Why work in Tax
Tax affects everyone. Tax is part of government, business and everyday life. It is a mixture of law, accountancy and administration. This is why it is a highly respected profession and why experienced tax professionals are in demand.
A career in tax offers a rewarding blend of mental stimulation and challenge, numerical analysis, creativity and current social thinking.
Here are five compelling reasons to join the profession:
1. Support clients’ legal needs
Chartered taxation professionals play an important role in the management of organisations. They offer professional advice and assurance to help clients make the right business decisions. Some advise on Tax policy, create tax legislation, and administer the collection of taxes for the government. Others act for and advise businesses of all types who are required to pay taxes.
2. Progress with your career
A career in taxation offers attractive long-term options and a vast variety of roles. The complex and diverse nature of taxation means that tax professionals can rapidly develop areas of specialist knowledge. Many of our members start off as trainees and progress all the way to the top of organisations, becoming partners or owners in professional firms, or taxation directors in business. The main specialisms are:
- Tax technology
- Inheritance tax, Trusts and estates
- Customs and excise duties
3.Every day is different
Contrary to common perception, tax is not boring. Far from it! The adrenaline rush of managing the needs of a client will keep you on your toes. You’ll find yourself meeting different challenges, creating opportunities and problem solving under pressure. You’ll rarely be doing the same thing from one day to the next. Tax is a fast, exciting profession. It’s a people business, full of change and opportunity.
Here’s a taste of what you could be doing on a daily basis:
- Working on or checking over a tax return for a client
- Reviewing a change in tax legislation and reporting back to your colleagues
- Collating information on a client’s tax position to prepare for a meeting
- Corresponding with HMRC to resolve queries about a client’s taxes
- Meeting with a client to explain the tax implications of different business options
- Explaining to a high net-worth individual how their country of residence will affect their tax
- Calculating your client’s potential taxes to work out which financial arrangement is most tax-efficient
- Setting up a family trust or helping to plan the best way for someone to leave their estate when they die
4.Great earning potential
A career in tax has an enormous amount to offer. Variety, intellectual stimulation, responsibility and the opportunity to earn a competitive salary. Although salary isn’t always a primary motivator, it is reassuring to know that as a Chartered Tax Adviser you can look forward to a very competitive salary, while you train and once you qualify.
5.Opportunity to work anywhere
Career progression depends on gaining professional qualifications and experience. There are excellent opportunities for generalists in public practices who want to handle personal or corporate tax work.
Larger firms provide opportunities for specialisation, in areas such as:
- corporate finance
- mergers and acquisitions
- private clients and international tax.
Opportunities for tax advisers are diverse and, once CTA qualified, movement between the broad areas of tax consultancy, commerce, industry, the legal profession and HMRC is common.
Becoming a tax adviser opens up excellent opportunities to work overseas, especially for those in public practice firms with experience in expatriate or corporate tax.