Last month we took a look at a ‘day in the life of’ our Operations and Accounts Manager, Kathryn Wallwork. This month, we introduce you to Christine Wallwork (no relation!) who works as our Tax Consultant.
8.30am – I arrive in the office and check my post and emails. Then I update the tax log of all information received for tax returns and claims and any signed returns received back from the client. I respond to any urgent emails and voicemails before reviewing my diary for the day. Today I have a meeting with one of our consultants and this afternoon I will be going off site to deliver a presentation around the topic of Salary Exchange to members of a Group Pension Plan (GPP). I prepared the presentation with my line manager last week, so I check that I have everything I need before focussing on some client tax work.
9am – An email has arrived containing all the information I require to prepare a tax claim for a scheme member. The member was not aware that he was able to reclaim higher rate tax relief on his pension contributions and gift aid donations. He is also able to offset a business mileage reclaim against his income. It looks as though he may be due a sizeable refund which he is obviously quite excited about. I work through the information that has come in and my initial thoughts are correct; he is due a refund of £3,000. I call him with the good news then set about preparing the tax reclaims for submission to HMRC.
10.30am – Take a call from a client, who is confused with the reduction in their pension income that month. It transpires that a new tax code has been issued by HMRC to the pension provider and this code is incorrect. I contact HMRC to request that they amend this code and discuss the amendments with them. HMRC often work on historic and out of date information to calculate tax codes so they are invariably incorrect. After confirming that the correct code will be issued promptly, I call the client back and explain that an amended code will be issued and her income will revert to the correct level next month along with a refund of the incorrect tax deducted this month.
11am – Over a cup of tea, I meet with one of our consultants to plan for a forthcoming client meeting. This client is a higher rate taxpayer and has a significant exposure to IHT. We have a chat around the client’s current income position and some ideas for reducing their inheritance tax liability; it will be my job over the course of the next few days to research this information further before compiling a report for the consultant to take to their meeting.
12pm – Grab a sandwich then off to our client with one of our account directors to set up my Salary exchange presentation.
1.30pm – I give a 45 minute presentation explaining how salary exchange works and the benefits associated with accepting a reduced salary in exchange for a pension contribution to 20 GPP members. I take time to ensure that my explanations are clear and use working examples. It’s important that my expertise as a tax consultant is utilised and I receive a few questions from members at the end around how this option will help them save tax. The presentation went well; a couple of members have requested illustrations on how salary exchange works for them personally, which I shall prepare at the office and email to them. Overall, the feedback is positive.
4pm – Back at my desk to pick up any voicemails and check my emails again. Just time to submit today’s approved tax returns and follow up on a couple of tax claims that are pending with the HMRC. Following a quick call, both should be in the client’s bank account by the end of this week.
5pm – A meeting with my line manager before I close for the day. I’ve have some accounts for her to review and some research to discuss and want to clarify how this could affect the client’s capital gains tax liability. I schedule some time in my diary to draft the technical details in the form of a report tomorrow. This will include the calculations that I can share with the consultant prior to their meeting.
5.30pm – Just time to filter a couple of emails before closing down for the day. Tonight I’ll be catching up on the football. Unfortunately no England game, having just been knocked out of the Euros on penalties…….again!