Whilst there is significant preparatory work at our firm (especially if you consider the Budget we went through just a month ago) the real work starts as the Chancellor opens his red case at 1230pm.
1230pm
One of our ground floor conference rooms has the broadcast up on the big screen and the entirety of the tax team (corporate, personal, VAT and employment specialists – both partners and managers) assembles in the room in addition to a few of the audit partners who are particularly keen to hear about proposals that may have a particular impact on their clients in the financial services, real estate and charity sectors.
The air conditioning is turned on full, but the chill in the air is more likely the anticipation of what draconian cuts will be announced. The Chancellor starts his speech with the words “tough but fair” and sets the scene with the international and European context. Whilst our team is interested, of course, in the broad macro-economic policy projections (see separate post) and the proposed public spending cuts across public sector pay and pensions, welfare, child benefit , tax credits and housing benefit our main focus is on changes to National Insurance, Capital Allowances, Corporation Tax, Capital Gains Tax , Income Tax and VAT. Of which there are plenty!
Throughout the Chancellor’s speech our team posts “tweets” of the highlights to our many followers on Twitter. The marketing team also repeats these messages on the internal communications tool Yammer so that everyone can keep up to date with key developments. Once the speech is over, it is time to grab a fast sandwich to return to desks to pore over the detail of the papers released from the treasury...
From 130pm
The various tax teams gather to analyse the details of the announced changes and start drafting summaries and opinions for inclusion in the various briefing papers for our clients. And also for our web site. Nominated secretaries are relieved of their other duties to allow them to focus entirely on supporting the Budget campaign effort. Specialists in the not for profit sector and entrepreneur area consulted by the tax team to ensure that we address the relevant issues that had been mentioned by clients in those sectors in the run up to the Budget.
Around 4pm The typists ramp up their efforts to compile and finalise the various documents for posting on our web site, emailing out to clients this evening and to form the basis of our longer bulletins being sent tomorrow.
Meanwhile, the tax team check and approve all the materials as they are completed before they are handed over to the marketing team. They are also taking urgent calls from clients with questions and comments whilst also preparing their presentations and handouts for the Budget Breakfast Briefing for clients tomorrow morning at 8am. Multi-tasking tax team!
Around 530pm (deadline originally set for 5pm but we are wading through the significant material..) All the materials are handed over to our small (but perfectly formed) marketing team who format the material to post onto the web site and the design work to put the content into the relevant style and format for the email campaign to clients and contacts and the more traditional newsletters and tax fact sheets. The marketing team is also fielding calls from the media having previously offered our various tax specialists to any journalist who wants to explore particular angles for their readers. Delighted to see that Neil Simpson is quoted on capital gains tax by Civil Society. The marketing folk are also helping to produce the various presentation materials for the morning’s Breakfast Briefing. And not forgetting the four tenders that are due to be submitted tomorrow.
630pm
The tension increases as our 645pm deadline for emailing all our clients and contacts draws closer. This is a self imposed deadline but one of which the entire tax team is very proud – we receive a lot of positive feedback from our clients indicating that ours is amongst the earliest and most comprehensive Budget material that they receive. However, no one is prepared to lower standards and things are checked and double checked to ensure we have got everything covered.
Our office services team sets up the conference rooms in preparation for the Breakfast Briefing and our trusty catering staff are fully up to speed on just how many croissants and how much coffee we will need to provide for our clients.
645pm
Finally, we press the button that kicks off the emailing to our clients – which has a link to our web site which has more detailed information.
647pm
Email from one of our partners out of the office that he has received the Budget communication with a note of congratulations. The consumption rate of Haribo sweets in the marketing team increases to maintain their energy levels as they make final preparations for the presentations at tomorrow’s Breakfast Briefing. More proof checking of the newsletters ensues.
827pm
The tax (well, nearly all of them) and marketing teams – and some of the other partners who stayed to provide moral support and encouragement - have left the building...(but we’ll be back at 730am to be ready for the client Breakfast Briefing at 8am!)
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