The Tax Professionals Podcast – Details, episodes & analysis

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In this episode of The Tax Professionals Podcast, host Jack Bonehill joined MTD Therapy, a community for accountants and tax advisors, for an unfiltered discussion — sometimes full-on ranting — about the latest UK Budget.

Around the ranting, you’ll hear clear explanations of the key Budget announcements and expert insights into them.

Episode show notes

The Tax Lab: free webinars to improve your tax skills. Real scenarios, tackled live.  

MTD Therapy

Timings

• [00:01:49] First rant
• [00:08:07] Start of technical discussions on the announcements
• [00:14:22] Pension Salary Sacrifice Changes
• [00:20:17] Electric cars
• [00:25:56] Writing Down Allowances (WDAs)
• [00:29:25] Employee benefits/expenses tax changes
• [00:36:45] Working from home expenses
• [00:39:21] Tax industry - positive or negative direction?
• [00:41:27] Regular payments throughout the year for self assessment
• [00:45:18] MTD

Guests

• Robyn Milstead, Director of Tax at LKA Chartered Accountants & Director of Accountants Therapy
• Tom Bickle, Director of JP Blackmoor & Director of Accountants Therapy
• Emma Rawson, Director of Public Policy, Association of Taxation Technicians (ATT)

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Your advice is probably full of unnecessary tax jargon without you even realising it. However, you can use simpler language without losing meaning — and your advice will be much better for it. In this episode, host Jack Bonehill identifies the overly complex wording in a real piece of tax advice and shows how the same points can be written in plain English that clients actually understand and will love you for.

Episode show notes

The Tax Lab: free webinars to improve your tax skills. Real scenarios, tackled live.  

The Tax Advice Masterclass: teaching you a repeatable method to write high-quality tax advice with confidence and less self-doubt.

Timings

 00:14 – Intro: turning complex tax language into plain English that clients love.
 01:11 – Client scenario: husband-and-wife partnership selling business units.
 03:15 – Simplifying “income tax implications.”
 06:13 – Simplifying “capital disposal” and removing jargon.
 10:18 – Explaining rollover relief in plain English.
 13:17 – Breaking down business asset disposal relief (BADR) simply.
 15:45 – Using examples and numbers to make advice tangible.
 

Similar episodes:

TTPP124: Two Questions That Make Your Tax Advice Instantly Better in Your Clients’ Eyes

TTPP83: Improve Your Tax Advice Skills – Stories and Tips of 2 Tax Professionals

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This episode is focussed on growing or scaling a tax team in a professional services firm – something which is not natural for us as tax professionals. Our guest, David Francis, Partner and Head of Tax Dispute Resolution at Grant Thornton, shares his experiences and advice for how to grow a tax team, so that you can do the same. 

Show notes: thetaxprofessionalspodcast.com/TTPP116

Masterclasses for tax professionals: thetaxprofessionalspodcast.com/masterclasses

Subscribe: thetaxprofessionalspodcast.com/subscribe

Take control of your career progression free course: https://documents.thetaxprofessionalspodcast.com/freecourse

You’ll Learn

• A bit about Dave and his tax career
• (11:00) When Dave started getting involved in growing a tax team
• (20:30) The GT tax dispute resolution team when Dave stated there and the business plan to grow
• (25:15) Was team culture covered in the business plan?
• (30:00) The culture Dave wants in his growing tax team
• (35:15) The Service Line Agreement that Dave’s team had created – what is it?
• (45:00) Wrapping thoughts up: David’s advice to scale a tax team
• (48:30) The work-winning side of scaling a tax team. How to ensure you have enough
• (54:00) Dave’s leadership philosophy 
• (1:00:00) Dave’s plan to grow the team further

Resources

Masterclasses designed for tax professionals to help you master vital career skills:

• Tax Research Masterclass – teaching you how to find the answer to even the most complex tax queries, with the least pain possible.
• Tax Advice Masterclass – teaching you how to provide high-quality tax advice that your clients appreciate and value.

Take a look and enrol, here. or email me at jackthetaxprofessionalspodcast.com

Register for a free 1-month trial for Croner-I’s tax guidance/resources

Book a call with ProTax to talk about your career: thetaxprofessionalspodcast.com/Bookprotax

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Show notes: thetaxprofessionalspodcast.com/TTPP32

Subscribe: thetaxprofessionalspodcast.com/subscribe

The Tax Professionals Book Club: https://www.thetaxprofessionalspodcast.com/bookclub 

You’ll Learn

• About the technical advisor vs the practical advisor
• Grahame’s tips on how to provide better tax advice
• How being a trusted advisor will improve the advice you provide to clients, and ways to become such an advisor

Resources

TTPP10: How to Write Good-Quality and Practical Tax Advice

TTPP18: How to Explain Tax Rules and Concepts Clear

TTPP28: Provide Great Tax Advice on Grey Areas (6 Tips!)

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Show notes: thetaxprofessionalspodcast.com/TTPP31

Subscribe: thetaxprofessionalspodcast.com/subscribe

Take control of your career progression free course: https://documents.thetaxprofessionalspodcast.com/freecourse

Tax Professionals Book Club: thetaxprofessionalspodcast.com/bookclub 

You’ll Learn

• The three skills you should master to be a great tax advisor
• How to improve in each of these areas

Related Episodes:

Technical Ability 

• TTPP 1: How to Undertake Effective Tax Research
• TTPP 6: How to Build and Maintain Strong Tax Knowledge to Excel as a Tax Professional
• TTPP26: 8 Tax-Research Sins

Advisory

• TTPP 10: How to Write Good-Quality and Practical Tax Advice
• TTPP18: How to Explain Tax Rules & Concepts Clearly (to Help Others Understand!)
• TTPP28: Provide Great Tax Advice on Grey Areas (6 Tips!)

