Operational Tax Senior Manager, In-House
£100,000 + bonuses & benefits
We are currently searching for an Operational Tax Senior Manager, In-House, for a multinational and private wealth management organisation. The successful candidate's remit will be broad and include dealing with tactical and strategic projects covering areas of taxation, credit, digital services and banking. This role will centre on collaborating with the Securities Operations teams to manage the day-to-day operational requirements for client and regulatory tax. As a mid-office role, this will involve close collaboration with the bank's primary departments. Namely, these will include Treasury, Banking Operations and Client Services. The successful candidate will ensure best practice to control and mitigate any operational risk over a variety of withholding and transactional taxation issues arising through trading activities.
Responsibilities are expected to include, however not be limited to:
- Managing the UK and Cayman Islands tax operational activities. This will include dealing with queries, issues or complaints in a timely and professional manner to manage any operational, reputational or financial risk
- Ensuring the necessary regulatory controls are in place to comply with relevant tax issues and AEOI, regulations and guidelines to exclude any risk of an adverse audit finding
- Ensuring the relevant US stockholders are appropriately documented with the correct IRS tax form (W8s, W9s), while maintaining appropriate withholding reporting (1099, 1042s)
- Ensuring individual, corporate/trust classifications are complete and logged on systems (FATCA, CRS) and working with Front Office teams to obtain self-certifications and updated records
- Reconcile downloaded custodian and agent tax reports to internal company reports and resolve any differences
- Verify any client changes of address, US reportable stock purchases or any stocks that have changed to US reportable
- Maintain accurate tax reporting in line with deadlines, particularly for regulatory reporting and EOY client tax packs
- Take responsibility for the continuous improvement and documentation of the QI compliance program including procedures, training and systems to comply with the US requirements
- Plan for and manage all external compliance reviews with auditors or other third parties as necessary, analyse results and implement changes or remediation as advised
- Monitor and review tax policy or regulatory changes that impact current tax processing and communicate the operational tax implications to key stakeholders
- Contribute constructively to the development of the Securities Operations Department by suggesting ideas for improving efficiency or process quality.
Operational Risk & Regulatory Responsibilities
- Ensuring that the Operational Tax Team is fully supporting reporting standards and Tax authorities' requirements.
- Identify risks, suggest mitigations, and track reporting status including all risks related to each Tax program
Cooperation with other departments
- Develop and maintain strong working relationships at all levels of the organization in order to navigate through the tax requirements.
- Establish proactive partnerships with other key stakeholders, including, but not exclusively Compliance, Group Tax team, Front Office and IT to support service and tax development/remediation/reporting initiatives.
The successful candidate
- Solid experience in regulatory tax reporting. You will be versed as a QI and experienced with FATCA, CRS and current/upcoming AEOI requirements.
- A working knowledge of securities operations across various asset classes and markets is required.
- Experience of working with counterparties to include brokers, custodians, fund managers, TAs, data providers, depositaries.
- Self-direction, the ability to work independently, and highly motivated
- Previous experience of working in a financial organisation's operational tax department or supporting securities operational taxes from a technical perspective
- An in-depth understanding of transactional, capital and withholding taxes including the identification of risks and issues as they impact the business based on an ability to understand and communicate tax regulations
- An analytical, problem solving attitude, good attention to detail with a record of identifying and dealing with client, system or process tax issues as they arise
- Knowledge of securities life cycle to include equities (e.g. ETIs, managed funds, REITs), fixed income (e.g. deposits, bonds, gilts), private equity and hedge funds, SIPPs and ISAs
- Experience of working in a global financial services organisation.
- Strong team working skills, willing to put forward ideas and challenge current processes and procedures