What is the difference between a Tax Advisor and a Financial Accountant?
Many (I) understand what the role of an Accountant is, but how does that of a Tax Advisor differ?
I have seen the terms 'Tax Advisor', 'Tax Accountant', 'Tax Consultant', etc.. Is there actually any difference between these terms/roles?
Should I complete the ATT and CTA qualifications is it possible/normal practice to move into the general Finance arena or would I be stuck in the Tax world permanently? Accountants often practice but then during the course of their careers move into some general Finance role (maybe management, or Unit Controller, or so). Is this the same for Tax professionals?
Would you say that working with Tax is a secure job? I would imagine so as Tax is everywhere, you can't get away from it. Is there a specialty in Tax that is (and will be) in more demand?
Is there much Law involved in Tax (and what's the split i.e. 50/50)?
What Tax qualifications are demanded? I know ATT and then CTA are, but are there any others that are highly regarded?
I would love to hear from those whom have done both jobs and what their thoughts (pros and cons) are??
Dan, you haven't replied to the people who took the time and effort at this busy time of year to answer your first post yet.
People are not going to help you if you just ignore their efforts.
Tax is a huge constantly changing subject. There is a lot of case law involved in it. You cannot break it down day by day on an average percentage basis.
CTA is most in demand. Before going for CTA you need to first pass something like ACCA. There are no shortcuts.
Accountants call themselves all sorts of different things but the specialisations are simply add ons to core letters.
If you want to be sought after the letters to get are ACA CTA but forget it, unless you are able to get a job in a chartered practice you are not going to get them. Your best option would be ACCA CTA which will take 10+ years to achieve.
I feel that you don't yet realise how complex this industry actually is and how difficult it will be for you to achieve letters which will take years of total devotion to studies.
Its good that you aim for the top of the tree but I think that you may be misjudging how high that tree actually is.
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I don't think you have to do an accounting qualification before CTA, but maybe ATT or something - check out the CIOT website for details since this was all over 20 yrs ago for me.
You will need to do loads of research since this is really hard work per above.
Tax advice is based on tax law, but per the other thread and the AWeb threads, you should also know accounting if you want to advise clients.
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
ATT gives you eligibility to take CTA without being ACCA or having other accounting qualifications. I'm ATT qualified but the jump to CTA is massive as Shaun has inferred, and will require a lot of studying (ATT is no walk in the park either).
Thanks for your replies. With each reply the pieces are starting to fit.
I'm either going to tackle the ACCA with the hope of being a Financial Accountant, or tackle the ATT then CTA and go down the tax route. I am not entirely sure what the differences between each are and due to this I am struggling to make a decision.
In a recent post I made on this forum, and what I am picking up with this thread is the highlighting of hard work required (or wanting short-cuts). I see hard work as a challenge and something I don't have a problem with. What I am concerned about is taking on something that doesn't fully grip me and thus I find the studying a bore (i.e. the subject is not for me). By asking questions, and researching, gives me the best chance of making the right decision before I drive forward with it. Not interested in the difficulty of the exams but the difference between the roles.
My next question?... not sure really. I think you understand where I am. Please feel free to contribute more. I may be back with further questions in due course. I'm getting there.
The route I'd advise is AAT - ATT - CIOT.
This way you'd be able to become self employed if you were unable to find a job in industry / practice.
Not sure of your age, it is relevant, it shouldn't be, yet it is.
Remember that you'd be starting at the bottom of the ladder, competing with kids, who, no doubt have significantly less of an outlay per month than you and I. Thus, apprentices are preferential due to lower costs. It's sad news for us, great for them. That's not saying it's impossible, and this post is purely my opinion. If you begin ACCA and hate it, if you complete F1,2,3 I believe you'd get into the AAT, although, without F6, I'm not sure on how'd you'd get a personal/business tax exemption. The way I look at the qualifications, is as thus, again, in my opinion - AAT would be a nurse, ACCA ICAEW, Doctor/Lawyer. CIOT surgeon.... weird analogy yet still. AAT is a great starting ground, it will give you the basics, it will also leave you knowing you need to know more. With sites like this and others, answers are never far away. HMRC Web, the income tax act etc etc. As for knowing what's best for you, or if you'll enjoy it, if you'll find a secure job, only you know, and have control over that. I wish you all the best in whatever route you go down. (Apologies for the block paragraph)
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
ACCA is an accounting qualification and encompasses a wider brief than ATT and CTA which are specialist tax qualifications. If you intend to be tudying for these part time then ATT will be a quicker route to qualification and if you get bored quickly then it may be the way for you. I'm unclear on your ultimate objective though, are you looking to enter the world of self employment or are you looking at the security of a job? If the latter then I don't think employers will be beating a path to your door even when you have passed if you don't have experience. It might be better to try to get a job in industry whilst studying thus gaining some experience, even if it is doing some ledger work. AAT might be a good start though if looking for employment.
If however you want to go self employed then I would suggest ATT whilst perhaps taking a bookkeeping qualification. It takes time to build your client base but a very good living can be made after a few years.
I also think that your route advice is a good approach for Dan too.
I think that there is definitely a discussion to be had about the age issues faced by career changers but ageism in accountancy I feel deserves a thread all of its own.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
