What does a Corporate Tax Assistant do?
A Corporate Tax assistant supports businesses in managing their tax obligations, ensuring compliance with UK tax laws, and optimising tax efficiency. Their role is vital for avoiding penalties and achieving financial objectives while adhering to HMRC regulations.
Here’s a detailed look at their responsibilities:
Corporate Tax Compliance:
• Assist in preparing and submitting Corporation Tax returns (CT600) to HMRC.
• Ensure timely payment of Corporation Tax liabilities to avoid penalties.
• Support in preparing computations for quarterly or annual tax instalments.
Tax Accounting:
• Help in reconciling tax balances in financial statements.
• Assist in the preparation of year-end tax provisions.
• Ensure compliance with FRS 102 or IFRS accounting standards.
Data Collection and Analysis:
• Gather financial data from internal departments (e.g., accounting) for tax computations.
• Analyse financial records to identify allowable expenses, capital allowances, or other deductions under UK tax laws.
HMRC Liaison:
• Handle correspondence with HMRC, including queries, audits, and investigations.
• Assist in responding to notices and resolving disputes related to tax matters.
Support with VAT and PAYE:
• Occasionally assist in VAT return preparation and compliance.
• Support with PAYE and National Insurance contributions (NIC) compliance for employees.
Tax Planning and Advisory:
• Support senior tax advisors in identifying opportunities for tax savings.
• Contribute to advising on the tax implications of business decisions, mergers, acquisitions, or investments.
Keeping Up with Legislation:
• Stay updated on changes in UK tax laws, including updates from HMRC or annual Budget announcements.
• Implement changes in processes to ensure compliance with new regulations (e.g., Making Tax Digital).
Key Skills:
• Strong knowledge of UK corporate tax laws and regulations.
• Proficiency in tax software and tools like TaxCalc, Alphatax, or Xero.
• Analytical thinking and attention to detail.
• Ability to manage deadlines and handle multiple tasks efficiently.
Qualifications:
• A degree in accounting, finance, or a related field.
• Studying towards or holding certifications like ATT (Association of Taxation Technicians), CTA (Chartered Tax Adviser), ACA (Associate Chartered Accountant) or ACCA (Association of Chartered Certified Accountants).
• Internship or work experience in a tax, finance, or accounting role is beneficial.
