What is a tax advisor and what do they do?
In simple terms a tax adviser advises individuals and businesses about taxes: what taxes apply to them, how to pay the relevant taxes, and how to reduce the tax paid within the constraints of the law.
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Discover our business coursesWhat is a tax advisor and what do they do?
In simple terms a tax adviser advises individuals and businesses about taxes: what taxes apply to them, how to pay the relevant taxes, and how to reduce the tax paid within the constraints of the law.
Depending the organisation, you might specialise in:
- Compliance work – related to meeting obligation to pay tax
- Consultancy work – how best to organise tax affairs to reduce the overall bill.
You may also specialise in particular areas of tax such as corporation tax or ‘trusts and estates’.
What are the different types of tax adviser?
Most tax advisers will work either in accountancy firms or tax consultancy companies, but there are opportunities ‘in-house’, employed by the company you advise, and there is also Her Majesty's Revenue and Customs (HMRC). In addition, you could be a lawyer working in the area of tax – although if interested in this route you would usually aim to qualify as a lawyer, first and then specialise.
What qualifications are needed to become a tax adviser?
Most recruits are graduates, and while many recruiters will take those with any degree, for obvious reasons, degrees in the following areas may be particularly relevant:
- Accountancy and finance
- Law
- Economics
- Mathematics
- Business.
If you are recruited onto a graduate scheme, you will be expected to study and pass additional qualifications, which may depend on the employer and your role. For example, one of the large accountancy firms requires tax advisers to pass a joint ACA CTA (Association of Chartered Accountants and Chartered Tax Adviser) qualification.
What skills do you need?
With a varied job comes the need for varied skills, but core for those pursuing this as a career are:
- Numerical ability
- Excellent communication skills to explain complex issues in simple terms
- Attention to detail
- Methodical approach to work.
How do you become a tax adviser in the UK?
For most, entry is via a degree and then recruitment by organisations such as accountancy firms. You will become a trainee within the organisation and undertake professional qualifications such as the Association of Taxation Technicians qualification and the Chartered Tax Advisers examination.
How much do tax advisers get paid?
There is considerable variation in the role, depending on who you advise and who employs you. Graduate entry roles (pre-qualification) will typically be in the £25,000 - £35,000 range. Once qualified, salaries tend to start around £30,000 and from there, progression, seniority and management roles could lead to salaries in excess of £100,000.
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