REPLAY: Professional services profit allocation - how to maximise advisory opportunities
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1h 2m CPD time
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Bill Mavropoulos, straight-talking tax advisor from VT Advisory, will give us some tips on how to talk about the PCG 2021/4 with your clients, and how you can win more tax planning advisory from this.
We recommend you listen to our podcast or check out our video series on this before watching the replay.
Resources
Draft wording / communication to clients (head to the Resources tab under the video player)
Timestamps:
2:41 Poll - audience experience level and impact of PCG on their practice
7:29 Quick recap of the rules in the PCG
14:12 Live poll: How many of your professional services clients will be impacted?
14:51 Live poll: Will this be considered part of your normal compliance scope?
15:44 Has the goal post shifted? How much? How to talk to clients about this?
23:55 Should you get audit insurance?
28:18 How to protect your practice
40:04 How will you charge for additional work? Standing by your fee, phased billing.
43:58 Training your staff
45:49 Go for the moon shot - win over an entire new firm
47:08: Calculating the effective tax rate of the group
48:45 Is there a legal basis for this PCG? Why are professionals different from building owners? Why are we getting bullied?
51:43 Key takeaway 1: Don't panic
53:33: Key takeaway 2: Stand by your fee
57:09 Key takeaway 3: When you're uncomfortable, bring in specialists
1:00:26 Final comments and feedback polls
Date published: 24 February 2022