A tax adviser uses their knowledge of changing tax legislation to provide professional advisory and consultancy services to clients. They explain complicated legislation, and its implications for their clients, in simple terms. Tax advisers advise on all aspects of taxation in order to create the best tax strategies and plan clients' financial futures. They carry out detailed computations to calculate tax liability, submit tax returns by the relevant deadline, and deal with on clients' behalf. Some also offer other accountancy services.
Clients include global multinationals, high net-worth individuals, small local businesses, and individual taxpayers. Tax planning – those carrying out this work could be tax professionals operating within an accountancy practice or lawyers working within law firms. The work involves looking ahead and structuring clients' affairs lawfully to minimize future tax liabilities.
Tax compliance – this involves preparing and submitting tax returns, computations, and associated documents. This is undertaken by accountancy practices. Early work focuses on compliance activities, for example completing tax returns and calculating amount payable, with movement towards consultancy and specialization as careers develop. The work of a tax adviser will depend on the nature and size of the employer.
Larger accountancy firms, for example, tend to adopt a structure that permits greater specialization (new graduates in large organizations may be employed to undertake research about a particular specialist area on behalf of more experienced colleagues).researching, analyzing and interpreting changing tax legislation. Meeting with clients and collating information. Working with tax law and revenue provisions. Preparing and submitting compliance (tax) returns.
Wednesday, December 10, 2008
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