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. Its 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.
Ins and Outs 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?
The qualities you need

Entrepreneurial-
Numerate, but
lateral thinking / Empathetic
not math geeks
problem solving

Literate able to
Presentable Reliable
write well

Ability to convey
complex Able to use IT and Motivated to do
information in a office systems well
simple manner
Benefits of a career in tax

Fast changing
Everyone is subject
industry tax law is
to taxes individuals
updated every year
and businesses all
this offering a highly
require advice and
stable, secure and
supportive from tax
high paying career
professionals
option

Increasingly cultural
UK tax is only diverse population
relevant to UK tax of tax professionals
payers which means who are entering
there will be jobs in the field and
the UK climbing their own
ladder of success.
Where do tax people work?

Advisory firms
(tax
Business (local,
consultancies,
national and
accountancy
international)
firms, legal
firms)

Running your
HM Revenue &
own tax
Customs
business
Some employers
Business and Industry
Professional 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

Acting as the voice of the

profession Leading the debate
Protection of the public

Discipline
Badge of quality

Providing networking
Professional
opportunities Body
Input into policy and
operational implementation
Interaction with other
professional bodies

Helping to ensure the right Support for members

amount of tax is paid Standards
Practical guidance and advice
Access to resources
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 The leading professional body concerned

for qualified taxation technicians solely with taxation. Members have the
who provide UK tax compliance practising title of Chartered Tax Adviser
services and related activities
Entry requirements

To be eligible to register as a
To be eligible to register as a
student you must be at least 16
student you must hold a previous
years old, with a minimum standard
professional qualification (ATT is
of English and mathematics
one of several choices)
How it works
Myths stopping you from a
great tax career

Reality: Problem solving, interacting

with people, communication and
Myth 1: I will have to work with
understanding business is the most
numbers all day.
important. Working with numbers
can be a small part of the job.
Myths stopping you from a
great tax career

Reality: Yes, but they are

Myth 2: I will have to work predictable and you can
long hours during tax schedule your holidays and
season. 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
dont 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

Reality: There is no question that

a prestigious profession takes
Myth 5: You have to spend a lot of
time, money and work. However
time and money to become a
if you want to greatly expand your
qualified tax professional.
job opportunities and earn money
its 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