Sales

• TTPP11: How to Increase Your Chances of Winning/Converting Tax Work with Martyn Sloman (Without Being Pushy!!) 

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Show notes: thetaxprofessionalspodcast.com/TTPP30c

Subscribe: thetaxprofessionalspodcast.com/subscribe

Free Step-by-step guide to creating your own revision summary/folder

You’ll Learn

• Tips and advice on how to pass the CTA APS paper (particularly OMB)
• Difference between the Advanced Technical and the APS papers (including Nitin’s examples how you would present essentially the same information differently)
• How to structure an answer to the APS exam question
• The most important skill to master to pass the APS paper

Other Episodes and Resources

• Free Step-by-step guide to creating your own revision summary/folder
• TTPP30a: How to Pass an ATT/CTA Resit
• TTPP30b: How to Pass the CTA OMB Advanced Technical Paper
•  TTPP 5: How to Pass the November 2020 ATT and CTA Exams (Open Book for the First Time) with Nitin Rabheru
• TTPP 19: How to Pass the May 2021 ATT/CTA Exams with Nitin Rabheru
• TTPP 22: 8 CTA/ATT Revision Tips (Maximise the Benefit from your Revision Sessions!)

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Show notes: thetaxprofessionalspodcast.com/TTPP30b

Subscribe: thetaxprofessionalspodcast.com/subscribe

Free Step-by-step guide to creating your own revision summary/folder

You’ll Learn

• Tips and advice on how to pass the CTA Advanced Technical Paper (particularly OMB)
• The importance of, and how to, link together the chapters to prepare yourself for the exam
• Both Libby and Nitin’s number 1 tip to pass the exam

Other Episodes and Resources

• Free Step-by-step guide to creating your own revision summary/folder
• TTPP30a: How to Pass an ATT/CTA Resit
• TTPP30c: How to Pass the CTA OMB APS Paper
• TTPP 5: How to Pass the November 2020 ATT and CTA Exams (Open Book for the First Time) with Nitin Rabheru
• TTPP 19: How to Pass the May 2021 ATT/CTA Exams with Nitin Rabheru
• TTPP 22: 8 CTA/ATT Revision Tips (Maximise the Benefit from your Revision Sessions!)

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Show notes: thetaxprofessionalspodcast.com/TTPP30a

Subscribe: thetaxprofessionalspodcast.com/subscribe

Free Step-by-step guide to creating your own revision summary/folder

You’ll Learn

• How to get the motivation you need to pass the ATT or CTA resit
• How to self-reflect and be honest with yourself to figure out why you didn’t pass last time so the same doesn’t happen again
• How to approach and prepare a resit to give yourself the best opportunity to pass 
• The most important point Nitin wants you to take away from the episode

Resources & Other ATT/CTA Episodes

• Free Step-by-step guide to creating your own revision summary/folder
• TTPP30b: How to Pass the CTA OMB Advanced Technical Paper
• TTPP30c: How to Pass the CTA OMB APS Paper
• TTPP 5: How to Pass the November 2020 ATT and CTA Exams (Open Book for the First Time) with Nitin Rabheru
• TTPP 19: How to Pass the May 2021 ATT/CTA Exams with Nitin Rabheru
• TTPP 22: 8 CTA/ATT Revision Tips (Maximise the Benefit from your Revision Sessions!)

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Show notes: thetaxprofessionalspodcast.com/TTPP30

Subscribe: thetaxprofessionalspodcast.com/subscribe

Free Step-by-step guide to creating your own revision summary/folder

The three episodes:

• TTPP30a: How to Pass an ATT/CTA Resit – live on Wednesday 21 July
• TTPP30b: How to Pass the CTA OMB Advanced Technical Paper– live on Monday 26 July
• TTPP30c: How to Pass the CTA APS Paper – live on Monday 2 August

Other ATT/CTA Episodes and Resources

• Free Step-by-step guide to creating your own revision summary/folder
•  TTPP 5: How to Pass the November 2020 ATT and CTA Exams (Open Book for the First Time) with Nitin Rabheru
• TTPP 19: How to Pass the May 2021 ATT/CTA Exams with Nitin Rabheru
• TTPP 22: 8 CTA/ATT Revision Tips (Maximise the Benefit from your Revision Sessions!)

Send us a text

Subscribe: thetaxprofessionalspodcast.com/subscribe

Tax Professionals Book Club: https://www.thetaxprofessionalspodcast.com/BookClub 

Take control of your career progression free course: https://documents.thetaxprofessionalspodcast.com/freecourse

You’ll Learn

• The most valuable lesson Ray learnt after joining PwC from HMRC
• What being CIOT President entails
• Career advice Ray would give to his younger self, and the best piece of career advice Ray has received
• Ray’s advice on how to have a successful career

Resources

Ray emphasised the importance of feedback in the episode, so you may be interested in episode 3 of the podcast, How to Obtain Good Quality Feedback (and Why You Should Ask for More!).