Transcript Document

A Career in Tax
[Insert name and info of the member
giving the presentation and the
audience]
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?
Tax Adviser
The tax profession is full of
the most charming, eloquent, Taxation Technician
Technical specialist
intelligent & modest people
International tax
you could wish to meet!
Corporation tax
Tax supervisor
[INSERT PICTURE OF THE
Investigation
MEMBER VOLUNTEER(S) GIVING
Tax Director
THIS PRESENTATION]
VAT
My Career
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[if desired, presenter to insert background or speak to the following points:]
My educational career (school / university / degree / or other)
My first job
My first tax job
My qualifications (tax, accountancy, other)
My current role(s)
My current and former clients (where and if relevant)
My “thing I wish I knew then that I know now” nugget for you to share
What is it about tax?
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The tax industry is an incredibly stable profession, regardless of boom or bust,
depression, recession or growth.
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People often joke about death and taxes being the only thing you can count on in life!
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After all, regardless of the economic climate – the government still collects taxes.
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The UK has the most complex tax system in the world.
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Guide just for students! ww.taxguideforstudents.org.uk
Tax and Society
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Tax is collected from every person or organisation which receives or buys something of
value. For example: salary, business revenue, fuel, inheritance, home, etc.
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Tax is then used to pay for a wide variety of public services.
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The Government has a website you can visit for more information to better
understand tax: www.taxmatters.hmrc.gov.uk
Where taxes come from
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There are many types of tax that contribute to the UK Government budget. They
include:
Income Tax A personal tax on your personal income, above a certain amount. That
income usually includes wages, pensions and interest on savings.
Corporation Tax Paid by companies on their profits.
Excise Duties There are various excise duties – they include Car Tax and tax on goods
such as alcohol and tobacco.
Value Added Tax (VAT) You pay VAT when you buy goods and services in the European
Union (EU), including the UK. It's normally included in the price of the goods or service
you buy. VAT is not payable on some things.
Council Tax Helps pay for local services like policing and rubbish collection. It’s a tax on
the value or size of the home you live in whether owned or rented.
People also pay National Insurance contributions. This is the money you pay to build
up your entitlement to state benefits such as Jobseekers’ Allowance, Incapacity Benefit
and the State Pension.
In’s and Out’s of tax in the UK
Taxes and the Moral Issues
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So the money is collected in through taxes and then the government spends it? That’s
the theory, but it isn’t that straightforward!
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Some people make mistakes and don't pay the right amount of tax. Tax professionals
and HMRC spend a lot of time helping people to get their tax right.
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Not everyone plays by the rules.
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The moral dimension – considerable media discussion. Have you been aware of the
publicity around Starbucks and Amazon this year?
Why do we need tax jobs?
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Politicians in Parliament decide on the taxes and pass them into law (Finance Bill is
decided every year)
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Someone has to take the law and decide how much tax people should pay (HMRC)
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HM Revenue & Customs oversee the administration and collection of taxes
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Some people need help calculating how much tax to pay
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Organisations need to calculate their own tax and understand the tax consequences of
their actions
Benefits of a Career in Tax
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Fast changing industry – tax law is updated every year means that working in taxes
offers a highly stable, secure and high paying career option
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Everyone is subject to taxes – individuals and businesses all require advice and support
from tax professionals
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UK tax is only relevant to UK tax payers which means there will be jobs in the UK
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Increasingly culturally diverse population of tax professionals who are entering the
field and climbing their own ladder of success.
Where do tax people work?
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Business (local, national and international)
Running your own tax business
HM Revenue & Customs and local government
Advisory firms (tax consultancies, accountancy firms, legal firms)
Some Employers
Business and Industry
Government
Professional Services
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?
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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:
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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?
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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
From
55k
40k
33k
25k
18k
Average
70k
46k
38k
28k
24k
To
80k
52k
45k
33k
28k
Practice
Role
Senior Tax Managers (5-10 years PQE)
Junior Tax Managers (2-3 years PQE)
Tax Seniors (CTA Newly Qualified)
Tax Semi-Seniors (ATT Qualified, CTA Part Qualified)
Tax Juniors (ATT Part Qualified)
*PQE – Post-qualified experience
www.michaelpage.co.uk/minisite/salary-survey/accounting-audit-and-advisory-tax-and-treasury
Myth busting
Myth 1
Reality
I will have to work with numbers
all day.
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
Reality
I will have to work long hours
during tax season.
Yes, but they are predictable and
you can schedule your holidays
and other commitments around
them.
Myth busting
Myth 3
Reality
Tax changes all the time.
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
Reality
I will have to work with auditors
and other people who don’t
understand tax.
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
Reality
You have to spend time and
money to become a qualified tax
professional.
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
Reality
It takes too long to qualify as a tax
professional.
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?
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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
Acting as the voice of the
profession
Discipline
Providing networking
opportunities
Professional
Body
Interaction with other
professional bodies
Helping to ensure the right
amount of tax is paid
Leading the debate
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
Two years’ practical
experience in UK taxation
Want to know more?
Want to know more?
www.att.org.uk
www.tax.org.uk
[email protected]
[email protected]
020 7340 0551
020 7340 0550
Facebook.com/ourATT
Twitter.com/ourATT
Twitter.com/CIOTnews
www.linkedin.com/groups?gid=3930317
www.linkedin.com/groups?gid=108458
For more information go to:
www.taxguideforstudents.org.uk/careers