Tax Analyst

Job description

Role Title: Tax Analyst
Business: Market Operations – Asset Services – Tax Operations
New or Existing Role? New
 
Role Purpose
Management and execution of US tax reporting processes (QI and FATCA) for both Custody and Principal businesses across multiple business lines
Ownership and management of all outstanding US tax related exceptions
Point of escalation for Operations in relation to US tax regulatory queries, including documentation, reporting and accounting
Stakeholder management for US tax regulatory process
Submission of UK Other Interest (Section 18) and Schedule 23 reporting for Custody and Principal businesses.
Involvement in all Business Operations activities related to US Tax related projects for the development of the business and systems
Cover for non-US related tax processes including, but not limited to, UK tax credit / REIT reporting, tax documentation, reclaims and Financial Transaction Tax.
 
Principal Accountabilities
Impact on the Business
Ensure US and UK Regulatory reporting is completed within deadlines
Take ownership of managing queries pertaining to US market
Take the initiative to resolve any issues which may adversely affect our reputational risk or profitability
Review proposals relating to systems and new business to ensure Tax Operations’ capability to manage contingent processes
 
Customers / Stakeholders
Multiple business lines including Prime Finance, Cash Equities, Rates  and Credit, Balance Sheet Management and Structured Equity Derivatives
Clients / counterparts to Business
Group Tax – Global Banking and Markets (Global), Operational Taxes
Tax Operations offshore, Asset Services and other Operations Teams
 
Leadership & Teamwork
Be a team player, clearly understand the responsibilities associated with your role and the role of the department within Operations and the Bank
Ensure the control framework is maintained
Work constructively with the offshore Operations teams to enable them to resolve their queries and improve the quality of their service
Participate in regular team meetings to share and improve product and process knowledge
 
Operational Effectiveness & Control
Awareness and understanding of and compliance with all  relevant key controls both internal and regulatory
Demonstrate understanding of required regulations and application to all relevant businesses
Processing of tax positions, submission of reporting and response to queries in accordance with agreed timeframes and regulations
 
Major Challenges
Change – the external tax environment is undergoing widescale change as new regulations are introduced and existing regulations evolve. It will be critical for the role holder to demonstrate an awareness of relevant, upcoming change and to understand its implications for the department and the business.
Learning curve – owing to the breadth of support required from this role (multiple business lines, stakeholders), there is expected to be a steep learning curve to create efficient and effective support for the business as soon as possible. HSBC also maintains a wide variety of systems so it will be critical for the candidate to be comfortable with adapting to multiple technology resources.
Prioritisation – the current Tax environment is a high pressured arena with many competing demands across a variety of jurisdictions and regulatory regimes; although prime responsibility will be for the US market, it is expected the candidate is available to support other markets and processes as and when necessary and is able to prioritise across a wide variety of tasks with multiple deadlines according to business demands
Process improvement – many of the current US processes are manually intensive, so it is key the candidate demonstrates a desire to develop and improve processes and drive efficiencies.
 
Role Context
The Markets Tax Operations team is undergoing a period of transition. Historically based solely in London, current drivers within the Tax environment are driving a change to mobilise Operations’ Tax resources on a global basis to ensure the business is appropriately supported. Drivers within the Tax environment also help to shape the responsibility of the role itself as emerging regulations such as FATCA, 871(m) and EU FTT need key input from operational experts to ensure appropriate evolution within HSBC.
With only four people currently in the onshore department, the ability to work well and flexibly in a team is critical. It is a key skill for the candidate to be comfortable in interacting across cultures and geographies to support both the offshore Tax Operations team and teams in other locations as required.
Strong communications skills and patience will be important to ensure team members and other, less experienced teams, are able to understand key regulatory concepts and apply these accordingly.
 
Management of Risk
Actively demonstrates an understanding of the Operational Risk profile associated with their role and acts in a manner that takes account of operational risk considerations.
Displays the principles of good escalation and is comfortable with scenarios in which this should be applied.
Has an understanding of the implications associated with untimely or inaccurate reporting and ensures HSBC are not subject to censure for instances of late or inaccurate reporting within the remit of their role.
Consistently applies HSBC’s Global Standards on a day-to-day basis.
 
Observation of Internal Controls
Maintains HSBC internal controls to a high standard.
Understands, follows and demonstrates compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which the jobholder is involved, specifically Internal Controls and any Compliance policy including, inter alia, the Group Compliance policy.
 
Role Dimensions
The team is responsible for UK and US tax reporting for the HBEU proprietary balance sheet, including UK Tax credit reporting, UK Other Interest (Section 18) and Schedule 23 reporting, Branch reporting (offshore), US QI and FATCA reporting (1042 and 1099), US 2010-46 reporting and US 871(m) reporting. Wider team responsibilities include management of all appropriate reclaim processes and Relief-at-Source documentation for both income and Banking transaction support (largely offshore).  The department provides significant input to tax and regulatory projects as required, for example FATCA, 871(m), CDOT and CRS.
 

Desired profile

Knowledge & Experience / Qualifications
Detailed understanding of US QI and FATCA reporting and regulatory requirements across both custodial and principle environments; understanding of related products including SBLs, swaps, fixed income repos, equities trading and how these are governed by the reporting requirements.
Understanding of relevant UK reporting requirements (Other Interest, CDOT and Schedule 23)
Ability to apply knowledge to new and evolving business models
Awareness of other operational tax regulations and scenarios (eg. FTT, UK Tax credits, reclaims, documentation) would be an advantage
 
Within HSBC certain roles are designated as Enhanced Vetting Roles. For these roles, all internal and external applicants are required (subject to local laws), to pass satisfactorily a series of additional checks both as part of the application process and, if successfully recruited into the Enhanced Vetting role, on an on going basis. The Group reserves its position with regard to any steps which it may take in relation to any material adverse findings which arise either when the checks are first carried out as part of this recruitment exercise, and/or if relevant, on an ongoing basis.
This role has been designated as a Enhanced Vetting Role.
For more information about the relevant additional checks for this role please contact the hiring manager
 
We are an equal opportunity employer and are committed to creating a diverse environment.