As a chartered tax adviser (CTA), your role within the company is to keep the company abreast of all legal taxation matters that could have an impact of the running of a successful tax practice. You’d also be expected to explain complicated tax legislation/rulings, and its implications for the company, in simple terms to the senior members of the company.
Some of your duties and responsibilities as a CTA could include:
- Researching, analysing and interpreting of changing tax legislation in relation to their services;
- HMRC enquiry work / Tax Tribunals;
- Drafting of relevant documentation for correct implementation of their products;
- Establishing and structuring family trusts, both on-shore and off-shore;
- Dealing with Trademarks, Licences and Royalty payments;
- Assisting the Business Tax Team during significant transactions, such as the disposal / acquisition of UK entities / assets.
Salary & benefits
Newly qualified chartered tax advisers can expect an annual wage ranging between £25,000 and £40,000. Salaries for CTAs can rise to around £55,000, as the career ladder is progressed. The benefits associated with the profession are those that are common within the financial industry: pensions, life assurance, private healthcare and lifestyle benefits, as well as relevant qualifications being paid for.
This is again a role that is often based around the standard five-day working week, through with different pressure periods that will require more work and more hours! Benefits that you can expect in the role include pensions, life assurance, payment for qualifications, private healthcare and various other lifestyle benefits.
Trainee CTAs would be expected to be already on the road to the appropriate qualification or at least be looking to begin studying. They would be expected to know the Workings of UK tax law and HMRC provisions, and have a sound knowledge of the UK pension system. The Chartered Institute of Taxation (CIOT) or the Association of Taxation Technicians (ATT) are both important in helping CTAs to get the qualifications they need.
Training & progression
After qualifications have been completed, and your on-the-job learning has also been fulfilled in accordance with your qualifications, you’ll be ready to start working your way up the ladder in terms of importance and salary. After a few years in a company and once the qualifications are under your belt, it’s possible to become self-employed. Self-employed tax advisers often work with (very rich) individuals, small trading partners and independently, with companies.