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The inspiration for this blog came from an article I read on the Forbes website, which explains the tax implications of Coco Gauff’s fantastic run to the 4th round of Wimbledon this year. The article goes over the intricacies of how much the UK government will be able to claim, not just from Coco’s prize money, but also from endorsement deals and bonuses.
This got me thinking about how important non-domicile experts are, not just for sports stars, musicians, and actors, but also for those whose work takes them across borders while earning money in the UK. These are some scenarios where it’s worth potentially looking at increasing your non-domiciled experience in your current role. Below are some key points as to how gaining this exposure can benefit you and your career.
More variety in the work that you do
Reading the article shows how intricate and complex some non-domiciled tax returns can be. If you’re beginning to look at other options instead of going through another tax season, completing relatively straightforward tax return after tax return, then this could be an option to spice up your work. I know that not everyone will be excited by the prospect of making their job more difficult, but there are some that would jump at the chance to increase the variety in the work they do.
Greater number of career opportunities
While almost all accounting firms will complete personal tax returns for their clients, there are some firms that specialise in non-domicile work, whether that be joint US and UK taxes or more general non-domiciled individuals. There are firms that are always looking for personal tax professionals who have relevant experience with non-domiciles. Although personal tax roles are by no means few and far between, having non-domicile experience can increase your chances of finding a new role dramatically.
Better chance of career progression
Being in an area with fewer specialists tends to mean that there’s less competition for jobs, and having another string to your bow will always be a bonus even if you don’t concentrate 100% on non-doms tax returns. Having the added benefit of being able to work any type of personal tax return that comes your way should allow you to increase your standing within a firm sooner than if you didn’t have that experience.
Type of clients
As mentioned above, some of the types of people that will need a non-domicile expert can include sports stars, musicians, and actors. While it’d be unlikely that you’ll be doing Tom Cruise’s tax return any time soon, it does provide a greater chance of working with some high-profile individuals.
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