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Tax return Taxathon

Source: AccountingWeb.

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Sir Ranulph Fiennes inspires practice owner and AccountingWeb columnist Susan Rahman to face her fears and meet her tax return challenge target by embarking on a self-imposed taxathon!

Rhaman’s practice completed 55% of their 227 tax returns before the end of August (a 17% increase in productivity since 2017) despite the fact that she was away on holiday, on the Nile! Based on this statistic, the practice should be able to complete the rest of its tax returns before Christmas.

While Rhaman is confident it can be done, her staff however don’t share her positiveness due to poor responses and lack of responses from the remaining clients whose tax returns need to be completed in the next three months.

She ruminates about how other accountants are dealing with their slower clients and asks: “What is going to happen when Making Tax Digital comes into force? Are we going to be burning the midnight oil four times a year, instead of once a year? Are other accountants going to be charging their clients for preparing their tax returns four times a year?”.

Using Sir Ranulph’s book, Fear: Our ultimate challenge as inspiration, Rahman has introduced three major changes in her practice which has led to the 17% increase in efficiency. Rahman discusses these in her column entitled, “Taxathon: Face your fears for SA success”, under three headings:

  • Fear number one: Embracing the cloud
  • Fear number two: Public accountability
  • Fear number three: Staying away from the office for four weeks

Click here to read the full article.

PS: Let AccountingWeekly know how you are meeting your deadlines and improving your tax return submission rates by participating in our busy season survey! We will be using the information to lobby SARS to bring about changes to assist tax practitioners in future.

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