Tax assistant salary
Tax assistants support tax advisors and other tax professionals. It’s a varied job in finance that requires expertise, concentration and good people skills. As with most jobs, the salary a tax consultant can command depends on their level of qualification, location, experience and the company they work for. However, there are opportunities to specialise, gain additional qualifications at work and enter the market with a degree – all of which will give you an advantage when it comes to salary. As with most careers in finance, tax assistants have excellent earning potential.
Job description
There are two distinct elements to working as a tax assistant: the numbers and the people. On the one hand, you’ll be preparing tax computations and tax returns, organising tax reports, analysing data and researching tax legislation. This requires an eye for detail, a good memory and immense concentration. On the other hand, you’ll be supporting at least one tax consultant or professional, helping clients with queries and regularly liaising with tax authorities. So, communication skills – both spoken and written – a positive attitude and professional manner are crucial.
The role of tax assistant is varied; from the area of tax you work in (indirect tax, VAT, capital gains, inheritance… the list goes on) to the kind of company you work for (tax department of a large corporation, a bank, a financial services institution or a small accounting firm). Your level of specialisation and the type of company you work for can, of course, have an impact on your salary.
Starting salary
Your starting salary as a tax assistant depends on your qualifications. You can start your career in an entry-level position with on-the-job training, an apprenticeship involving study for a tax qualification or a graduate position after completing a degree in an area relating to finance, maths, business/economics or similar. If you don’t have a degree, you could be looking at a starting salary of £21-25,000. It’s worth bearing in mind, however, the opportunity to do a fully funded professional qualification as part of your role, such as a traineeship or apprenticeship, represents added value on top of your salary.
Graduate jobs also often include an element of study towards a professional tax qualification, but the skills you learned at university will give you an edge where salary is concerned with starting salaries from £25,000.
Earning potential
Experienced tax assistants, often with specialist tax qualifications, can command a salary of £40,000 or more. As an important supporting pillar of the tax team, your efficiency and knowledge, especially when it comes to changing tax legislation, are valued and rewarded accordingly. It’s also worth remembering that the kinds of qualifications you can take as a tax assistant can be built upon, meaning the role of tax assistant is an excellent gateway to other jobs in tax such as tax advisor, tax expert or accountant, which command an even higher salary of £50-100,000.
Salary sources:
https://www.greatsampleresume.com/job-responsibilities/finance/tax-assistant
https://www.brightnetwork.co.uk/career-path-guides/accounting-audit-tax/career-in-tax/
https://www.reed.co.uk/average-salary/average-tax-assistant-salary
https://uk.indeed.com/career/tax-assistant/salaries