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Preparation

What should I look at

Didn't find your answer?

As some will remember, before the whole lockdown carp arrived I was offered a position with a new company, which I was happy to accept. Of course, then things unravelled with the whole flu thing.

Fast forward, and I learned yesterday that the offer stands, with a new (hopefully - subject to world events) starting date.

Now, I'm specifically a tax guy, though I tend to get roped in to anything that says "HMRC" on it, which as most of you will know in recent weeks, includes a lot of stuff that doesn't say "HMRC" as well.

It seems that the tax team at the new company are very focused just on tax, but during discussion there was a suggestion that my broader experience will have value.

Ahead of time, however, I have to learn a new mindset to current, so do I continue to absorb stuff outside of the "narrow" remit of pure direct taxation, or do I start to focus more on that sphere?

Replies (15)

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the sea otter
By memyself-eye
28th May 2020 11:07

'Stuff' once absorbed never goes - I've just wired in a new electric garage roller door!

You'll be expected to know 'stuff' anyway, as the sage of all things financial so go for it.

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Replying to memyself-eye:
paddle steamer
By DJKL
28th May 2020 11:30

You are obviously not yet old enough- it has in my case all gone through lack of use..

I suspect I have dropped from being able to pass first year university Maths and first year university Stats to possibly scraping an O level(or whatever it is now called) in Maths and likely failing similar level Stats, if there was such a thing, and my two years of university economics at best might these days knock out a supply and demand curve.

Mechanical engineering knowledge, fluid mechanics, not got a scooby any more,all gone, electrical circuit theory down to remembering W=VI, V=IR and 1/Rt=1/R1+1/R2 etc and that I used simultaneous equations re Thevenin/Kirchoff, though what I was doing with these now totally escapes my memory.

Afraid you do (at least in my case) use it or lose it.

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Replying to DJKL:
the sea otter
By memyself-eye
28th May 2020 17:05

Too old? at 66- my wife thought I'd forgotten the yellow/green wire thingy is the earth lead.....

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Replying to memyself-eye:
paddle steamer
By DJKL
28th May 2020 17:23

But had you or had you not,that is the question? (To paraphrase Hamlet)

I have last year or so been trying to reteach myself some electronics by buying kits from MERG https://www.merg.org.uk/ , following all the instructions soldering them up , praying they work and trying to decipher what the transitors/diodes/LEDs etc are actually doing and why; a strange educational pathway that took a Bsc Mechanical/Electrical engineering student who somehow instead graduated with a MA in humanities and then a PG Certificate in accountancy; in effect as I canter towards retirement I go full circle.

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Replying to memyself-eye:
paddle steamer
By DJKL
28th May 2020 11:31

Duplicate

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paddle steamer
By DJKL
28th May 2020 11:50

In answer to your actual question, why not do both, variety being the spice of life?

As an example, anyone in tax possibly ought to have an up to date understanding of GAAP and therefore the various reporting standards that enact it, so wading through FRS102 whilst looking at sub clause 3 (b) of a Tax Act should not be mutually exclusive. (Though it is tricky to do both precisely at the same time- not enough fingers to hold all the pages open)

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Red Leader
By Red Leader
28th May 2020 13:00

What is it that will be "not tax" at the new employer? What is the wider experience that they are latching onto?

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avatar
By paulwakefield1
28th May 2020 13:17

One of the reasons I lurk on this site is because I am not a tax guy but I like to have some idea of the issues and grey areas including ones that had never previously occurred to me!

It has helped me to know when to ask a question or seek further advice. It is why the wider ranging discussions here, often sparked by a seemingly innocuous question, can be so helpful.

So I would suggest keeping up the absorption of the wider stuff.

Thanks (2)
By SteveHa
28th May 2020 13:24

Thank you for the responses. It's good to know that I tend to be doing OK (even if, like DJKL, I've probably forgotten more than I know).

To answer RL specifically, what is "not tax" that the tax guy gets. Let me see. Company reorganisations, and as a direct tax guy, I seem to spend far too much time on VAT. CJRS, SEISS, grants and loans all as a result of covid-19. Unfortunately, also all of the payroll/HR crap that comes our way.

To name just a few.

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Replying to SteveHa:
Red Leader
By Red Leader
28th May 2020 18:03

OK. Sounds like it could be: "nearly everything in small general practice except a/cs prep".
Agree about HR being largely outside our expertise. I do usually tell clients to speak to a HR consultant; they are usually more practical than employment lawyers.
My advice FWIW is to mug up on any area that you enjoy and would like to get more involved with. ATED? Joke.

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Routemaster image
By tom123
28th May 2020 13:48

Here in industry HR tends to take up a lot --all-- of my time right now!

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Replying to tom123:
By SteveHa
28th May 2020 13:54

But in your role in industry, at least you are equipped for it. I spend a lot of time qualifying answers and suggesting specialist advice is taken.

Fortunately, during my time at HMRC I also progressed through the Trade Union hierarchy to a senior position, so had to be familiar with HR as a part and parcel. But that's me, and not what would be expected of "the tax guy".

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avatar
By Tax Dragon
28th May 2020 13:59

SteLacca wrote:

What should I look at?

Tax cases?

When I asked Justin why he'd posted a recent case, he said something like "because it helps you understand the law. Well, maybe not you, you muppet." Fair comment.

Oh... they don't have to be from 1925 :-) (though a surprising amount of received wisdom stems from old case law).

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Replying to Tax Dragon:
By SteveHa
28th May 2020 14:48

Weirdly, when I have time (not personal time usually, but even then, sometimes) I do look at tax cases that may have relevance for existing clients. They sometimes make a very entertaining read, so maybe in the absence of a TV (yes, I'm the guy with no TV) it qualifies as my own soap operas.

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Replying to SteveHa:
paddle steamer
By DJKL
28th May 2020 17:05

But they are often so b.....o....r....i....n...g, delict and contract cases are often far more interesting, the only redeeming factor for tax cases is at least they are not company law.

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