A Career in Tax Fiona Wilkes CTA ATT, Associate at Burgess Hodgson, Canterbury Daniel Harris ATT Student, Bowyer Pounds & Co, Maidstone Irfan Qureshi,

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 OfficerIrene Redman, Business Development and Marketing

Who would want to work in tax?

Chartered Tax AdviserTaxation TechnicianTechnical specialist

International taxCorporation tax

Tax supervisorInvestigationTax 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 AdviserTaxation TechnicianTechnical specialist

International taxCorporation tax

Tax supervisorInvestigationTax 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?

Role From Average ToHead of Tax 110k 180k 250kGroup Tax Manager/Senior Manager 80k 100k 125kInternational/EMEA Tax Manager 70k 80k 100kTax Compliance/Planning Manager 60k 75k 95kUK Tax Manager 60k 70k 85kTax Accountant 45k 50k 58kTax Assistant 25k 40k 45k

Role From Average ToSenior Tax Managers (5-10 years PQE) 55k 70k 80kJunior Tax Managers (2-3 years PQE) 40k 46k 52kTax Seniors (CTA Newly Qualified) 33k 38k 45kTax Semi-Seniors (ATT Qualified, CTA Part Qualified) 25k 28k 33kTax Juniors (ATT Part Qualified) 18k 24k 28k

In-House

Practice

*PQE – Post-qualified experience

www.michaelpage.co.uk/minisite/salary-survey/accounting-audit-and-advisory-tax-and-treasury

2014 figures

Myth busting

Myth 1I will have to work with numbers all day.

RealityProblem 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 2I will have to work long hours during tax season.

RealityYes, but they are predictable and you can schedule your holidays and other commitments around them.

Myth busting

Myth 3Tax changes all the time.

RealityTrue 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 4I will have to work with auditors and other people who don’t understand tax.

RealityIn 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 5You have to spend time and money to become a qualified tax professional.

RealityThere 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 6It takes too long to qualify as a tax professional.

RealityActually, 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?

Protection of the public

Interaction with other professional

bodies

Discipline Badge of quality

Input into policy and operational

implementation

Acting as the voice of the profession

Leading the debate

Helping to ensure the right amount of

tax is paid

Support for members• Standards• Practical guidance and

advice• Access to resources

Professional

Body

Providing networking

opportunities

The only UK professional tax bodies

The leading professional body concerned solely with taxation. Members have the practicing title of ‘Chartered Tax Adviser’

The leading professional body for qualified taxation technicians who provide UK tax compliance services and related activities

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?

For more information go to: www.taxguideforstudents.org.uk/careers

Facebook.com/ourATT

www.att.org.uk

Twitter.com/ourATT

[email protected]

www.linkedin.com/groups?gid=3930317

020 7340 0551

www.tax.org.uk

Twitter.com/CIOTnews

[email protected]

www.linkedin.com/groups?gid=108458

020 7340 0550