1. Welcome

2. Rob Adams & Vicky Studdart Merseyside Branch of the Association of Taxation Technicians & the Chartered Institute of Taxation

3. 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.

4. In’s and Out’s of tax in the UK

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

6. Who would want to work in tax?

7. Numerate, but not math geeks Entrepreneurial- lateral thinking / problem solving Empathetic Literate – able to write well PresentableReliable Ability to convey complex information in a simple manner Able to use IT and office systems Motivated to do well The qualities you need

8. Benefits of a career in tax Fast changing industry – tax law is updated every year this offering 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 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.

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

10. Some employers Business and Industry Professional Services

11. How Much Money Can I Make in Tax? (2012 figures)

12. What would I actually do? Preparation of tax accounting calculationsAnalysis of dataCarry out tax research and summarise findingsMeet clients as part of the tax teamLearning about corporation tax and helping businesses complyLearn about PAYE and draft PAYE adviceRespond to HMRC correspondence and assisting with enquiriesPreparation of tax notes for accounts and reportingRespond to queries from finance functions and auditorsStudy for professional qualifications (ATT, CTA or others)

13. 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

14. Why a professional qualification? Badge of qualityProfessional 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

15. The UK professional tax bodies The leading professional body concerned solely with taxation. Members have the practising title of ‘Chartered Tax Adviser’ The leading professional body for qualified taxation technicians who provide UK tax compliance services and related activities

16. Entry requirements To be eligible to register as a student you must be at least 16 years old, with a minimum 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)

17. How it works

18. Myths stopping you from a great tax career 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.

19. Myths stopping you from a great tax career 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.

20. Myths stopping you from a great tax career 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

21. Myths stopping you from a great tax career 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.

22. Myths stopping you from a great tax career Myth 5: You have to spend a lot of 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.

23. Myths stopping you from a great tax career 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 member of the Association of Taxation Technicians (ATT).

24. Want to know more? For more information go to: www.taxguideforstudents.org.uk/careers