Reasons Why Remote Workers Perform Better Than Employees

According to a recent study, the percentage of workers who claim they can’t focus at their desk has climbed by 16 percent since 2008 and the percentage of people without access to quiet spaces to focus has increased by 13 percent.

Even without the continual distraction of mobile phones, the design of today’s offices tends to include noises and other distractions that break concentration or impair the capacity for concentrate.

It’s hardly surprising that office workers find it tough to seek out the endorphin rush that comes from monitoring social media, given the availability of empty social media calories at any time.

And if it’s not social media, it’s another app, making travel arrangements, messaging, or making phone calls. The number of distractions from other tasks grows.

And too many individuals still think that sending emails around an organisation adds value, even on a good day when they are focused on their work. Most definitely, it’s simple to become lost in a day of email pushing without accomplishing any longer team goals.

Therefore, taking into account this incapacity to accomplish compliance work without major interruption, we have identified reasons why “outsourced” remote personnel can work longer hours and provide higher-quality results.

  • Remote personnel who have been outsourced are experts. Good outsourcing businesses specialise their workers in many functional areas. Not all things are covered by it. It is an expert in just one compliance area.
  • Remote employees who work for outsourcing companies can focus on the current task. Good outsourcing firms limit outside distractions, preventing access to chat, phone, and email.
  • Specialized support, training, and mentorship are provided to remote employees who are employed by outsourcing firms. This is delivered on-site by reputable outsourcing companies.
  • Remote employees who are outsourced lack access to the internet and are unable to use their mobile phones in a work setting. It’s crucial to finish the task at hand!
  • Focused outsourcing firms typically enable staff to concentrate on compliance tasks. Meetings and chats are hardly used since good outsourcing organisations have streamlined and systematised their operations and processes. It’s all about finishing the task at hand.

So instead of the morning huddle, talk to us about how we might let your local office staff to focus on the crucial tasks.

At info@米6米乐体育, we have a team of experts. info@米6米乐体育 outsourcing is one of the early adopters of cloud computing. Apart from using all cloud-based accounting systems such as SAGE, IRIS, XERO, QuickBooks etc, info@米6米乐体育 has developed its own enterprise software platform to manage workflow & increase productivity & customer satisfaction. info@米6米乐体育 is pioneer in adopting new technologies to help you achieve digital transformation in your accounting department. Get in touch with us for enabling digitalisation in your business.

MTD Compliance for Clients

If your clients have  a VAT Registered business with a taxable turnover above the VAT registration threshold (currently £85,000) they are required to keep digital VAT business records and send returns using Making Tax Digital (MTD)-compatible software. The vast majority of businesses will need to do this for VAT periods starting on or after 1 April 2019. Businesses with a taxable turnover below the VAT threshold can also sign up for MTD for VAT voluntarily.

The MTD pilot for VAT started in April 2018 and is now open to VAT businesses and their agents mandated to use the service from April 2019.It’s important that your clients have the appropriate software package, so if they already use accounting or record keeping software you should also enquire from those software provider to find out when it will be updated for MTD.

When MTD for VAT will be mandatory for business

If the taxable turnover drops below the VAT registration threshold at any point after 1 April 2019 the clients are still required to continue to keep digital records and send HMRC their VAT returns using MTD-compatible software. This obligation doesn’t apply if they de-register from VAT or if they are exempt from MTD for VAT.

For a small minority of businesses that have more complex requirements, HMRC have made the decision to defer mandation by 6 months to ensure there is sufficient time for testing the service with them in the pilot before they are mandated to join. These businesses have until 1 October 2019 to start keeping records digitally and using MTD-compatible software to send their VAT returns to HMRC.

This applies to those that fall into one of the following categories: trusts, ‘not for profit’ organisations that are not set up as a company, VAT divisions, VAT groups, those public sector entities required to provide additional information on their VAT return (such as government departments and NHS Trusts), local authorities, public corporations, traders based overseas, those required to make payments on account and annual accounting scheme users.

What happens if the taxable VAT turnover is below the VAT MTD threshold

If the clients have a taxable turnover below the VAT threshold they can still sign up for MTD voluntarily. HMRC is encouraging businesses with a taxable turnover below the VAT threshold to sign up so they can also benefit from MTD. Businesses can also sign up for MTD for Income Tax. This means, subject to the business type, you can further streamline the clients’ business processes. You can read more about MTD for Income Tax further down.

What the businesses need to do to be ready to sign up for MTD

Your clients will need to keep their business records digitally from the start of your accounting period. If they already use software to keep business records, check the software provider’s plans to introduce MTD-compatible software.

If they don’t currently use software, or their software won’t be MTD-compatible, you’ll need to consider what software is suitable for their requirements.

HMRC has published details of the  VAT and Income Tax software  available for MTD.

Clients using spreadsheets for business records

A spreadsheet can be used to calculate or summarise VAT transactions to arrive at the return information needed to send to HMRC.

If you use spreadsheets to keep your clients’ business records, you’ll need MTD-compatible software so that you can send HMRC your clients’ VAT returns and receive information back from HMRC.  Bridging software may be required to make spreadsheets MTD-compatible. You can read about the ‘bridging software’ below.

The information must not be physically re-typed into another software package .

Records that you need to keep digitally for MTD for VAT

MTD does not require your clients to keep additional records for VAT, but to record them digitally.

The clients’ digital records should include, for each supply, the time of supply (tax point), the value of the supply (net excluding VAT) and the rate of VAT charged. They should also include information about your business, including business name and principle business address, as well as their VAT registration number and details of any VAT accounting schemes they use.

MTD-compatible software

Compatible software is a software product or set of software products that between them support the MTD obligations of keeping digital records and exchanging data digitally with HMRC through the MTD service. If more than one application is being used, data that flows between those applications must also be exchanged digitally.

Digital records can be kept in a range of compatible digital formats. They do not all have to be held in the same place or on one piece of software. For example, a spreadsheet can be a component of digital record keeping provided the product that consolidates records, or summary records from the spreadsheet, can exchange data digitally with HMRC.

HMRC will give businesses until 31 March 2020 to make sure there are digital links between software products. Before that date, cut and paste will be an acceptable way to transfer information .

The exception to this is where return information is to be transferred to a software product enabled for an Application Programming Interface (an API provides a secure link between software and HMRC) and designed to submit the 9-box VAT return (such as bridging software). In those circumstances the transfer of information must only be digital.

You need to discuss with the software providers in case of any doubt.

Bridging software

‘Bridging software’ is HMRC’s description of the digital tool that can take information from other applications, for example, a spreadsheet or an in-house record keeping system, and lets the user send the required information digitally to HMRC in the correct format.

Finding out what software is available for MTD

HMRC has published details of the  VAT and Income Tax products  that are currently available and will be adding to this in the coming months as the pilots progress and more products become available. You can find details of all the software including bridging software at the HMRC page along with features of all the software listed.

Income

HMRC has launched a voluntary MTD pilot for Income Tax in spring 2018 and you may want to consider joining this. Read about how to join the MTD pilot and about  using software  to send Income Tax updates.

You can find out which  software  is already available to send Income Tax updates for MTD on GOV.UK.

So, if you liked these suggestions and want to read more about it, you can explore other  useful articles that would help you grow your accounting practice at our blog.We at info@米6米乐体育 help accounting firms become more profitable and grow considerably using your existing resources.  Please contact us at kevin@sapphireinfo.net   or call at 02030026314 to book a consultation call to see how we could help you integrate outsourcing into your practice.