By Teresa Mulomi
Tax is unavoidable.
Tax affects everyone at all stages of their lives.
Given the certain and complex nature of tax, tax accountants will always be in demand.
If you are an accounting professional who possesses great numerical & analytical skills and also loves working with a range of clients in an ever-evolving dynamic field, then tax accounting might be the perfect choice for you.
However, before you dive into tax accounting. These are they key specializations you should choose from to define your career path.
- Payroll Specialist
If you chose to become a payroll accountant, your key responsibility will be to process payments to staff promptly and accurately in line with set timelines, standards and tax regulations.
You will have to prepare, analyze and implement payroll transactions, calculations, changes, deductions, and withholdings in a timely manner. The job will require you to calculate taxes, file KRA taxes and make statutory deductions i.e. PAYE, NHIF and NSSF and other deductions that comply with set regulations.
- Corporate Tax Accountant
Corporate tax accountants work with corporations large and small to ensure they comply with existing tax laws. Corporate tax accounting is a very critical and strategic management role that involves corporate tax computation, forecasting and reporting.
As a corporate tax accountant, you will be responsible for reviewing the organization’s structure, financial status and procedures to device strategies for creating better budgets. You will also be responsible for developing plans for optimizing the amount of taxes the company remits by taking advantage of tax credits and deductions and setting up tax shelters.
You will have to stay up to date with existing tax regulations and procedures to prevent audits, errors and tax violations and some clients will expect you to manage both property and payroll taxes.
- Personal Tax Accountant
The more wealth one gains, the more complex the tax system becomes.
As a personal tax accountant you will help a range of private clients from entrepreneurs, high net-worth executives and private wealth individuals manage and protect their investments, trusts and estates.
You will provide a wide range of personal taxation services including: tax compliance and planning, financial planning advice, will and trust planning, inheritance tax and personal accounting services to ensure your clients understand the rules, pay the right amount of taxes and manage their wealth effectively.
These are the three major specialization you can pursue if you want launch a career in accounting. Further specializations include indirect tax accounting which involve managing excise tax, Vat and service tax for clients as well as bookkeeping and management of accounts.
Does a career in tax seem appealing to you? Consider enrolling for a practical accounting training to equip you with the practical skills you need to file KRA Tax Returns, process payroll and do proper bookkeeping.
Ready to launch your career in tax accounting. Join this Practical Accounting Training