1. Introduction
A Highly Specialist Profession
During the last 20-25 years, taxation has grown enormously as a profession. Tax legislation has increased from 2,000 pages in 1980 to 6,000 pages today. The number of people employed as pure tax specialists is constantly on the increase as the legislation becomes not just bulkier but more complex as well. Businesses are realising they do not have the resources to cope and are demanding greater levels of hand-holding through the tax minefields.
For those seeking a challenging career in this dynamic environment, the array of options is both broad and attractive.
To move into taxation is not difficult for new ACAs. You already have the core skills needed for a successful transition to a career as a tax consultant.
After qualifying as an ACA, many people decide to change their career path and make the move into taxation. The tax profession continues to enjoy sustained growth because it offers:
Intellectual Challenge Remuneration Fast-Paced Environment Opportunities to Specialise Career Progression
TYPICAL EMPLOYER'S INCLUDE:
At TMP we deal with all the large accountancy firms, including the global 'Big Five' firms. We also have relationships with many smaller firms throughout the UK. While public practice is still by far the largest employer of tax specialists, we also handle regular demand from a wide range of large commercial organisations across industry. 2. Intellectual challenge
As a tax consultant, your job is to create the best tax strategies for the clients in your portfolio. This may involve putting complex tax planning ideas into plain English and explaining what they mean to your clients' businesses, as well as helping clients to fulfil their tax reporting obligations. The work demands advanced intellectual capabilities and also skills such as project management and client handling.
Remuneration
Rewards for successful tax advisers are handsome. Over recent years, remuneration packages have become fairly equal for practice and industry. There is still a premium for corporate tax specialists (which tends to be where most ACAs concentrate); those who go successfully down this route can expect to approach a six-figure salary in a few years. Bonuses are also becoming more commonplace, tending to be based not only on new business won but also on the output of individuals.
3. Fast-Paced Environment
Every year, the Chancellor of the Exchequer's Budget speech announces a multitude of changes affecting the tax affairs of companies and individuals (apart from the prices of petrol, alcohol and cigarettes). The Budget speech, plus ongoing reviews by the Revenue & Customs (formerly Inland Revenue) and various Parliamentary Committees, guarantee that things never stay the same for too long in the world of tax. Tax consultants are under constant pressure to ensure that the advice they are giving, to their clients or their company, is current and provides the best solution.
Chance to Specialise
Some people see tax as a specialist discipline in itself. However, there is a growing demand for high-quality tax advice in many areas which require genuine specialists e.g. mergers and acquisitions, or expatriate tax. It is worth noting that specialisation is an option, not a necessity. It is quite possible to be a successful generalist in corporate or personal tax, or a mixture of both.
Career Progression
The successful tax adviser is well placed to move into supervisory/managerial roles on or very soon after qualification. Many of today's accountancy firm partners are pure tax specialists, as more and more practices recognise the importance of providing this specialist service to their clients. Similarly, in industry, more senior roles are now filled by tax specialists as taxation becomes an important operational consideration for companies.
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