There’s been no shortage of discussions in the media about the upcoming tax changes expected from the Autumn Budget. But with big changes on the horizons for Capital Gains Tax and Inheritance Tax, how do advisors – whether that’s lawyers, financial advisors or wealth managers – not only get involved in the conversation, but ensure their voice cuts through the noise and adds value to the discussion.
This year’s budget will be delivered in testing circumstances for the Government. While it has been 14 years since a Labour Chancellor last delivered a fiscal statement, it has already been described as containing potentially “painful” measures by the Prime Minister. Central to this has been Labour’s promise to not raise taxes for “working” people, with controversy surrounding which taxes will be raised and who they will impact.
Know your audience
Tax changes in the upcoming budget are going to affect a whole range of stakeholders, so a one-size-fits all approach isn’t going to cut it. Businesses need to identify where there is the most commercial opportunity for them, and engage with media that’s right for that demographic.
High net worth individuals will be concerned about wealth preservation and what they can leave to loved ones, business owners about their exit plans and property investors about managing portfolios to name a few. The right PR strategy will tap into the pain points each of these groups will be facing and create commentary that’s simple, decisive and will resonate on a personal level.
Play to your strengths
Budget Day can be like the Wild West when it comes to securing comments – every business in the UK will have an opinion and every journalist will be counting the minutes to the end of their shift, when they can get away from their heaving inbox.
Time is of the essence. It’s not enough to listen to the budget and draft reactive commentary after the fact. By then the opportunities will be gone. Instead if you’re confident on what the announcements will be (with many already trailed in the media) draft a comment ahead of time and have your PR team ready to issue comments either ahead of the budget or as soon as the relevant announcement has been confirmed.
But commenting on the day isn’t the only option. If you’re more risk averse, and not able to approve comments quickly due to other commitments you can choose a different strategy, based on longer-form more detailed commentary in the days and weeks after the budget. This allows you to create far more in-depth content, and it can be a useful way to align with other elements of your marketing mix like SEO for example; with longer form content there’s more opportunity to include your key words and target key budget-related searches.
Beyond the Budget
It can be tempting to go all in for PR around the budget, but this shouldn’t just be a flash in the pan. Instead the budget can be a great opportunity to connect with relevant journalists and build meaningful long-term relationships, so you become the go to voice on all things tax, for example.
Absolutely make the most of the budget, but also make sure your PR team is tracking media coverage beyond the budget to identify emerging themes and concerns that you can discuss on an ongoing basis.
The most successful companies will be those that maintain momentum beyond the initial news cycle. This means developing a sustained approach to all things tax, and if done properly by the time the next Budget comes around journalists will be reaching out to you for comment ahead of it.