Onkho co-founder and accountant in practice Susan Rahman launched her #taxathon in June 2018. Her target was to get all tax returns done by Christmas. Her outcome was 95% of all tax returns done by Christmas.
Well by anyone’s standards that is an amazing result. Susan only had 14 tax returns left to do in January. Suffice it to say, she had a relaxing Christmas, great New Years Eve and a stress free January!
Susan serialised her experience here. We’re going to take her experience and lessons learned and turn it into a companion guide to help you start and execute your own #taxathon for 2019 – tune into our blog to find out more.
Now let’s talk about the story of the numbers.
The Journey in Percentages
Highlights from these numbers:
- 50% of tax returns were done by the end of August
- Very little progress in September
- Over 90% done by Christmas leaving only a few to do in January
The trends suggest that:
- 50% of clients got their papers in just before leaving for their summer holidays, presumably to have one less thing to worry about when they got back
- 80% of clients got their papers in before the end of October flying in the face of conventional wisdom that they leave everything to the last minute
The Journey in Numbers
Highlights from these numbers:
- Peak capacity was 60 tax returns in a month and average was c40
- Spare capacity was physically observed in January
The trends suggest that:
- With no change with resources, Susan could easily handle another 100 tax return clients – worth an additional c£36K to £50K in bottom line profit
- With all the spare capacity in January, Susan could have run some kind of “rush” or “last minute” offer to around 50 new clients – worth an additional c£18K to £25K in bottom line profit
Comparison to the Industry
According to Which? HMRC reported that 30% of all tax returns were outstanding just one week before the deadline (see One week to tax deadline: 3.5 million tax returns still outstanding), whereas Susan had crossed the 70% threshold to beat the industry by November 2018 so there’s no doubt Susan beat the industry.
What did Susan do?
If you’re interested in Susan’s tactics, we at Onkho will be launching a Companion Guide to help you launch and execute your own #taxathon 2019. We’re planning to give you month by month advice and tactics starting from 5th April 2019. To make sure you get it, sign up in advance here.
