3. 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]
4. 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
5. 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
6. 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
7. 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.
8. In’s and Out’s of tax in the UK
Source: Guardian infographics – 2014 Budget
9. 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?
10. 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
11. Benefits of a Career in Tax
• 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 – individuals and businesses all
require advice and supportive from tax professionals to
comply with tax laws
• 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 of tax professionals
who are entering the field and climbing their own ladder of
success.
12. 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
14. 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?
15. 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
16. 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)
17. 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
18. How much can I earn in tax?
Role From Average To
Head of Tax 110k 180k 250k
Group Tax Manager/Senior Manager 80k 100k 125k
International/EMEA Tax Manager 70k 80k 100k
Tax Compliance/Planning Manager 60k 75k 95k
UK Tax Manager 60k 70k 85k
Tax Accountant 45k 50k 58k
Tax Assistant 25k 40k 45k
Role From Average To
Senior Tax Managers (5-10 years PQE) 55k 70k 80k
Junior Tax Managers (2-3 years PQE) 40k 46k 52k
Tax Seniors (CTA Newly Qualified) 33k 38k 45k
Tax Semi-Seniors (ATT Qualified, CTA Part Qualified) 25k 28k 33k
Tax Juniors (ATT Part Qualified) 18k 24k 28k
In-House
Practice
*PQE – Post-qualified experience
www.michaelpage.co.uk/minisite/salary-survey/accounting-audit-and-advisory-tax-and-treasury
2014 figures
19. Myth busting
Myth 1
I will have to work with numbers
all day.
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.
Myths stopping you from a great career
20. Myth busting
Myth 2
I will have to work long hours
during tax season.
Reality
Yes, but they are predictable and
you can schedule your holidays
and other commitments around
them.
21. Myth busting
Myth 3
Tax changes all the time.
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.
22. Myth busting
Myth 4
I will have to work with auditors
and other people who don’t
understand tax.
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.
23. Myth busting
Myth 5
You have to spend time and
money to become a qualified tax
professional.
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.
24. Myth busting
Myth 6
It takes too long to qualify as a tax
professional.
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).
25. 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
26. What is the role of a professional body?
Protection of the public
Interaction with other
professional bodies
Discipline
Badge of quality
Input into policy and
operational implementation
Acting as the voice of the
profession Leading the debate
Helping to ensure the right
amount of tax is paid
Support for members
• Standards
• Practical guidance and advice
• Access to resources
Professiona
l
Body
Providing networking
opportunities
27. The only UK professional tax bodies
The leading professional body
concerned solely with taxation.
Members have the practicing
title of ‘Chartered Tax Adviser’
The leading professional body
for qualified taxation technicians
who provide UK tax compliance
services and related activities
28. 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)
30. Want to know more?
For more information go to:
www.taxguideforstudents.org.uk/careers
Editor's Notes
#15:Salary - High salaries with just a few years experience
Job satisfaction – never being bored, thanks to creative, challenging and dynamic work environment
Travel – a great deal of job flexibility, allowing you to find work across the country, in different sectors of the economy, and even abroad in other countries
Responsibility – exposure to major business decisions of your employer and your clients, since tax is such a critical component of any organisation and for many individuals
![A Career in Tax
[Insert name and info of the member
giving the presentation and the
audience]](https://image.slidesharecdn.com/templatefortaxcareerpresentationinjointbrandingformat-oct20151-250728055431-af2a799b/85/Template-for-tax-career-presentation-in-joint-branding-format-Oct-2015-1-pptx-1-320.jpg)
![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]](https://image.slidesharecdn.com/templatefortaxcareerpresentationinjointbrandingformat-oct20151-250728055431-af2a799b/85/Template-for-tax-career-presentation-in-joint-branding-format-Oct-2015-1-pptx-3-320.jpg)
![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](https://image.slidesharecdn.com/templatefortaxcareerpresentationinjointbrandingformat-oct20151-250728055431-af2a799b/85/Template-for-tax-career-presentation-in-joint-branding-format-Oct-2015-1-pptx-4-320.jpg)
