The work of a Tax Advisor has two main areas: the tax planning and the tax compliance. Tax planning engages in looking forward and coordinates with the customers concerning legally or lawfully to reduce the tax liabilities in the future, while the tax compliance involves in making and submitting tax returns, figuring or working out other related documents.
Tax Advisors should render clients with the highest quality service. They communicate with the customers concerning the terms of the participation or commitment. For instance, the advisor must determine the customer’s anticipated outcome and must have an agreement between the client about the form and extent of the advice or support to be provided. They research, study and understand the tax legislation. They form or create the details or information, find out which facts are applicable, evaluate or analyze the rationality of any statement or ideas concerning the relevant law to the pertinent facts and making a conclusion affirmed by the data and law. They advise the customer with regards to the significance of the conclusion or decision reached. Tax Advisors may also accomplish complete calculations to compute tax liability. They also submit the tax returns in the applicable time limit or deadline. They deal and mediate with HM Revenue & Customs in behalf of the customer. They also act reasonably and with integrity in exercise prior to the Internal Revenue Service. Customers include worldwide transnational, individual taxpayers and small local business organization.
Some freelance Tax Advisor also tender or provide their customers with accountancy services, for instance value added tax (VAT), payroll and bookkeeping. A Tax Advisor’s work is dependent on the type and size of the company or employer. Bigger accountancy business firms incline to follow a structure that allows greater specialization.
The required education for this kind of profession is a Bachelor's degree or Master's degree. A Tax Advisor must have the ability to communicate with various professionals at all levels of the company. They must have the capacity to work under pressure to meet the deadline on time. They must inform the team and the administration with regards to improving course of action or processes. Other qualifications needed to become a successful in this kind of career include time management, interpersonal skills, teamwork, and problem solving abilities.
According to the salary survey report in United States, the approximate salary for Tax Advisor particularly in New York, New Jersey, South Dakota, North Carolina, Texas, Washington and Kentucky ranges from 80,000 to $115,000 per year. But it also depends to the company, state, duties and responsibilities, projects and level of expertise.