Five Reasons to Work in Tax
Tax sometimes gets a rough deal. It’s battling a rather rotten (and inaccurate!) stereotype of being a bit of a dreary career path. In reality, the modern tax industry offer loads of dynamic career opportunities. So don’t be put off by the hear-say! Here are just five reasons to work in tax…
The calculations you do have to make can be pretty complex, so if you’re good at getting stuck into mathematical problems and you’re a logical thinker then tax is certainly going to push those buttons. Tax advisers and tax accountants will often work closely with auditors too whenever these calculations form part of a company or public sector audit.
But if you thought a job in tax was just about the calculations then think again! Tax advisers need to have an in-depth understanding of the law; keeping up with complicated and ever-changing legislation is no mean feat! It’s not just the mathematical side of your brain that’ll be at work in this industry; strengths in interpreting complex information is also a must.
Personal advisory roles (providing tax advice for individuals) also branch out to advise on things like pensions and share-option schemes too, so the remit isn’t always completely tax focused, and knowledge of business strategy is also necessary for roles in corporate tax as it’s likely you’ll be involved in company planning at top levels to help them reduce their tax bills.
A job with a juicy salary is always a bonus, and a career in tax can certainly draw in a big pay packet! As a trainee you could start out on anything between £20,000 and £30,000, and as you go up the scale you can expect to earn a salary of around £50,000 or more. Highly experienced senior tax advisers and directors can earn salaries over £100,000 – particularly in the City.
A large amount of clients all with different needs, various projects and tax legislation that’s constantly changing, both in the UK and overseas, there is certainly plenty to keep you busy in a tax career. It’s vital to keep on top of all developments as compliance forms a big part of a career in this industry. Tax advisers have to ensure their clients meet all requirements set out by the law.
Plenty of scope for career progression
Tax has a nice variety of professional qualifications to get you fully prepared for a career in tax and set you up for promotions and more senior roles. There’s the ATT (The Association of Tax Technicians), ACA (from the ICAEW) and the CTA (Chartered Tax Adviser from the Chartered Institute of Taxation), which is the highest level taxation qualification in the UK.
Wealth of options
There are also various areas of tax to specialise in once you’re qualified. You could work in personal tax, corporate tax, indirect taxes or employment tax, and there are even chances to work abroad with professional services firms.