Remote work is still on the rise. This has allowed more and more countries to release talent to different regions of the world, closely followed by their competitors. With over 195 countries around the world, it can be difficult to decide where to hire – but the Philippines is one place that should be at the top of your list.

Here are 5 reasons why hiring in the Philippines is a business booster:

1. High proficiency in English

English is the second language in the Philippines, with over 60% of Filipinos having an impressive command of spoken, written and understood English, and an additional 15% being rated proficient in English. This allows for clear and effective communication, eliminating language barrier frustrations, fostering smooth collaboration, and building strong relationships with the rest of your team and your clients.

2. Hard workers are the norm

Filipino workers are known for their dedication and resilience. The power of hard work is a strong belief and practice in the Philippines, resulting in high levels of commitment, dependability and a willingness to go the extra mile. Having Filipinos on your team is a great way to achieve even your most difficult goals while maintaining a positive attitude. The ability to work remotely for Filipinos will increase their energy even more, especially if it allows them to avoid the 30 minutes turned into 3 hours of commuting every day.

3. Cost effective with more control

The Philippines’ labor costs reflect its cost of living, which is lower than other, more developed countries. This can enable you to offer above-standard competitive opportunities to attract top local talent and provide them with a more fulfilling career while reducing labor costs. Additionally, more than 1 million employees in the Philippines provide services to international companies. Take the next step by recruiting through Global Teams (an employer of record) to enable more control, from employee training, to direct day-to-day management and leave, over employment processes than the way of traditional outsourcing while maintaining profitability.

4. Quality + affordable price

Unlike many services, you don’t need to sacrifice quality for price when renting in the Philippines. Filipino talents are globally competitive with their diverse skills and expertise ranging from technology to customer service to creative industries. Education is highly valued in the Philippines, with business administration and computer science becoming some of the most sought-after courses in the Philippines; It’s no wonder that the Philippines is becoming the new recruiting destination for technology and service companies.

5. Cultural connection, competitive advantage

It’s definitely more fun in the Philippines! More than their beautiful, world-class beaches and delicious cuisine, the best thing about the Philippines is its people. It’s part of their culture to be warm, caring, adaptable and hospitable, always making sure to greet everyone with a smile. This results in a positive and inclusive work environment, which not only benefits your team, but also improves customer interactions – a clear competitive advantage in today’s globalized marketplace.

Hiring in the Philippines of course comes with its own challenges, such as complex payroll taxes and unique special leave categories, but that shouldn’t stop you from considering this great place to recruit talent.

This is why global teams exist. Our specialized payroll and human resources team will keep you up to date on any laws and practices that are new to you, to ensure you have all the local knowledge you need to manage your employees in the Philippines. If you are considering the Philippines as the first country to expand or already have other entities elsewhere, we will help you understand the intricacies of hiring in the Philippines so you can focus on the benefits of unlocking talent Filipinos and grow your business.

Want to know more? We are ready to help you.

By Alan Gregory | December 7, 2021 | 4 minutes of reading

It’s no secret: taxes can be confusing. However, there is a misconception that if you need to file a self-assessment tax return, you need to hire an accountant to prepare the return for you.

This article explains what exactly an accountant does and explores situations where hiring an accountant or tax agent can help you get your return correct, as well as situations where you might be better off preparing a return yourself .

What does an accountant do?

For anyone wondering “what is an accountant,” an accountant performs a variety of tasks, from preparing financial statements to advising on the financial health of a business.

As part of their work, some accounting firms also offer business tax services and/or personal tax services, which usually involve the preparation and filing of self-assessment tax returns with HMRC for businesses and individuals.

When to file your own tax return

If you need to file a self-assessment tax return, your first thought might be that you need to appoint an accountant to act as your tax agent and prepare your tax return.

It’s not always the case.

You may find more value in preparing (with the help of HMRC’s guidance notes) your own tax return, particularly if you have very simple affairs. This may apply where a taxpayer has simple sources of income (e.g. employment/interest income) and is a UK tax resident.

If you want to prepare your own tax return, you should at a minimum be comfortable with the tax return filing process. This means you need to know how to submit a self-assessment tax return, know when to file it and know when and how to pay any tax due.

You can also make filing taxes even easier by using tax software. You are welcome to try our award-winning software for account preparation and tax returns, but there are also many options to choose from.

When you need an accountant

Although taxpayers can save money by filing their own tax returns, some taxpayers should really consider hiring an accounting firm to help them prepare their returns.

This generally applies to taxpayers with more complex affairs. An example might be a sole trader who must report income and expenses from a large or small business, a taxpayer with rental income, or a taxpayer who receives substantial foreign income.

Taxpayers seeking help in preparing accounts and tax returns for a UK limited company should, almost always, consider hiring an accountant.

Although accountants cost more than preparing a return on your own, keep in mind that accountants can also advise you on changes in legislation or tax treatments relevant to your situation.

This additional expertise can often prove invaluable; while providing peace of mind and reducing sleepless nights.

How much do accountants charge for filing taxes?

When looking for an accountant, it is worth contacting several different firms for a quote, as there can be significant variations in the cost of filing a tax return. So it’s impossible to give an exact figure, but we’ll discuss several common factors that can affect the price below.

• Frequency – Some companies, for example, charge on an hourly basis, while others offer tax preparation for a fixed fee.
• Complexity – The amount you might pay for a return will likely also depend on the complexity of your return, your residency status and tax base, and the number of sources of income. A tax return that reports income from a single rental property, for example, will likely cost significantly less than a tax return that includes multiple rental properties, complex capital gains, or split-year returns where a taxpayer arrives or leaves the UK during a tax year.
• Niche – It’s also worth remembering that some companies specialize in certain industries and sectors which could well suit your circumstances, whether you are an overseas resident with a UK income, are self-employed or work in a specific sector, such as entertainment or agriculture.
• Accreditation – Finally, it is also worth checking whether your preferred firm is accredited, either through a professional body, such as the ICAEW or ACCA, or a professional tax body, such as the CIOT.

Conclusion

If you are a relatively tax savvy person with a simple business, then you should be able to prepare your own self-assessment tax return.

However, taxpayers who are not as confident in taxes, have more complex affairs, or need to submit a corporate tax return should consider hiring an accountant to help them prepare their tax return. If you want to know more about corporation tax, check out our recent blog Corporation Tax: What It Is and What You Need to Know.

Tax return prices can vary widely, so the key is to always do your research, ensure you are happy that the accounting firm understands your situation and check that the firm is properly qualified to carry out the work.

Our tax software is used by both accountancy firms and individuals to prepare self-assessment tax returns for submission to HMRC.