Tax adviser jobs

In order to be successful as a tax consultant, you will need to be someone who is good with people and have a sharp eye for finances.

Tax advisors put their knowledge of tax law to use by providing advising and consulting services to customers. These services ensure that clients pay their taxes in the most effective manner possible and take advantage of any tax breaks or exemptions that may be available.

They have a responsibility to be current on the ever-evolving tax rules and to provide clients with clear explanations of complex legislation and the ramifications of those laws.

The following are the two primary categories of tax advice:

corporate means working for corporate customers to ensure that they are not paying any more tax than is absolutely required.

personal refers to the provision of advise to individual customers, some of whom are private customers who have substantial assets.

The job is intricate and sophisticated, and tax advisors rapidly gain professional expertise in a variety of areas, including the following:

corporation tax

tax on overseas transactions and inheritance

Insurance on a National Scale

personal tax

wills, estates, and trusts

VAT.

Clients might come in the form of individuals, as well as big and small businesses, partnerships, and trusts.

Responsibilities

Tax consultants have the ability to operate in compliance, which involves ensuring that their clients fulfill all of their tax responsibilities by producing and submitting tax returns, tax calculations, and any other appropriate papers. They might also work in the consulting industry, providing customers with guidance on how to minimize the amount of taxes they owe.

The type of the business and its size both have a role in the job that a tax counsel does. In larger accounting businesses, the organizational structure tends to be one that enables higher levels of specialization, but in smaller organizations, the job may be more diversified.

When first starting out in a tax advisory role, a graduate may concentrate on compliance activities such as completing tax returns and calculating the amount of tax owed. As their career progresses, however, they may shift their attention to consulting and specializing in a particular area of taxation.

The following are examples of typical areas of activity:

doing research, performing analysis, and providing interpretations of ever-evolving tax regulations in both the UK and other countries

holding conversations with customers and collecting information

dealing with the requirements of revenue law and tax law

preparing and filing (tax) compliance returns by the specified due date

on the customer's behalf, acting as a liaison and engaging in negotiation with HM Revenue & Customs (HMRC).

offering management consulting services to high-end private customers

developing client-specific tax solutions and advising them on how to prepare for their financial futures

doing in-depth calculations to determine a client's tax burden and providing advice on how to reduce that liability as much as possible

The establishment of family trusts and its organizational framework

Providing advice on tax residence and domicile issues, as well as estate planning services

advising on indirect taxation matters, such as Value-Added Tax, Customs Planning, and Environmental Taxes

putting together reports and presentations for paying customers.

Bookkeeping, payroll, and VAT are just some of the accounting services that some tax consultants who work independently give to their clientele in addition to providing tax advice.

Salary

Beginning pay for graduate trainees often vary anywhere from 20,000 to 32,000 pounds sterling annually.

Chartered tax advisors (CTAs) who have just qualified should anticipate earning a yearly income in the range of £26,000 to £36,000, which can increase to anywhere from $55,000 to $55,000 with experience.

The yearly salary range for managers is between £50,000 and £68,000, with senior managers earning up to £95,000 per year. Directors have the ability to earn up to 140,000 pounds per year in compensation.

Working in the field of corporate tax often results in a compensation that is somewhat more lucrative than working in the field of personal tax. The amount of money an employee makes might vary greatly based on the kind of company they work for, the field in which they specialize, and the location. In London and the surrounding areas of the South East, salaries tend to be on the upper end of the range.

Pension and private medical insurance are two examples of the additional benefits that may be provided.

The Chartered Institute of Taxation's statistics on individuals' incomes (CIOT). The numbers are simply meant to serve as a guide.

Time spent working

The typical work week runs from Monday through Friday from 9 a.m. to 5 p.m. However, at particularly hectic seasons, such as the conclusion of the tax year, employees may be required to put in additional hours and work on weekends. A number of businesses have adopted more adaptable scheduling policies. When working with private customers, it is common to make house calls, which may take place outside of normal business hours.

There is the possibility of taking a break from one's career or working part-time.

What may be anticipated

The workplace often consists of people working together.

