Transcript Document
A Career in Tax
Fiona Wilkes CTA ATT, Associate at Burgess Hodgson, Canterbury Daniel Harris ATT Student, Bowyer Pounds & Co, Maidstone Irfan Qureshi, ATT Marketing Officer Irene Redman, Business Development and Marketing
Who would want to work in tax?
Chartered Tax Adviser Taxation Technician Technical specialist International tax Corporation tax Tax supervisor Investigation Tax Director VAT
Who would want to work in tax?
The tax profession is full of the most charming, eloquent, intelligent & modest people you could wish to meet!
[INSERT PICTURE OF THE MEMBER VOLUNTEER(S) GIVING THIS PRESENTATION] Tax Adviser Taxation Technician Technical specialist International tax Corporation tax Tax supervisor Investigation Tax Director VAT
What is it about tax?
• The tax industry is an incredibly stable profession, regardless of boom or bust, depression, recession or growth. • People often joke about death and taxes being the only thing you can count on in life! • After all, regardless of the economic climate – the government still collects taxes.
• The UK has the most complex tax system in the world.
• The Government has a website you can visit for more information to better understand tax: www.taxmatters.hmrc.gov.uk
• Guide just for students!
ww.taxguideforstudents.org.uk
In’s and Out’s of tax in the UK
Why do we need tax jobs?
• Politicians in Parliament decide on the taxes and pass them into law (Finance Bill is decided every year) • Someone has to take the law and decide how much tax people should pay (HMRC) • HM Revenue & Customs oversee the administration and collection of taxes • Some people need help calculating how much tax to pay • Organisations need to calculate their own tax and understand the tax consequences of their actions
Benefits of a Career in Tax
• Fast changing industry – tax law is updated every year means that working in taxes offers a highly stable, secure and high paying career option • Everyone is subject to taxes – individuals and businesses all require advice and support from tax professionals • UK tax is only relevant to UK tax payers which means there will be jobs in the UK • Increasingly culturally diverse population of tax professionals who are entering the field and climbing their own ladder of success.
Some Employers
Business and Industry Professional Services Government
Will I like working in tax?
• Are you?
Detail oriented? Is everything in your life organised? Are you methodical? Do you enjoy order and process? Are you a good record keeper?
• Or are you?
Creative and strategic? Do you like to find new ways to do things? Do you enjoy games like chess or Risk? Do you enjoy story problems in school? Do you enjoy creating and executing strategy and achieving success?
• Or are you?
Team builder? Do you help others to achieve things together? Do you enjoy coordinating and leading? Do you interact well with all types of people?
What qualities do tax professionals need?
• • • • • • • • • Numerate but not math geeks Entrepreneurial- lateral thinking / problem solving Empathy– you are dealing with other people’s taxes and finances so need to understand them and their issues Literate – able to write reasonably well Presentable Reliable Ability to convey complex information in a simple manner suitable for the client Able to use IT and office systems Motivated to do well
What would I actually do?
A tax trainee typically starts out with training to do basic duties such as entering client information into a tax preparation software program. Then, under supervision, progress on to: • • • • • • • • • • Preparation of tax accounting calculations Analysis of data Carry out tax research and summarise findings Meet clients as part of the tax team Learning about corporation tax and helping businesses comply Learn about PAYE and draft PAYE advice Respond to HMRC correspondence and assisting with enquiries Preparation of tax notes for accounts and reporting Respond to queries from finance functions and auditors Study for professional qualifications (ATT, CTA or others)
The Rewards - What can a job in tax offer me?
• • • • • • • • Intellectual stimulation – never being bored!
Early responsibility Job satisfaction A key role in the financial world Excellent remuneration and prospects Travel Involvement with people The flexibility to work in a variety of different environments
How much can I earn in tax?
2014 figures In-House Role Head of Tax Group Tax Manager/Senior Manager International/EMEA Tax Manager Tax Compliance/Planning Manager UK Tax Manager Tax Accountant Tax Assistant From 110k 80k 70k 60k 60k 45k 25k Average 180k 100k 80k 75k 70k 50k 40k To 250k 125k 100k 95k 85k 58k 45k Practice Role Senior Tax Managers (5-10 years PQE) Junior Tax Managers (2-3 years PQE) From 55k 40k Tax Seniors (CTA Newly Qualified) 33k Tax Semi-Seniors (ATT Qualified, CTA Part Qualified) 25k Tax Juniors (ATT Part Qualified) 18k
*PQE – Post-qualified experience
Average 70k 46k 38k 28k 24k To 80k 52k 45k 33k 28k www.michaelpage.co.uk/minisite/salary-survey/accounting-audit-and-advisory-tax-and-treasury
Myth busting
Myth 1 I will have to work with numbers all day. Reality Problem solving, interacting with people, communication and understanding business is the most important. Working with numbers can be a small part of the job.
Myth busting
Myth 2 I will have to work long hours during tax season.
Reality Yes, but they are predictable and you can schedule your holidays and other commitments around them.
Myth busting
Myth 3 Tax changes all the time.
Reality True but that is what makes it interesting. Most of the tax laws remain the same so when you have a good foundation in tax – changes keep it interesting.
Myth busting
Myth 4 I will have to work with auditors and other people who don’t understand tax.
Reality In tax there is a lot of room for error and mistakes are costly. Your work will be reviewed by numerous people which is a regular part of the job. This is why communication skills are also important.
Myth busting
Myth 5 You have to spend time and money to become a qualified tax professional.
Reality There is no question that a prestigious profession takes time, money and work. However if you want to greatly expand your job opportunities and earn money – it’s worth it.
Myth busting
Myth 6 It takes too long to qualify as a tax professional.
Reality Actually, in as little as two years, working part-time or full-time in a tax role, and passing five exams, you can then become a Tax Technician and member of the Association of Taxation Technicians (ATT).
Why a professional qualification?
• • • • • Badge of quality Professional esteem and status Gain the knowledge, skills and ability faster than just working and learning on the job Better job prospects – improve your employability Ethics - Code of ethics is assumed if you belong to a professional body – fundamental principles: – Integrity – Objectivity – Professional competence and due care – Confidentiality – Professional behaviour
What is the role of a professional body?
Acting as the voice of the profession Leading the debate Protection of the public Discipline Providing networking opportunities Interaction with other professional bodies Professional Helping to ensure the right amount of tax is paid Body Badge of quality Input into policy and operational implementation Support for members • Standards • Practical guidance and advice • Access to resources
The only UK professional tax bodies
The leading professional body for qualified taxation technicians who provide UK tax compliance services and related activities The leading professional body concerned solely with taxation. Members have the practicing title of ‘Chartered Tax Adviser’
Entry Requirements
To be eligible to register as a student you must be at least 16 years old with a reasonable standard of English and Mathematics To be eligible to register as a student, you must hold a previous professional qualification (ATT is one of several choices)
How it works
Want to know more?
www.att.org.uk
020 7340 0551 Facebook.com/ourATT Twitter.com/ourATT www.linkedin.com/groups?gid=3930317 For more information go to: www.taxguideforstudents.org.uk/careers www.tax.org.uk
020 7340 0550 Twitter.com/CIOTnews www.linkedin.com/groups?gid=108458