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Tax and Interest?

Does working in tax involve working with interest at all?? Like for example if I wanted to gain a CTA and ACA will I have to work with interest in the future? Please help!!

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Yes you may need to calculate interest owed on back taxes etc.
Original post by artful_lounger
Yes you may need to calculate interest owed on back taxes etc.


can you chose to do this or not? do you have to?
Original post by lina.aa
can you chose to do this or not? do you have to?

He said "maybe"

I'm gonna guess it's upto your manager what you are expected to do and the practices of your role. You'll be taught either way I'm guessing. Assuming it's not a role that already requires experience.
Original post by Ki Yung Na
He said "maybe"

I'm gonna guess it's upto your manager what you are expected to do and the practices of your role. You'll be taught either way I'm guessing. Assuming it's not a role that already requires experience.

I want to work as a chartered tax accountant and no such task appeared when I searched for the job's responsibilities
Original post by artful_lounger
Yes you may need to calculate interest owed on back taxes etc.

I want to work as a chartered tax accountant and no such task appeared when I searched for the job's responsibilities
Original post by lina.aa
I want to work as a chartered tax accountant and no such task appeared when I searched for the job's responsibilities

Are you for real?

Hate to break it to you, but...tax is calculated on profit for corporations, self employed and income from buy-to-let etc. as well as VAT, NI, inheritance et. al.

You will be expected to calculate tax liabilities (as both poacher and gamekeeper) and provide advice minimising tax for a client. To do that you will need to have intimate knowledge to assess profit and then calculate tax owed within statutory obligation.

SMH.

It's the core of your knowledge, experience and work.
(edited 3 years ago)
Original post by uberteknik
Are you for real?

Hate to break it to you, but...tax is calculated on profit for corporations, self employed and income from buy-to-let etc. as well as VAT, NI, inheritance et. al.

You will be expected to calculate tax liabilities (as both poacher and gamekeeper) and provide advice minimising tax for a client. To do that you will need to have intimate knowledge to assess profit and then calculate tax owed within statutory obligation.

SMH.

It's the core of your work.


What has that got to do with interest though? I'm learning so you don't need to be rude in your response. I would do better without your impertinent way of speaking even if it means you're providing me with information. SMH
(edited 3 years ago)
Original post by lina.aa
What has that got to do with interest though? I'm learning so you don't need to be rude in your response. I would do better without your impertinent way of speaking even if it means you're providing me with information. SMH

Better get used to people being unbelievably rude to the point of outright anger and threats of, and/ or real litigation. Such is the response you will illicit from clients or your employers when tax and hence profitability is involved !

I'm assuming you do not want to work with calculating anything to do with interest?

Compound interest on savings, interest on borrowings, interest on unpaid taxes and fines, Interest on investments to name a few.
(edited 3 years ago)
Original post by lina.aa
I want to work as a chartered tax accountant and no such task appeared when I searched for the job's responsibilities


Since the context of this question seems to be more or less "can you work as an accountant if you are Muslim or will dealing with interest based transactions count as haram", I would suggest this is something you would get better answers about from the religious authorities of your community. However a simple google search seems to suggest the answer is either a flat "no" or "maybe, but...". Unless you are working in an Islamic bank or company, or a non-Islamic firm that exclusively deals with Islamic finance, it is very likely more than half of that companies operations will involve interest (either in terms of the work they do or in how they themselves are funded e.g. via leveraged debt etc), which seems to be haram.
Original post by uberteknik
Better get used to people being unbelievably rude to the point of outright anger and threats of or real litigation. Such is the response you will illicit from clients or your employers when tax is involved !

I'm assuming you do not want to work with calculating anything to do with interest?

Compound interest on savings, interest on borrowings, interest on unpaid taxes and fines, Interest on investments to name a few.

Well that doesn't give you the right to behave like an insolent child. You cannot use people's future mistakes to cover your own. Please leave this discussion : I do not require your assistance. Goodbye.
The ACA CTA Joint Programme enables students to become an ICAEW Chartered Accountant and Chartered Tax Adviser in three to four years providing they have undertaken relevant professional work experience.


It has been designed specifically for students who want to specialise in tax and gives students the opportunity to specialise in one of three areas:

Taxation of Major Corporates (FTSE 350 companies);
Taxation of Owner-Managed Businesses; or
Indirect Taxation


https://www.tax.org.uk/students-and-qualifications/chartered-tax-adviser-and-icaew-chartered-accountant-joint-programme
Original post by lina.aa
Well that doesn't give you the right to behave like an insolent child. You cannot use people's future mistakes to cover your own. Please leave this discussion : I do not require your assistance. Goodbye.

Lol. Someone points out the reality and you do not want to hear it.

Good luck with gaining your charter.
ACA-CTA Joint Programme:

https://www.tax.org.uk/sites/default/files/ACA%20CTA%20Joint%20Programme%202018-2019%20-%20Brochure.pdf
Original post by uberteknik
Lol. Someone points out the reality and you do not want to hear it.

Good luck with gaining your charter.

What don't you get about the fact that I'm learning? We were all beginners at some point in our lives. Did anyone respond as idiotic as you? Nope, because they're civilised. No need to be rude to beginners and then call it reality. Take what little dignity you have left and don't bother me again. Lol good luck on learning some decorum.
(edited 3 years ago)
Original post by lina.aa
What don't you get about the fact that I'm learning? We were all beginners at some point in our lives. Did anyone respond as idiotic as you? Nope, because they're civilised. Lol good luck on learning some decorum.

Beginner, yes. Naive, yes. Idiotic, yes. Sometimes foolish, yes. Uncivilised, no. Lol.
I find it very difficult to believe you can work anywhere involving money without having to deal with interest at some point.
Original post by uberteknik
Beginner, yes. Naive, yes. Idiotic, yes. Sometimes foolish, yes. Uncivilised, no. Lol.

Little dignity? Yes. Why are you still here 😂
Original post by lina.aa
Little dignity? Yes. Why are you still here 😂

Hopefully you have learned that the world is not a nice place and it's the people in it you will have to deal with.

Chartered 'anything' will require you to both learn about interest and demonstrate your in-depth advanced knowledge in challenging working environments with challenging people - not just in a written exam.

I'm not versed in Islamic requirements which I now assume (having read other responses) is the context of your question?

Insult does not worry or bother me.

I would politely suggest that qualifying a question with a proper context, will avoid future unwanted responses.

Best wishes.
(edited 3 years ago)
Reply 19
Avatar for FRS500
FRS500
20
* Chartered Tax Advisor (Or Tax Technician (which isn't chartered)).

Also, of course, you might work with calculating interest.

If the prospect of THAT fazes you then don't bother because you'll be calculating much more technical things later on down the line.

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