Professional Services Consultant, Fraser Burnett, recently caught up with Craig Coyle, Partner at Consilium Chartered Accountants, in the first instalment of our ‘Why Tax?’ interview series.
1. Why did you pick a career in tax?
On the one hand, a career in tax provided me with the chance to combine the skills of interpreting legislation learned in my Law degree with my strong ability with numbers and to work across a variety of sectors getting involved in transactions.
On the other hand, I had started a graduate role with a bank which I hated, and a role in tax with Arthur Andersen became belatedly available and I leapt at the opportunity! Thankfully this ultimately worked out in my favour.
2. What have been some of your career highlights?
Moving to Consilium and having the chance to head up a tax department in a fast-growing firm was a real landmark moment. I also think the first time you make Partner, which happened for me at Campbell Dallas, always feels like a great achievement.
Other than the above, there are loads of little moments where you manage to come up with a solution for a client which puts a little spring in your step.
Also, special mention for the Millport events of the late 2000s for those who were there; these were fine examples of multi-disciplinary team fundraising events!
3. Why should some people consider a career in tax?
Working in tax provides a huge variety of experiences from day to day; from helping to structure huge transactions to assuring a pensioner they don’t have an IHT issue, the main feature is that you get to deal with people. Particularly within the Owner Managed Business (OMB) sector, you get the opportunity to speak to many people who have created hugely successful businesses and see how they have achieved that.
The opportunity to learn from the experiences of others is really valuable and being able to understand and adopt their qualities such as their determination, vision, or attention to detail.
On a less serious note, you will also find yourself the centre of attention at parties when you tell people you are a tax advisor, with everyone wanting to hear your best work stories until they realise you didn’t say ‘taxi driver’!
4. The changing landscape of tax brings its challenges. However, what do you think are the key opportunities within tax?
I think there is a real opportunity for tax advisors in the OMB sector to build long-lasting relationships with their clients. You can be there at start-up, when the client issues EMI share options, when they then carry out an MBO, then provide their exit and Inheritance Tax advice beyond that.
Clients will always value someone who they can trust along that journey, more than someone who they simply have a transactional experience with.
5. What one piece of advice would you give someone who is starting a career in tax?
Make sure you continuously pick the brains of the people senior to you in your firm – partners and senior people are hopefully approachable in the modern world and would be happy to offer advice on what mistakes they have made or good habits they have developed during their careers.
I would also say that when considering a move, think about the non-financial factors, as leaving somewhere you are happy for somewhere where you are not will never be the right thing to do. An interview is about you finding out about the firm as much as vice versa – so ask the question rather than discovering something you don’t like when you get there. Remember not to burn any bridges when leaving – tax in Scotland is a relatively small world!
If you have any questions about this ‘Why Tax?’ interview series, or you would like to get involved and share your thoughts on the Tax function, please contact [email protected].