Nature of work
Tax advisers must use their knowledge of tax legislation to provide consultancy services to clients to help them pay their taxes in the most efficient way and benefit from tax advantages/exemptions. They should keep up to date with changing tax laws, research and analyze them. They should also meet with clients and explain complicated legislations in simple terms. Tax advisers work with tax law and revenue provisions and negotiate with Revenue & Customs. Finally, they prepare and submit tax returns, as well as provide guidance on indirect taxation issues (VAT, customs planning and environmental taxes).Some self-employed tax advisers offer their clients a range of accountancy services (bookkeeping, payroll and VAT).
There are two main areas of work:
Tax planning - staying abreast of changes in tax law and structuring clients’ affairs lawfully to minimize future tax liabilities. Tax planning is normally carried out by tax professionals operating within an accountancy practice or lawyers in law firms.
Tax compliance - ensuring a client meets all tax obligations by preparing and submitting tax returns, tax computations and any other necessary forms, dealing with tax authorities. This work is undertaken by accountancy practices.
Environment of work
Tax adviser dedicates 8 hours of day to work. He must expect to work some extra hours and at weekends during busy times such as end of the tax year. Sometimes he can find companies that introduce more flexible working hours. He can have career breaks or work part-time. If he chooses to work with private clients, be ready to pay them home visits sometimes out of hours. He may even have to be absent from home at night. Overseas travel are occasionally needed, but more likely when he become a senior manager. Most of work of a tax adviser will be done in a team environment. This job involves working to deadlines, which are usually absolute as tax return deadlines are non-negotiable.Once qualified, and with several years' experience, he can become self-employed where he usually deals with individuals, self-employed traders, partnerships and small companies.
Professional life
A fresh graduate might focus on compliance activities (completing tax returns and calculating amount payable). Gradually, he can move towards consultancy and specialization as his career develops. To move quickly from a generalist to specialist, he should work for larger accountancy firms as their structures permit greater specialization. In large companies he will be allowed to undertake research about a particular specialist area on behalf of more experienced colleagues. He can also specialize in corporate finance, mergers and acquisitions, private clients and international tax.He can move between the broad areas of tax consultancy, commerce, industry and the legal profession; or move to more generalist financial roles within industry or in the city. Excellent opportunities to work overseas are available, especially if he works in public practice firms and has experience in expatriate or corporate tax.
The key to his advancement is gaining professional qualifications, ability and a willingness to work hard. Qualification as a chartered tax adviser is the gold standard among tax professionals, both technically and in terms of ethical and professional standards.
Starting salary ranges between: 25000 and 35000 SYP
Getting the job
The good thing about this occupation is that it is open to all kinds of majors. However, the closest majors related to this career are Accountancy and Finance, Business/Management, Economics, Law, and Mathematics/Statistics.Working as a tax adviser does not require a postgraduate qualification unless entry to the profession is following training and qualification as an accountant or solicitor.
Skills
In order to be successful in job as a tax adviser, candidates need to cultivate certain skills. For example, they should have a high level of numeracy and a logical and analytical mind. They should also be able to interpret and explain complex legislation to their clients; therefore, communication skills, both oral and written, are essential. They will also need to show evidence of good negotiation skills, flair and creativity, and finally commercial awareness. Sources and references
If you need any further information on what is included in this file, you can visit the following websites: www.taxadvisermagazine.com, tax adviser magazine.
www.associationoftaxadvisors.org, association of tax advisors
Arab Standard Classification of Occupations, 2008, Ed. Arab Labor Organization.
Summary
Tax advisers must use their knowledge of tax legislation to provide advisory services to clients, ensuring that they pay their taxes in the most efficient way and benefit from tax advantages/exemptions. They must keep up to date with changing tax laws and explain complicated legislations to their clients in simple terms.They may also offer other accountancy services. A tax adviser’s work is highly detailed and complex and can be challenging and rewarding.