May 10, 2023
As you approach the end of your university journey, many can't help but feel a mix of emotions about entering the job market.
On one hand, you're excited to finally put that degree to use and start a career. On the other hand, the thought of job hunting and facing rejection is daunting.
It's a rollercoaster of emotions, from feeling optimistic and motivated to feeling overwhelmed and anxious. These feelings are normal, and MOST graduates are going through the same thing.
In this blog post, I'll be introducing the exciting world of UK/US tax. I'll do my best to explain clearly what is is and why it's an excellent career path for you to consider entering.
A graduate looking to enter the job market, it is important to explore all possible career paths, including those that may involve dual tax handling for individuals or businesses with ties to both the UK and the US.
The UK and the US have different tax systems, and navigating the complexities of both can be a daunting task for individuals and businesses that have income or assets in both countries. This is where dual tax handlers come in - professionals who are trained in both tax systems and can help their clients comply with tax laws and minimise their tax liabilities in both countries.
In the UK, dual tax handlers may work for accounting firms, law firms, or specialist tax firms. They may also work for the UK government or HMRC, providing guidance and advice to individuals and businesses with cross-border tax issues. In the US, dual tax handlers may work for accounting firms, law firms, or financial advisory firms - but there naturally will be more in-house positions open, being their tax regime.
One of the primary responsibilities of a dual tax handler is to ensure compliance with tax laws in both countries. This includes filing tax returns, making tax payments, and keeping up to date with changes in tax laws. They also provide advice on tax planning strategies that can help clients minimise their tax liabilities in both countries.
WHAT WOULD YOU REQUIRE TO SUCCEED?
Dual tax handlers must have a strong understanding of both the UK and US tax systems, as well as an understanding of international tax treaties and agreements that may affect their clients. They must also stay up to date with changes in tax laws and regulations in both countries.
In addition to technical skills, dual tax handlers must also possess strong communication and interpersonal skills. They must be able to explain complex tax concepts in a way that is easy for clients to understand, and they must be able to work effectively with clients from different backgrounds and cultures.
A REWARDING CAREER?
A career in dual tax handling can be rewarding and challenging. It offers the opportunity to work with clients from a variety of industries and backgrounds, and to develop expertise in two different tax systems. It can also be a financially rewarding career path, with high earning potential for those who excel in the field.
HOW TO START A CAREER AS A DUAL HANDLER?
To pursue a career in dual tax handling, it is often deemed important to have a strong foundation in accounting, finance, or law. With that said, many firms will look past that if you have a strong desire to work in the field and can show a 1st or 2.1 in a similar field. An interest or strength in mathematics will be helpful.
Most of the large firms (get in touch to discuss which) offer graduate training programmes which will allow you to rotate through the firm and experience all elements of UK/US tax. Smaller firms also offer excellent training schemes, offering a lot of 1 to 1 support.
For graduates looking to enter the job market, a career in dual tax handling offers an exciting and challenging opportunity to develop expertise in two different tax systems. With the right education and training, a career in this field can be financially rewarding and personally fulfilling, providing a valuable service to individuals and businesses with cross-border tax issues.
Tax is an essential aspect of any country's economy, and it plays a crucial role in funding government services. Tax experts will always be in demand, despite technological advancements and changing economic landscapes.
My view as a Recruiter dedicated to the US tax industry is that the demand for tax expertise will only continue to grow, making tax an attractive and stable career path for those who are interested in pursuing it - globalisation has led to an increase in cross-border movements, creating a strong and unmet demand for US and UK/US tax professionals.
Overwhelmed? Don't be. Almost all of the people I know in the UK/US Dual-handling space would actively encourage you to reach out to them and be open to giving you advice.
Have a questions?