Keeping up to date with tax in the UK is a remorseless task. Readers of this blog are likely subscribing to Informanagement’s weekly tax updates. To make the most of the information provided what about setting a monthly challenge to your staff?
Ask them to read the weekly tax updates from Informanagement, and feedback to partners which of the updates would best help clients of a practice.
For example, this week an article was added to our database that highlighted the current advisory fuel rates for company cars. One of your brighter staff members may have realised that a company client that had paid employees for the use of their own cars – at the 45p per mile rate – were not reclaiming the deemed VAT on the fuel element.
If this was fed back to the client manager or partner they could quickly advise the client, make a back dated claim, and charge for services rendered.
The benefits of setting up this sort of feedback loop are legion:
1. It will encourage staff to read the updates.
2. It will benefit clients.
3. It will encourage staff to think about clients in a proactive way.
4. It will impact practice fee income.
5. If linked to a monthly “Best proactive tax idea of the month” competition, it will incentivise staff.
Don’t be stingy with the prizes offered to staff. Offer them a reasonable percentage of additional fees created?
It is important to keep up to date even if you cannot use all the information we provide at the time it is delivered. Who knows what problems are going to come through your door at some future date…?
If you already apply this sort of suggestion scheme let us have your feedback.