A career in tax - is it really for you?
As part of our series on different career paths within accountancy we turn to another key career path in the accountancy world - working as a tax accountant.
What is tax advisory?
Tax regulation is not only complex, but it is a constantly changing area. Tax accountants help their clients, (both businesses or individuals) to ensure they are meeting their legal obligations.
For individuals with strong analytical and communication skills, who want to work in a fast-paced sector, a career in tax may be perfect for you.
What type of work does this involve?
On a day-to-day basis work might include completing and submitting tax returns, explaining tax law to high net-worth clients or business owners, or ensuring that you are helping your clients to put strategies in place for proposed changes in legislation.
Other responsibilities might include tax planning activities, and helping your clients ensure regulatory compliance and adhere to corporate governance procedures.
There is a wide range of taxes that you may wish to be involved in - for example: income tax, national insurance contributions, VAT, duties, corporation tax, capital gains tax, inheritance tax to name a few!
Work that you might carry out may include:
Preparing tax computations
Researching legislation and recent legal cases
Advising clients on their tax requirements
Completing and submitting tax returns
Working closely with HM Revenue & Customs (HMRC)
Why work in tax advisory?
Alongside the opportunity to work with a variety of clients, a career in tax accountancy offers the opportunity to work in a sector that evolves quickly and provides new challenges everyday.
Specialising in tax accountancy means that you will be able to work in any accountancy firm, large businesses, public sector bodies and charities, as well as have the skills to work within organisations providing specialist tax advice.
If you have an interest in law, as well as finance, and are looking to work in a fast-paced sector then a career as a tax accountant might be for you.
Would tax advisory suit me?
A career in tax would suit an individual that:
Has great attention to detail
Has great time management skills
Can explain complex ideas in simple terms
Has strong numerical and analytical skills
Has great interpersonal and communication skills
Enjoys applying the law to scenarios
If a career in tax accountancy sounds right for you, the ICAEW and the Chartered Institute of Taxation (CIOT) offers a course that enables you to qualify as an chartered accountant and a chartered tax professional at the same time. This allows you to avoid studying the same subjects twice and will help you to get qualified quicker.