspects like VAT liability, structuring transactions, and recovery of input tax.
We also cater to various VAT schemes and ensure proper VAT registration. Our goal is to maximise efficiency and minimise VAT costs and overhead for your business. Whether dealing with public sector bodies, clinical commissioning groups, or educational services, we provide comprehensive support.
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.
VAT Outsourcing Guide
Benefits of VAT Outsourcing
Outsourcing VAT-related tasks can be highly beneficial for finance teams and accountants. Handling VAT returns is inherently time-consuming and process-driven, making it ideal for outsourcing. By outsourcing VAT services, your finance team can focus on high-level tasks, enabling you to support your clients more effectively without getting bogged down in routine work.
Our expertise ensures the highest level of compliance while minimising effort. We also act as VAT agents if required, supporting VAT investigations as needed.
Outsourcing VAT accounting offers several key benefits:
- Cost Savings: Outsourcing VAT accounting to specialists can be more cost-effective than maintaining an in-house team.
- Compliance: Ensuring compliance with VAT regulations. Our team’s expertise helps avoid errors and penalties.
- Efficiency: Our experienced team processes VAT returns quickly and accurately, enhancing overall efficiency.
- Scalability: As our business grows, outsourced VAT services provide the capacity needed to handle increasing volumes of transactions.
We use our clients’ existing systems rather than imposing new ones, simplifying the VAT outsourcing process. This makes transitioning to our services straightforward and hassle-free. Furthermore, our knowledge of the VAT Act 1994 and compliance with Making Tax Digital (MTD) legislation ensures that our clients meet current regulatory requirements.
Our services also extend to complex VAT issues, such as VAT recovery on input tax, structuring transactions to minimise VAT liabilities, and ensuring accurate VAT calculations across various transactions. By outsourcing these tasks, we reduce overhead costs and enhance the efficiency of our clients’ financial operations.
Cost Savings
One of the primary aims for financial outsourcing is to reduce costs. By taking advantage of our experienced team of VAT specialists we can help lower your business spend while reducing compliance risks.
There can also be significant savings on hiring internally which can be a large drain on finances for many businesses.
Contact us to find out how much you can save by outsourcing your VAT services today.
Accounting Software Integration
Integrating accounting software is essential for efficient VAT outsourcing. Our services dovetail smoothly with your current systems, avoiding disruptions and ensuring continuity. By leveraging existing infrastructure, we enhance the VAT processing experience without the need for system overhauls.
Integration advantages:
- Seamless Process: No need to switch to new software.
- Enhanced Efficiency: Quick adaptation to your processes.
- Flexibility: Adaptability to various systems and requirements.
Automated VAT Return Solutions
Automation is another, often overlooked, aspect of software integration. Automating tasks like data entry, reconciliation, and VAT calculations speeds up the preparation of VAT returns and ensures timely submissions. Our specialised teams are dedicated to VAT operations, providing quick responses to enquiries and efficient problem-solving.
For those processing large volumes of VAT returns, our systems help achieve greater accuracy and speed. Compliance with Making Tax Digital (MTD) requirements is also a key benefit of our integrated approach, ensuring adherence to the latest HMRC mandates.
When to Consider VAT Outsourcing
Businesses should evaluate whether to outsource VAT based on several factors. An consideration in outsourcing financial services is the complexity of the business’s VAT obligations. Companies operating in multiple jurisdictions or dealing with high transaction volumes may benefit significantly from the expertise provided by outsourcing.
Another factor is the current in-house capacity to manage VAT processes efficiently. If in house employees are overburdened or lack specialist knowledge, outsourcing to an experienced service provider becomes a viable solution. Finally, financial institutions and companies facing shifting regulatory landscapes should consider outsourcing to stay compliant without strain on their internal resources.
By understanding these aspects, businesses can make informed decisions about whether VAT outsourcing aligns with their strategic and operational goals, as well as helping to enhance business performance.
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