As a tax specialist, you will use your knowledge of tax legislation to provide advice to clients.
What does a Tax Specialist do?
Research, analyse and interpret changes in tax law
Meet with clients or share information
Work with tax law and revenue provisions
Prepare and submit tax returns on time
Liaise with HM Revenue and Customs (HMRC) on behalf of your client(s)
Provide consultancy to high value private clients
Create tax strategies for clients
Carry out detailed tax calculations
Establish family trusts
Provide guidance on taxes such as VAT
Produce reports and presentations for clients
What skills and interests should an Tax Specialist have?
A tax specialist needs to be good with numbers and able to analyse complex financial data from a variety of sources (accounting records, sales invoices and VAT returns) as well as working in a confidential manner with sensitive information. They need to keep up-to-date with tax law to identify changes that might affect their clients’ tax arrangements. - Ability to Work Under Pressure - Commercial Awareness - Data Analysis - Finance - Flexibility - Handling Pressure - Negotiation - Numeracy - Organisation - Problem Solving - Time Management
What hours does a Tax Specialist typically do?
You will typically work 9am to 5pm, Monday to Friday, with some occasional extra hours, particularly at the end of the financial year (beginning of April).
What environment is a Tax Specialist based in?
You will be based in an office, although you might need to spend time at clients’ premises, too.
How much does a Tax Specialist travel?
There will be regular travel involvement to meet with clients. Depending on the size of your employer you may be required to travel overnight and/or overseas.
How much does a Tax Specialist get paid?
Starting salaries range from £18,000 to £25,000 per annum. With experience, you can earn up to £55,000, while managers and directors can earn up to £140,000 a year.
Typical progression opportunities for a Tax Specialist
Opportunities for promotion are strong. You may want to move into specialist areas such as corporate finance, and acquisitions, or dealing with private clients and international tax. It may also be possible to move into more general finance and accountancy roles. There may also be many opportunities to work overseas.
What qualifications does a Tax Specialist need?
Pre-entry work experience at tax and accountancy firms will be of an advantage. Other experience in accountancy, banking or financial services will also be useful.
Most firms will offer either graduate or apprenticeship schemes, though graduate hires make up the majority of their recruitment during the course of a year.
At the start of your career you are likely to become a tax trainee with a firm of accountants or solicitors, and then study for the Association of Taxation Technicians (ATT) qualification.