Self-employment is an option for those who have completed the necessary training and have a good deal of relevant experience. Tax consultants who are also self-employed often work with individuals, traders who are also self-employed, partnerships, and small businesses.

Even though there are chances available all throughout the UK, the majority of graduate trainee positions are located in London and other major cities.

The task entails adhering to deadlines, which are often unmovable, since the dates by which tax returns must be submitted are inflexible.

Visits to clients often take place in close proximity and during a single working day.

Senior managers are sometimes required to be away from home at night, and international travel is more likely to be required of them. There is a possibility of finding employment in another country, either for a global corporation or for a UK-based firm that has operations in other countries.

Qualifications

Although graduates of any academic field are eligible to become tax advisors, having a degree in one of the following fields may boost your chances of getting work:

accounting and financial management

business

economics

law

management

mathematics

statistics.

This line of employment is available to all diplomates, but having a higher education qualification in business and management or accounting and finance will set you apart from the competition.

It is possible to enter the field of taxation without obtaining a degree by beginning as a tax trainee or apprentice, often working for a sole proprietorship or one of the smaller firms.

There are two primary ways for recent college graduates to enter the workforce in this field. To enter the field directly, one must first find employment as a tax trainee with an accounting or law firm, or with the in-house tax department of a company in the commercial or industrial sector. After that, you would start studying to get qualified as an ATT, which stands for Association of Taxation Technicians. If you finish the course with a passing grade, you will be qualified to take the Chartered Tax Adviser (CTA) test offered by the CIOT.

Those who have a professional qualification in chartered or certified accountancy from one of the UK professional accountancy bodies - preferably one that covers taxation - or those who are qualified as solicitors, barristers, advocates, or who have company secretary status are eligible for indirect entry. Indirect entry is also available to those who have a legal background and have company secretary status. After that, you would have to get the CTA certification by studying for it.

Employers that provide graduate training programs often set a minimum admission criterion of a 2:1 or above for applicants. There may be opportunities for those interested in entering the field of taxation technology via alternate entrance points. Get in touch with ATT for any further information.

The competition to enter via accounting companies is fierce, and the admission requirements are difficult to meet. It's possible that the criteria of certain companies are more flexible than others.

Skills

You'll need to make sure you have:

great numeracy skills

a mind that is rational and analytical

the skill of interpreting and explaining complicated laws to others who are not professionals in the field.

superior abilities in both speaking and interacting with others

bargaining skills

planning and organisation skills

problem-solving skills

time management and the capacity to operate under strict time constraints are required.

attention to detail

an adaptable method of approaching one's job

due to the sensitive nature of the majority of the job, tact and discretion are required.

consciousness of the market

a systematic approach to the maintenance of records.

Practice in the workplace

Experience gained prior to entrance is advantageous. When you are in your final year at the university, look for internships or courses during your breaks, and make plans to meet with or observe expert tax advisors. Make every effort to participate in familiarization courses offered by particular companies. A significant competitive advantage may be yours if you were to negotiate a vacation program with one of the bigger chartered accounting companies.

Prior experience in relevant fields such as banking, accounting, or financial services is beneficial.

Employers

The vast majority of tax consultants are employed by professional accounting firms, tax consultancies and practices, as well as the in-house tax departments of big corporations.

However, there are also chances available in the financial divisions of big organizations, law firms, HM Revenue and Customs (HMRC), and banks.

Opportunities are becoming more readily available with businesses in the commercial and industrial sectors as well.

Large corporations and financial institutions often have their own departments dedicated to taxes and hire employees who have an in-depth understanding of the particular market area they work in. These companies provide the opportunity for further specialization as well as speedy advancement. In smaller companies, roles tend to be more diversified but less specialized than in larger companies.

Those who are interested in working in compliance, planning, or project and consulting work may find possibilities to do so at firms in industries such as energy, construction, the financial services industry, information technology, the media, and manufacturing.

Self-employment is a possibility for those who possess the necessary qualifications and skills, such as tax advisors. In most cases, they provide a comprehensive package that includes tax, accounting, and financial services.