Individuals, small and large businesses require clear and simple advice on tax related matters. A tax specialist plays a crucial role by helping them to understand tax structure and make sure that they are paying the right amount. Tax specialists work for companies and perform duties like reviewing tax returns; determining the exact value of tax; answering tax related questions and discussing any tax related returns. Tax specialists also see to it that all tax deductions and credits follow laws and regulations.
Duties of tax specialists
Tax specialists use their expertise to manage different account-related duties. You may begin your career working with an accounts firm or in an in-house tax department of a company. At the beginning, you have to work as a tax trainee and then go on to specialise in a particular area of tax.
Although responsibilities of these professionals vary according to their position, some common duties that these specialists have to perform include
- Settling accounts
- Preparing monthly sales tax
- Conducting taxpayer surveys
- Analysing financial statements
- Providing support to tax payers
- Meeting clients to accumulate information and explain tax options to them
- Liaising with Customs and Revenue officials on behalf of the clients
- Auditing client’s tax records
- Completing tax forms
Employers’ Expectations from Tax Specialists
A tax analyst or specialist applies fiscal acumen, accounting knowledge and compliance expertise and ensure a company’s tax reporting stick to local, state and federal regulatory standards. Usually, tax analyst jobs require a bachelor’s degree in accounting, taxation or business. Sometimes senior professionals need to have an advanced degree in taxation.
Nowadays, different managerial responsibilities are bestowed on tax specialists working for large organisations. Therefore, advanced degree in business or taxation helps these professionals to efficiently perform their duties. Certification in public accountancy may also help those tax analysts who have prior accounting experience or have spent time in supervisory positions.
Formal training or internship enables career aspirants to familiarise with the tax policies of the state, deductions and tax codes. The state tax laws change frequently. The specialists in this field are hence required to up-date their skills and knowledge. They remain updated through additional training during their service tenure.
Many tax specialists begin their career as accountants or auditors. Professional certification and advanced degree improve chances of these tax specialists to get promoted to higher levels at a faster pace. Skilled and hardworking tax specialists move to the positions of senior tax specialists, tax managers or tax supervisors with few years of experience.
Skills that may help in this profession
Most employers look for the following set of skills in a tax professional:
- In-depth knowledge of tax issues and laws
- Can set priorities and manage various types of duties on time
- Ability to provide assistance in tax related matters
- Interested to attend training sessions and update knowledge and skills
- Able to effectively communicate
- Analytical skills and close eye for details
Most companies rely on software and computer to manage their tax systems; therefore, a tax specialist must know to use automated tax system software and basic computer knowledge in order to manage online databases. Many of the taxation courses introduce the aspiring tax specialists to electronic tax return processes, current software and programming logic.
A tax specialist’s compensation depends on factors like academic qualification, professional certifications, length of service and the size of the company for which these professionals work. The average yearly salary of tax specialists varies between £ 27,000 and £80,000. There are many added privileges that these companies offer to their tax specialists.
You may seek assistance from tax recruitment agencies to start your career as a tax specialist. These recruitment agencies can provide essential job leads and valuable advices that will help you to achieve your career goals.