Working as part of an in-house team or providing consultancy services to clients, a Tax Manager is a trusted advisor who works with senior management to plan, implement, oversee, and adapt a tax strategy. These professionals take on a high level of responsibility, ensuring all tax work is completed within deadlines and regulations.
So, what are the responsibilities of a Tax Manager? Typically, the role consists of a wide range of duties but day to day you can expect to be involved in the following:
• Ensuring all tax activity is compliant with laws and regulations.
• Identifying and mitigating any tax related risks.
• Designing and implementing tax policies and risk strategies.
• Being involved with year-end reporting and audits.
• Adapting tax strategies and policies in line with changes to law or regulation.
• Advising senior management on tax issues and irregularities.
• Providing commercial solutions to tax implications of transactions.
• Managing, overseeing, and developing junior members of the tax team.
• Working closely and convincingly with leaders across the business.
You may be unsurprised to learn that it usually takes several years of education and experience before you can become a Tax Manager in the UK. Below is the standard route that many people take into the role.
You will first likely need to study for a bachelor’s degree. Although any subject is valid, the following may help you to continue your studies and find work further down the line:
It is important to note that entry to a career in tax without a degree is possible – usually through an apprenticeship or trainee role with a smaller firm – but is more uncommon.
Once completed, many students go on to study a master’s degree in finance and accountancy. This is an optional step as many employers do not list a postgraduate degree as a prerequisite for Tax Manager jobs.
Graduates then have a couple of options for the first step of their career.
The more direct option is to become a tax trainee at an accountancy firm or within an in-house team. Alongside working, you would need to study for the Association of Taxation Technicians (ATT) qualification. Often, employers provide study support to help cover the costs of the qualification.
The indirect option is open to those who have gone on to become a certified or chartered Accountant after university and have experience of tax, as well as qualified Solicitors, Barristers and Company Secretaries.
Whichever of these two steps are taken, you would then need to sit the Chartered Institute of Taxation’s (CIOT) Chartered Tax Adviser (CTA) exam.
Chartered Tax Advisers often then need around 5-10 years of post-qualification experience in increasingly senior positions before they are ready to become a Tax Manager.
Check out any Tax Manager job description and you are likely to see some or all the below skills mentioned in the role requirements:
• Communication, interpersonal and relationship building skills.
• Organisation and planning skills.
• Great attention to detail.
• Problem solving skills.
• The ability to work to tight deadlines.
• Commercial awareness and understanding of the product or service provided by your employer or client.
• Discretion and the ability to keep work confidential.
• The ability to explain complex subjects to non-finance colleagues or clients.
• The ability to use the Microsoft Office suite – particularly Excel – at a high level.
• Confidence liaising with senior management and stakeholders.
• People management and team leadership skills.
The average salary of a Tax Manager is around £40,000 - £60,000 per annum, dependent on several factors including location, employer type, and your own level of experience. For example, Tax Manager jobs in London will often pay a higher salary than roles in the North of England.
According to our 2022 Audience Insight Report, Tax Managers in our audience earn an average of £48,077 per annum.
We hope that this Tax Manager job description article has helped to provide some answers and give some direction to your career in tax.
Ready to apply? Check out the latest Tax Manager jobs and apply today on GAAPweb.