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Would your company benefit from electronic filing?
 With the increased use of the Internet and the growing trend in on-line business facilities, electronic filing is on the increase. Why? 

There are three main advantages: 

  • Cost savings 

  • Prompt and accurate processing 

  • Reduced number of errors 

As with other on-line business facilities, such as on-line banking, electronic filing is quick and simple and cuts out the middle man. It is a safe and secure method of document delivery with immediate updates on the processing of the information. Your information will be delivered with the click of a button and I am sure you will agree this reduces the tedious task usually created when submitting by post! It is also a more secure system, as users will be issued a security code to access the system whereas under the present manual system it is not always guaranteed that your document will fall into the hands of its intended recipient. 

Electronic filing is now available with both the Inland Revenue and Companies House and is a service open to all document presenters. In the future there will be the opportunity to make payments and access up to date statements of accounts online to ensure that neither you nor your company fall behind with payments. This is a major step up from the current system in which statements are only issued when payment is due or a recent payment has been made. 

Here at McEwan Wallace we anticipate that by the end of the year we will be using the Electronic Filing and Lodgement systems which will in turn produce a speedier turn around of tax returns, accounts, annual returns and other statutory documents. This will enable us to keep clients informed of the processing of the documents and will cut out time-consuming telephone calls to the Inland Revenue and Companies House to ascertain the current position of each document. 

The Government anticipate that by 2005 50% of dealings with the Inland Revenue will be carried out electronically, 100% by 2008. With figures like these can you or your business afford to let the opportunity pass you by? 

Written by Lesley Dryden

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