Tax Advisors are experts in legislation, procedure and are able to impart this to personal and corporate clients.
Tax Advisors are professionals in providing advice and helping with procedures for clients in both corporate and private spheres. They understand the complex nature of paying tax, the amount of tax to be paid and who has to pay what. Tax Advisors work for private clients, sometimes members of the public, or on a corporate scale dealing with business large and small, always ensuring the correct procedure is being followed and the right amount is being paid.
When graduates start out as a Tax Advisor their responsibilities may be limited to junior duties like Tax returns or compliance, but as their careers grow they may specialise in areas like Inheritance tax or Capital Gains tax. While specialities will develop, graduates must be able to deal with traditional or general tax issues like National Insurance and working with HMRC.
The different worlds of Tax are extremely complicated and while maths skills are very important, it is also important for graduates considering this as a career to be able to use their analytical skills to comprehend complex tax legislation. These high levels of interpretation will need to be accompanied by a logical thought process and a high attention to detail.
With much of the work relating to tax being time sensitive, with an eye on the tax year for example, graduates considering this as a career must be very organised and able to meet deadlines.
Tax advisor salaries
The average starting salary for a graduate Tax Advisor is £23,614. This is a great starting salary for graduates entering the profession and will be increased as graduates continue to train and achieve their professional qualifications from the ACA or similar.
It should also be noted that as a career in Tax starts and grows, graduates can expect to earn similar salaries as others in fields like Chartered Accountancy or Audit. Like these fields also, graduates can expect to watch their salaries grow as they find their niche.
The Daily duties of a tax advisor
The daily duties for a graduate Tax Advisor will obviously be very diverse and be totally dependent on what areas of tax they are looking to specialise and forge a career in. Careers in this profession often start on either Graduate Schemes with big accountancy firms or smaller organisations, however they will always receive training in the basics in tax, before they go on to specialise.
- Advising and meeting with clients - Tax and its liabilities are extremely confusing, so that is why Tax Advisors are looked upon to give clarity to individuals and organisations. This obviously requires graduate Tax Advisors themselves to have a wealth of understanding with regards to procedure, legislation and how these could impact on the client. Tax work also requires high levels of confidentiality and discretion too, when dealing with clients.
- Monitoring changes in the law - Tax rules and regulations are always changing in one way or another and can often be at the mercy of the political will of the day. Graduates wishing to pursue a career in Tax Advisory must be abreast of these changes and aware of the impacts they pose with an eye on when these changes will be implemented and preparing for them.
- Tax returns - Tax Advisors can be responsible for ensuring their client, be it a small business or a multinational, are paying the correct tax according to the law. Tax Advisors need to be aware of the businesses operations and revenue streams and also be aware what this makes the company responsible for paying. This can be difficult and time sensitive work and Tax Advisors can expect busy times at the start of the calendar year in preparation for the end of the tax year.
- Working with HMRC - Her Majesty's Revenue and Customs are the overseeing organisation for tax and those looking for a career in a position of Tax Advisory would be advised to become familiar with this organisation.
A career as a Tax Advisor can be an extremely rewarding career, helping businesses grow and ensuring they are contributing properly and confident in their own growth. The work of Tax Advisors is detail focused and highly analytical so graduates who are considering this career need to add to this competency to high levels of numeracy and organisation. An understanding of businesses and a level of commercial awareness will also help graduates propel their careers forward.