Having dealt with the 2017-18 filing deadline, tax professionals across the UK will be turning their attention to the following year, 2018-19, and opportunities to revisit tax planning for those clients who have previously resisted, or showed little interest, in strategies to reduce their tax footprint in the current tax year.
As the 5 April 2019 is a deadline, action will need to be taken by this date to be effective.
It would be interesting to poll firms to see how they advise clients on tax planning initiatives. Do they:
- Contact clients individually based on previous advice given, to revisit and update tax planning provided?
- Publish general information on the benefits of planning on websites, or in handouts?
- Send out newsletters setting out reminders to engage in the planning process?
Truthfully, the best approach is perhaps to adopt a wide-ranging strategy, do all three and more…
From the client’s perspective, the best approach is probably identifying a risk or opportunity, quantifying the benefit(s) of the remedy, the tax planning advice, and then engaging in a conversation with the client and implementing the strategy.
We can help with two of the bullet points listed above: provide you with a website that is packed with useful tax focussed information and provide the content and mechanisms to distribute constantly updated information to your staff, clients and business prospects.
Which would leave you free to consider your clients needs on a case by case basis.
The Brexit deadline, 29 March 2019, arrives before the tax year end, an added complication this year, but the chance to add value to your tax advisory services still exists.