What tempted you to choose a career in tax?

Guest Editor Welcome

How many of us chose to become accountants so that we could prepare accounts and tax returns? There’s nothing wrong in focusing your practice around such tasks. But is it what you dreamed of doing when you chose your career?

I was prompted to ask this question after reading some of the articles that appear in this issue. By way of background, I should mention that accountancy was my back up choice of career after I concluded that I wouldn’t be able to make a living as a children’s party entertainer and magician!

In the event, after (eventually) qualifying as a chartered accountant I chose to specialise in tax work and enjoyed a successful career in practice for about 25 years. This included time as a partner in two large firms.

I stopped giving tax advice after a redundancy in 2006. I chose instead to focus thereafter on those aspects of my career that I more enjoyed: Writing, Speaking for and Mentoring accountants.

The exams that students face these days are unrecognisable from those I would have sat 40 years ago. This is especially clear from the student article in this issue, which explains how to prepare for the scenario-based exam question in the Developments in Auditing and Assurance paper. This focus on ‘real- life’ scenarios is crucial and yet, as ever, simply passing an exam does not mean anyone is immediately ready to advise clients or to run their own practice.

In this regard, I was struck by a key piece of advice given by AIA President Shahram Moallemi at the end of his interview (see page 16 of this issue). He reminds us that we need to help clients appreciate that they are paying us to provide them with advice, not simply to prepare their accounts and tax returns.

A similar point is evident from Dr Peter Ellington’s article, which explains the importance of integrating sustainability, environmental, social and governance factors into accounting firms’ practices.

And then there are two tax focused articles. One summarises key elements from the recent UK budget. The other is (coincidentally) written by an old colleague of mine, Tim Keeley, who explains why it is more important than ever to review your clients’ offshore tax structures.

In some ways, Tim’s advice also reflects the views I share in my article about professional ethics. This includes a recommendation to seek out external support when clients need advice that goes beyond your level of experience.

Let’s be honest. None of us chose to become accountants because we wanted to risk being sued for negligence!