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

Who would want to work in tax? Chartered Tax Adviser Taxation Technician Technical specialist International tax Corporation tax Tax supervisor Investigation Tax Director VAT

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] Tax Adviser Taxation Technician Technical specialist International tax Corporation tax Tax supervisor Investigation Tax Director VAT

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! ww.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:

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.

In’s and Out’s of tax in the UK

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 and Amazon this year?

Why do we need tax jobs? Politicians in Parliament 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) HM Revenue & Customs oversee the administration and collection of taxes Some people need help calculating how much tax to pay Organisations need to calculate their own tax and understand the tax consequences of their actions

Benefits of a Career in Tax Fast changing industry – tax law is updated every year 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 support from tax professionals UK tax is only relevant to UK tax payers which means there will be jobs in the UK Increasingly culturally diverse population of tax professionals who are entering the field and climbing their own ladder of success.

Where do tax people work? Business (local, national and international) Running your own tax business HM Revenue & Customs and local government Advisory firms (tax consultancies, accountancy firms, legal firms)

Some Employers Business and Industry Professional Services Government

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?

What qualities do tax professionals need? Numerate but not math geeks Entrepreneurial- lateral thinking / problem solving Empathy– 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 Motivated to do well

What would I actually do? A tax trainee typically starts out with training 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? RoleFromAverageTo Head of Tax110k180k250k Group Tax Manager/Senior Manager80k100k125k International/EMEA Tax Manager70k80k100k Tax Compliance/Planning Manager60k75k95k UK Tax Manager60k70k85k Tax Accountant45k50k58k Tax Assistant25k40k45k RoleFromAverageTo Senior Tax Managers (5-10 years PQE)55k70k80k Junior Tax Managers (2-3 years PQE)40k46k52k Tax Seniors (CTA Newly Qualified)33k38k45k Tax Semi-Seniors (ATT Qualified, CTA Part Qualified)25k28k33k Tax Juniors (ATT Part Qualified)18k24k28k In- House Practice *PQE – Post-qualified experience treasury 2014 figures

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.

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.

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.

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.

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.

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).

Why 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? 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 Professional Body Providing networking opportunities

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

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)

How it works Two years’ practical experience in UK taxation

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