Whether at an individual or business level, most people we deal with don’t like paying tax! Or to be more accurate, they are worried about paying more tax than they should be.
Why do people decide to go to accountants for help in the first place? Some say it’s for compliance reasons or to help them run and manage their businesses, but the majority say it’s because they want to pay less tax. This is true for all clients, not just the larger ones.
Growing importance of tax planning
The need for good tax planning has always been part of the TaxAssist business model, but we are seeing client behaviours change over time. Accountants are being increasingly seen as trusted professionals and playing a critical role for their clients. A Sage survey, 'Count on Accountants', published in 2021, reinforced this view – 91% of small business owners stated that they consider their accountant to be a vital adviser to them and their businesses and the number one source of advice.
I believe that we are going to see tax as ever more challenging over time. Most commentators view tax revenues as the most likely route to balancing central finances and debt over time. We have already seen the introduction of corporation tax increases and a new National Insurance levy and, whilst we can only speculate on what else may be to come, it seems likely there will be changes over time that will impact all taxpayers.
Power of communication
We know that any changes in tax can cause uncertainty and confusion. At TaxAssist Accountants we ensure we can support, advise and guide clients through whatever may be coming. This is through relevant, timely communications including newsletters, articles, updates and social media campaigns, covering any tax changes we see or anticipate, helping clients understand what may be coming and where they need planning advice and support from their accountant. We know how important it is to make sure that tax planning sits at the front of clients’ minds.
Referral opportunities
Most tax planning needs can be supported by the TaxAssist Accountants network, but we are continuing to develop ways to broaden the range of services we can deliver to clients. The in-house Tax Consulting Team at the TaxAssist Accountants Support Centre enables our network to deliver more complex tax services, helping franchisees earn more fees, retain clients and win new business.
We will continue to develop our tax consulting services, increasing the options available to our franchisees and their clients. We have also launched a full TaxAssist financial services offering, which we believe will be of great interest. This will help open up a huge amount of tax planning opportunities – pension contributions, relevant life policies, tax friendly investments, inheritance planning and a range of similar services.
Looking ahead
Tax planning can often be taken for granted. Some would say that it’s just part of what an accountant does, others that it only apples to larger clients. I believe it’s more that that. Yes, it’s part of the core services our network provides, but it’s something that’s hugely valued by clients. I see tax planning being an ever-greater part of what TaxAssist Accountants will do over the coming years. As a network we will be working hard to make sure we make the most of this huge opportunity.
About the author:
Daren Moore FCCA joined The TaxAssist Direct Group Board of Directors in February 2018. Daren has spent his whole career in the accountancy practice sector, having worked his way up from accounts trainee to a member of the Management Board of Price Bailey LLP, a Top 25 regional firm, where he has an outstanding track record of achievement.
Daren's role involves working alongside our award winning support team, using his 25 years of experience in practice to help our network of franchisees grow their businesses and deliver high quality compliance and advisory services to their clients.
He works to ensure that TaxAssist continues to grow, capitalising on its growing brand and reputation as a leading provider in the UK and supporting the business as it looks to mirror this success at a global level.
January 2022
