Last month we took a look at a ‘day in the life of’ our Tax Consultant, Christine Wallwork. This month, we introduce you to one of our Directors, Karen Robinson, who also works closely with Christine in overseeing the delivery of our tax services.
The two hour journey gives me the opportunity to catch up on my emails and recap on my meeting preparation. I review a mind map I have created for my first meeting. The map documents the wider considerations of pension reform and auto enrolment for the business, including the potential impact of the additional costs in their financial planning. I will have the opportunity to discuss this in more detail when we meet later this morning.
Just time to make a telephone call into the office before I arrive in London. I speak to Christine Wallwork, who is requiring sign-off on a tax report before close of play today.
9.45am – Arrive at London Euston, grab a coffee before getting on the tube to my first meeting.
On arrival, I am invited into the board room where I meet with the HR and Finance Director. I spend the next couple of hours taking the time to ensure that the client fully understands the implications of auto enrolment for their business. With the introduction of the new responsibility, employers will have a greater role in the provision of pension savings across their workforce, and my job is to make sure the client is fully aware of the important steps that need to be taken and assist in any way I can.
I take some time to share the data I have collated on their current membership and discuss various scenarios around changes in contribution levels and the financial impact of this. The meeting is successful and I leave their offices confident that the client is up to speed on the next steps.
12pm – Check my emails and grab a light lunch. Delighted to have received some positive feedback from a client about their recent annual pension review meeting. I circulate this information to the consultant who attended the meeting and also to the client support team who helped in the meeting preparation – great feedback for all involved.
12.30pm – Back on the tube for a short journey to Putney where I’m meeting the payroll and HR team of a new client. I enjoy these meetings because it’s an opportunity for me to spend some one-to-one time with the client, getting to understand their administration procedures.
Good scheme administration is vital to the proper running of a pension scheme. I am using this meeting to ensure there is clarity between our administration team and theirs. In addition to a new pension scheme, this client has also introduced salary exchange as an option for employees to contribute to their pension. We agree and document the administration procedures, defining roles and responsibilities between our administration and their payroll and HR teams, review the contract variations for salary exchange and then I assist in submitting their first contribution to their new pension scheme. The process goes smoothly and after a Q&A session on salary exchange, I feel confident that the client understands what’s involved.
3.30pm – Back to Euston to catch the 4.15pm train back to Manchester. I take the opportunity to review the tax report sent across by Christine. The client in question, an employee of one of our corporate clients, has sold their company shares and wants some tax advice. I review the tax calculation and the options Christine has outlined which can mitigate up to £40,000 of the tax liability. The report can be sent to the client tomorrow for him to consider before he meets with Christine next week.
6.15pm – Arrive in Manchester, freshen up and meet the girls for dinner before we head off to the Royal Exchange to see the latest play. It’s a good one this time…A Midsummer Night’s Dream. A bit of fun entertainment after a full day.