Case studies

Tax strategy

Our client, a UK based tax function at a large financial services group, was overstretched – the tax team were always under pressure to meet deadlines and people often felt overwhelmed by the amount of work. The Head of Tax recognised that something needed to be done and approached Affecton with a view to developing a new tax strategy.

We designed a short programme involving the senior tax leadership team. Initially, we conducted facilitated meetings to develop an exhaustive list of all tax responsibilities and initiatives. These were refined and prioritised into SMART objectives and incorporated into a detailed action plan. The plan included objectives for the next 12 months extending to the next three years. The key objectives and risks were then summarised in a tax strategy paper which was presented to the FD and Board.

In addition, we worked with the senior team to develop a Tax Strategy Map which was used to cascade objectives into a Balanced Scorecard for the whole tax team. The Strategy Map was also used in meetings with the business to show how the Tax Function’s objectives fitted with the Group’s overall strategy.

The process of developing the strategy enabled the whole team to see the bigger picture. The senior team were able to agree on priorities which were important to the whole group. It strengthened team working. It also increased sponsorship from the Board and the wider business.

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