Paying tax is more than a legal obligation. Companies and enterprises have a moral responsibility to “pay their way”, and making sure tax commitments are accurate and within regulation is critical.
Tax Accountants sit in the engine room of enterprise, charity, governmental, public or personal finance reporting, maintaining tax records and making sure companies and individuals adhere to all tax payments within tight tax regulations.
From being part of teams that audit tax filings, to the management of taxation teams and providing advice to other senior financial and non-financial stakeholders, to working independently in a freelance hybrid tax advisory/accountancy role, Tax Accountants are business-critical, specialist finance professionals, and any job description or list of responsibilities has to take stock of the wide array of skills needed to be successful in this role.
Here are some of the main job responsibilities of a Tax Accountant
Tax Accountants have to prioritise clarity of communication above all else. The same fastidious attention to detail needed to submit a tax payment, for example, needs to be emulated across departments and teams via reporting and collaboration.
In larger companies, charities or public bodies, tax commitments and payments are both a financial and moral imperative and making sure the accounts balance and the numbers match at year-end are essential for legal and public standing and investment opportunities, not to mention the good press and personal achievement.
Attention, and obsession, with detail
Tax professionals of any stripe cannot afford to be loose with detail, but this is especially the case with Tax Accountants. After all, tax returns are a legal obligation and any mistakes on a tax return can result in harsh penalties.
Completing and submitting tax returns
The nuts and bolts of being a Tax Accountant are completing and submitting a tax return for an individual or a business. Naturally, these reports have to be legally compliant, accurate and delivered on time.
Behind the scenes, Tax Accountants will also be involved with tax planning and preparation. Although Tax Accountants are not necessarily company leaders in setting enterprise tax strategy, their expertise will be used to advise and direct certain elements of tax settlement.
Preparing clients for legislative changes
Another cross-business function of tax accountancy is preparation for changes to tax legislation. While, again, the ultimate decision-making power to change company tax strategy is in the hands of CFOs, Tax Accountants will be leveraged to provide advice and hands-on experience-based changes where appropriate to meet changes to tax law.
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