How client reviews can boost loyalty and maximise tax savings

As an accountant, much of your added value lies in helping your clients claim the many tax reliefs and benefits available to them. But with time constraints and ever-changing opportunities, there’s more that can be done with the use of technology, and that’s where a comprehensive annual review comes in. This helps you enhance your service, at the same time as securing the loyalty of your clients and keeping competitors at bay. Here’s how the latest software can help.

The better way to conduct client reviews

A thorough client review helps you identify opportunities for a wide range of tax incentives and reliefs for your clients, such as:

• R&D tax relief
• Patent box tax relief
• Creative industries tax relief
• Capital allowances
• Land remediation tax relief
• Grant funding for innovation

To make sure your clients don’t miss out on valuable tax savings, propensity score-driven software is here to make it easier to spot these opportunities. With the help of Markel Tax experts, it gives accountants like you the ability to analyse your clients’ data and pinpoint those with the highest likelihood of benefiting from these tax reliefs. This enables you to approach your clients proactively and offer an exceptional service.

Typically, when undertaking a client review, Markel Tax identifies between 10-15% of the client portfolio that we feel merits further investigation, which are flagged to discuss with the client manager. Of these, around 30% are agreed as potential opportunities, while the others are discounted for a number of reasons, for example they may be already making a claim with a different provider or there is no qualifying activity. Of the clients introduced, 20% are typically converted into fees. This results in significant additional revenue for the introducing firm!

Proactive management secures client loyalty

The benefits of a proactive approach go beyond simply providing a great service. By regularly reviewing your clients’ portfolios and raising the potential tax incentive and relief opportunities with clients proactively before clients have asked about these tax reliefs, you can show clients how committed you are to their financial wellbeing. This positions you as a trusted advisor and someone who’s always looking out for their best interests – this is key to building strong relationships with your clients and securing their loyalty.

Protect your client base from competitors

There’s another benefit to proactivity and the loyalty it inspires: it keeps your competitors at bay. In today’s competitive market, when many others are likely to be offering similar services to yours, it’s crucial to protect your client base from competitors. Conducting comprehensive client reviews helps you ensure that you’re the first to spot and discuss relevant tax opportunities with them – a pre-emptive approach that stops competitors stepping in and offering the same services.

Take your accounting services up a level with Markel Tax

At Markel Tax, we provide outstanding tax consultancy services via our accountancy partner network, including R&D tax relief consultancy, capital allowances consultancy, and more. Our team of highly experienced in-house technical consultants, many of whom hold PhDs alongside professional qualifications, ensures you receive the best possible advice and support.

For more information about using the latest software to conduct comprehensive client reviews, please contact the team on 0330 013 9964 or email taxincentivesuk@markel.com.