Are you thinking about entering the world of taxation? For those with a degree in maths, accounting or business, this could be a smart choice if you’re looking for a stable job and a great income. But, is taxation the right career choice for you? That’s what we’re going to look at today. Let’s start by thinking about the type of businesses that you can work for and the job types.
What Firms Will I Be Working For?
You might work in-house. Some businesses do have their own professional teams for tax. Depending on the company you could be working by yourself or with hundreds of other people. It really can be that varied. You might even be working for a company, but actually, you could complete your job from your own home using the latest cloud technology to check the books. It’s a possibility and you can learn more from this news source.
Alternatively, you might find yourself working for a tax advice firm. In a tax advice firm, your clients could be individuals or full companies. Here, you will – perhaps unsurprisingly – be providing tax advice to people in need be it big business or private individuals.
Or, you may find yourself working for a large accountancy firm. Handling everything from accounting to corporate finances, these companies can be massive, and you’ll find that you are a small cog in a very large machine.
How Much Will I Make?
Starting off, expect to earning anything between £25,000 to £35,000. The good news is that as you gain experience and knowledge, you’re going to become more valuably. After a few years, you can end anywhere up to £100,000. If you’re lucky enough to work for one of the large companies as a partner – kerching! – you can earn upwards of a million annually.
Will I Be Working After Hours?
Only at the busiest times of the year. So tax returns are due in January, and because of this, you can expect to work late nights around this time so that you stay on top of things. As well as this, you need to make sure that you are prepared to pay your dues. But this is true for any corporate job you might be thinking about pursuing.
What Will I Spend My Days Doing?
A lot would be the short answer. For instance, it will probably be your job to get in touch with the HMRC and dispute or query any issue with the tax returns of the client that you are representing. You will also need to make sure that you are meeting with your clients to discuss the ways in which they can make their tax more efficient and effective.
You will also need to handle important documents the Annual Accounts, not to be confused with the Annual confirmation. Visit this website and you’ll find more details on the difference between these two documents, but one will actually be crucial in determining how much a business client will be expected to pay in tax.
Don’t be surprised to find that you are actually breaking down complex information into easy bite-size chunks that the most important clients will be able to easily understand. For many trained tax specialists this can be one of the most tiring and monotonous parts of the job. But it is also one of your most important job responsibilities.
And, of course, you’ll be working up and checking over tax returns, making sure that there are absolutely no issues that could come back to haunt a client later on.
What Tax Areas Can I Work In?
Well, there are a few main areas to think about. Corporate tax is likely where you’ll end up, working on tax for companies and corporations. But there are specialist areas within this, such as working on transfer pricing.
Alternatively, you can also work in the field of tax of goods and services, and you will spend your time looking at the VAT for particular products. This is a substantially different area, and it will still provide you with a great income, if you do decide to take this route.
So, what’s the bottom line? Well, if you love maths and are fascinated by the financial workings of the corporate world, a career in tax could be for you. Aside from handling massive amounts of money, you’ll earn a lot too. However, people in tax often stress that communications are far more important than getting the right sums and finding ways to save your clients money. Ultimately, if you can’t communicate effectively, Tax will be the wrong career choice. It’s not the only career where communication is necessary of course and you can visit this article we wrote to find out more about that.