Tax planning sin 4: Failing to gather client information and data

Just as financial planners need to know their clients before preparing a financial plan, accountants must know their clients before preparing a tax planning report.

This means more than just income and expenses.

• Compliance tax returns cover profit and loss.
• But they rarely reveal the complete picture of the client’s affairs.

What’s often missing:

• Assets
• Liabilities
• Net worth
• Ownership structures

The reality is that many accountants, even with long-term business clients, have little to no knowledge of their clients’ assets and liabilities.

Without this, opportunities are missed and risks go unseen:

• Incomplete data = incomplete strategies
• Incomplete strategies = clients paying more tax than necessary

When accountants gather full client information, they unlock a deeper analysis, stronger advice, and far greater client value. At TaxFitness, we systemise this process so accountants can collect the right information efficiently, building reports that protect wealth, save tax, and demonstrate expertise. If you don’t know the full picture, you can’t deliver the full benefit of tax planning.