Welcome

Rob Adams & Vicky Studdart

Merseyside Branch of the Association of Taxation Technicians & the Chartered

Institute of Taxation

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

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

Who would want to work in tax?

Numerate, but not math

geeks

Entrepreneurial- lateral thinking / problem solving

Empathetic

Literate – able to write well Presentable Reliable

Ability to convey

complex information in

a simple manner

Able to use IT and office systems

Motivated to do well

The qualities you need

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.

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

Some employers

Business and IndustryProfessional Services

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

What would I actually do?

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 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

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

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

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)

How it works

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.

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.

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

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.

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.

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).

Want to know more?

For more information go to: www.taxguideforstudents.org.uk/careers