When deciding on a career there are a variety of different directions and interests that you can follow, choosing a career as a tax adviser can be challenging and rewarding offering clients small and large from individuals to companies advice on how best to manage their tax and the best advice for future planning.
Tax advisors need to have the ability to explain complicated legislation, and its possible implications on a client and their business in easy tangible bits of information.
Tax accountants also assist with all aspects of taxation this helps them get a full and detailed background in order for them to create the best tax strategy moving forward for their client and their company. This will involve carrying out a detailed look at the company’s accounts to calculate tax liability, submit tax returns by the relevant deadline and then in turn deal with HMRC on behalf of their clients to resolve any issues that may have arisen.
Typical daily activity
Although this is a basic list it demonstrates the likely tasks of a tax accountant and what they could expect.
• Tax planning –
involves looking ahead and structuring clients’ business Tax Advisors matters in a lawfully way to minimise future tax liabilities.
• Tax compliance
involves preparing and submitting tax returns, computations, and associated documents.
Depending on the level of your first role as a tax accountant you may focus on compliance activities which can include completing tax returns and calculating amount payable with the future aimed at consultancy and specialisation as their career develops as a tax accountant.
The work of a tax accountant will depend on the nature and size of the employer. Smaller firms will likely mean you will see a wider ranger of activity but work for smaller local based companies offering a personal service and getting to know your clients. On the other hand larger accountancy firms lend to choosing a specialism, starting your career in the area that you aim to specialise in can leave you well placed for progression in this area.
Typical work activities include:
• researching, analysing and interpreting changing tax legislation;
• meeting with clients;
• working with tax law and revenue provisions;
• preparing and submitting tax returns;
• liaising and negotiating with HMRC
• tax liabilities;
• family trusts;
• estate planning;
• providing guidance on indirect taxation issues
Sally Cloak has worked in the financial industry for many years and understands the that it can be difficult to know if you are suited to a role in finance, this series looks at the different roles within tax, being a Tax accountants play a vital role for a company to succeed helping their clients.