The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 5,000 people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Finance Directorate plays a critical role in protecting the Bank’s financial position and reputation. The overall purpose of the Directorate is to contribute to the successful execution of the Bank's aims and objectives by ensuring it has an appropriate financial platform for its broader responsibilities, and for the challenges facing an organisation of more than 5,000 staff, with annual expenditure of circa £750mn. The Finance Directorate has three Divisions, Financial Reporting, Control and Tax, Finance Planning and Reporting, Finance Business Partnering and Finance Transformation.

The role is primarily responsible for ensuring the Bank achieves its tax obligation and compliance requirements. The role owns the relationship with the Bank’s Compliance Manager at HMRC and other internal and external stakeholders.

Duties include:

Setting the tax strategy of the Bank and engaging with senior stakeholders within the Bank, and senior committees such as Audit & Risk Committee and the Bank's Court of Directors to ensure that the Tax Control Framework is optimised and understood.

Promotion of a tax awareness culture at the Bank and seeking to ensure that there is a two-way communication channel for upcoming changes to tax legislation and an understanding the impact of those on the Bank's operations, as well as an understanding of changes to Bank operations that may have a tax impact.

Ensuring the Bank complies with requirements of the Senior Accounting Officer (SAO) regime where appropriate, and the Responsible Officer (RO) regime in the case of US tax.
Leading on establishing and maintaining frameworks to ensure compliance with tax and relevant legislation, such as the Criminal Corporate Offences Act. The jobholder is expected to develop strong relationships with all areas of the Bank to understand business practices and new projects, and communicate the tax implications of all business practices.

Oversight of the preparation of UK corporation tax computations and returns, monthly VAT returns and year-end tax reporting for the Bank and its subsidiary entities. Preparation of tax forecasts for the Bank’s budget process.

Maintaining and updating working knowledge of tax laws and regulations, including new filing practices, deadlines, and any company-specific information; interpreting and communicating to ensure that the implications of tax laws are known and the company meets its obligations.

Maintain strong relationships with stakeholders, including tax authorities and internal and external auditors, to ensure service delivery meets expectations.

Responsible for the provision of tax support to internal stakeholders, through analysis of financial and non-financial impacts of tax decisions to influence wider decision making.

Lead on partnering across the organisation to provide advice on ad hoc indirect taxation and employment taxation issues to ensure correct advice and guidance is provided, and oversight of overseas tax reporting requirements.

In addition, in 2023-4, the Bank will be implementing a new general ledger and new reconciliations systems as part of a significant transformation of IT and Central Services operating model. The jobholder will have an important role to shape and deliver all Tax relevant aspects of this implementation, to upgrade the team’s tools and processes and improve outputs and analysis for stakeholders.

This position will lead a team of five and will report into the Head of the Financial Reporting, Control and Tax Division. As such, the individual will be expected to be able to pick up additional ad-hoc projects/work to support the FRC & T Division and also the wider Finance Directorate as required.

This is a people management role, responsible for day to day management of the team and for defining roles and responsibilities. The role is required to review work by junior team members, recognise development and training opportunities for junior team members, and offer knowledge and support to develop team member performance.

You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area's aims. This will include setting clear goals and smart stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness.

Number of direct reports: 4

Role Requirements

Minimum (Essential) Criteria:

Qualified accountant (ACA/ACCA), or qualified by experience, with 5 years’ post qualification experience (IFRS experience preferable).
CTA qualification
Knowledge of relevant UK tax legislation
Knowledge of operational taxes
Strong analytical and problem solving skills and attention to detail
Knowledge of IFRS as it relates to tax statutory reporting

Desirable Criteria:

Experience working with financial ledger data in producing VAT and Tax returns
Experience in managing and developing others

Knowledge of UK employment taxes

Exposure to international jurisdictions and Double Tax Treaties

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident scheme. You can find more information on what this means here. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

This specific role offers a base salary of circa £75, 830 - £96, 120 per annum (depending on skills and experience) on a full-time basis. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England | Bank of England.

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The closing date for applications is 31/08/2023

The assessment process will comprise of two stages. (Amend and add brief details if relevant, such as interview/assessment dates or process for your specific role)

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.