Tax Planning Sin 7: Inadequate Tax Planning Training
Most practice principals meet the Tax Practitioner Board requirements of thirty hours accounting and tax training per year. Unfortunately, this is normally exclusively related to their compliance related services with no training on value added services such as tax planning. A search of all the accounting professional bodies extensive training and website resources comes up with nothing on tax planning.
No wonder only 10% of practices provide tax planning services when there are limited training resources available. Tax planning is like a forgotten bespoke craft that is only provided by a few expert craftsmen (who pass the knowledge onto their ‘apprentices’).
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2