Exploring Careers in Taxation

A Career in Tax [Insert name and info of the member giving the presentation and the audience]

Who would want to work in tax?

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]

My Career [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? 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. Guide just for students! www.taxguideforstudents.org.uk

Tax and Society Tax is collected from every person or organisation which receives or buys something of value. For example: salary, business revenue, fuel, inheritance, home, etc. Tax is then used to pay for a wide variety of public services. The Government has a website you can visit for more information to better understand tax: www.taxmatters.hmrc.gov.uk

Where taxes come from 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.

Ins and Outs of tax in the UK Source: Guardian infographics 2014 Budget

Taxes and the Moral Issues So the money is collected in through taxes and then the government spends it? That s the theory, but it isn t that straightforward! 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. Not everyone plays by the rules. The moral dimension considerable media discussion. Have you been aware of the publicity around Starbucks, Amazon, HSBC, etc?

Why a need for tax jobs? Politicians 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) Someone has to collect the taxes due (HMRC) Some people need help figuring out how much tax to pay so they go to specialists who are tax technicians and tax advisers Organisations need to have people working for them who know about taxes to figure out and pay the taxes that are due

Benefits of a Career in Tax Fast changing industry Fast changing industry tax law is updated every year with the Finance Bill, combined with European and international law changes means that working in taxes offers a highly stable, secure and high paying career option Everyone is subject to taxes Everyone is subject to taxes individuals and businesses all require advice and supportive from tax professionals to comply with tax laws Tax is jurisdictional Tax is jurisdictional means that UK tax is only relevant to UK tax payers which means there will be jobs in the UK Increasingly cultural diverse population cultural diverse population of tax professionals who are entering the field and climbing their own ladder of success.

Where do tax people work? The growing number of taxes and government regulations means that there is a growing demand for people to enter and develop their careers in the tax field Business (local, national and international) Running your own tax business HM Revenue & Customs and local government Advisory companies (tax consultancies, accountancy firms, legal firms) Television, journalism and the wider media

Some Employers Business and Industry Business and Industry Professional Services Professional Services Government Government

Will I like working in tax? Are you? Detail oriented 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 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 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 good tax professionals have? Numerate but not math geeks Entrepreneurial- lateral thinking / problem solving Empathetic 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, particularly Excel and Word Motivated to do well

What would I actually do? A tax trainee typically starts out with training to show you how 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? How much can I earn in tax? 2014 figures In-House Role 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 From 110k 80k 70k 60k 60k 45k 25k Average Average 180k 100k 80k 75k 70k 50k 40k To To 250k 125k 100k 95k 85k 58k 45k Practice Role 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) 25k Tax Juniors (ATT Part Qualified) From From 55k 40k 33k Average Average 70k 46k 38k 28k 24k To To 80k 52k 45k 33k 28k 18k *PQE Post-qualified experience www.michaelpage.co.uk/minisite/salary-survey/accounting-audit-and-advisory-tax-and-treasury

Myth busting Myth busting Myths stopping you from a great career Myths stopping you from a great career Reality Reality 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 Myth 1 1 I will have to work with numbers all day.

Myth busting Myth busting Reality Reality Yes, but they are predictable and you can schedule your holidays and other commitments around them. Myth 2 Myth 2 I will have to work long hours during tax season.

Myth busting Myth busting Reality Reality 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 Myth 3 3 Tax changes all the time.

Myth busting Myth busting Reality Reality 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 4 Myth 4 I will have to work with auditors and other people who don t understand tax.

Myth busting Myth busting Reality Reality 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 Myth 5 5 You have to spend time and money to become a qualified tax professional.

Myth busting Myth busting Reality Reality 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). Myth 6 Myth 6 It takes too long to qualify as a tax professional.

Why work towards 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? Acting as the voice of the profession Leading the debate Protection of the public Discipline Badge of quality Professional Body Providing networking opportunities Input into policy and operational implementation Interaction with other professional bodies Support for members Standards Practical guidance and advice Access to resources Helping to ensure the right amount of tax is paid

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 Entry Requirements To be eligible to register as a student you must be at least 16 years old least 16 years old with a reasonable standard of English reasonable standard of English and Mathematics and Mathematics at To be eligible to register as a student, you must hold a previous professional qualification (ATT is one previous professional qualification (ATT is one of several choices) hold a

How it works

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