Studies & Degrees in Tax Consultancy for Businesses
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Tax consultancy is usually carried out by financial specialists, who assist clients with various tax issues. The most common service tax consultants provide is helping businesses or individuals prepare and file their tax returns. This is quite an essential thing to do, because failing to pay taxes may lead to a lawsuit, or incorrectly prepared documents could hinder a tax rebate the company is due.
In relation to this, tax consultants give help to businesses, advising on all types of tax matters; this can also include changing how the business is set up, or re-distributing payments and income to a different tax year. Responsibilities included are the constant review of tax compliance of the company; keep management informed on tax developments that can affect the business; consult on how to involve tax consideration into the overall strategy of the firm; if necessary, become involved in dispute resolution. Tax consultants are also very likely to specialize in an area – taxation on businesses, property taxation, tax low regarding charities, etc.
- Excellent written and verbal communication skills. Ability to transform financial jargon and terms to more easily perceivable language
- Good at analyzing and presenting complex information
- Ability to win the trust of clients
- Problem-solving skills
- Discretion and confidentiality – often tax consultants reach very sensitive areas within the business
- Excellent team-player
In order to become a tax consultant, you need a solid foundation in accountancy or finance, which definitely involves formal education, and a bachelor’s degree at the very least. You should also have in mind that tax laws vary by country, and so do the requirements for acting as a tax consultant. When choosing an institution, you should consider whether they provide good access to electronic journals and books in this field, as you will have to constantly update and develop your knowledge. Some universities have formed very strong relationships with various financial and consultancy corporations, offering amazing opportunities for placements and summer internships, and have highly concentrated student organizations that invite guest speakers and organize events. You should definitely be aiming at such a school, if you are really interested in this area.
Last but not least, you would need to hone your knowledge and skills in tax consultancy by constantly reading articles and developments on the Internet, seek to establish contact with experienced tax consultants, and join various groups and forums.
Career prospects for well-qualified, experienced professionals in this field are excellent. Financial and tax matters are usually the most complicated area for any manager, and for this reason, almost any company – big or small - would need your expertise.
To start with, you can look for employment within the ‘taxes’ department of companies like Deloitte, Ernst & Young, etc. who normally have programs for recently graduated individuals. You should keep in mind that the process can be quite selective, and solid education background is crucial. You can also start by doing an accountant job at a big firm, continually gaining knowledge in the area of taxes, looking to work closely with other tax consultants, and eventually becoming a tax consultant yourself. Career options are very diverse, and not too many people are good at performing this type of service, so your career largely depends on your own motivation and perseverance.