Quarterly & Half Year Review
June 2010
Welcome to the Goodman Masson Tax quarterly update. I would like to take the opportunity to update you on the Practice Tax recruitment market. My aim is to give an overview of the recruitment market and identify any trends or developments in local markets throughout the UK.
Please scroll down to read the update in full, or use the quick links below to navigate to the most relevant sections.
I would welcome any feedback relating to this newsletter, please reply to this email with your comments, and I will try to incorporate any suggestions in future. Should you have any questions, please do not hesitate to contact me.
Kind regards,
Matthew
Matthew Champkin | Manager
Tax Practice
Direct: +44 (0)20 7019 8830 | Mobile: +44 (0)7816 529 364
Email: matthew.champkin@goodmanmasson.com
Market Update
Tax in Professional Services
In the second quarter of 2010, we have noted confidence increasing within professional services firms while the focus has remained on risk advisory/process areas. Because of this, Tax has lagged behind some other areas, not least Management Consulting. Working in Tax at the UK's leading independent financial recruiter, we are in a beneficial position to see that there is huge demand for newly qualified talent, not least from the banking sector. This demand will increase the attrition rate in the larger firms, in turn fuelling demand for external hires.
Developments in the past six months have followed a logical path with recent historical parallel; this permits us to predict the firms and teams which are to seek external recruitment - but not necessarily the timescales. . These findings and predictions are summarised in a table which you can view by clicking here. More detailed commentary is below.
H1 2010
The busiest tax areas in 2010, to date:
- Expatriate Tax/Global Mobility
- Employment Tax/Rewards
- VAT/Indirect Tax
- Tax Performance Improvement/systems and controls.
In almost all cases this demand has been and remains greater in the Financial Services (FS) teams in the Big 4, hence the demand is not as great in the Mid Tier, which generally do not have such an FS exposure.
Looking Ahead
H2 2010
There will be continued focus on FS recruitment, and additionally at the Assistant Manager/newly qualified level across the areas mentioned above. In Corporate Tax in Q4 2010, recruitment will be aided by increasing attrition and an increased workload internally.
2011 ‘Hot Spots’
Big 4 Financial Services
- Operational Taxes – responding in particular to the US legislation including FATCA
- M&A/International Tax Planning
- Corporate Tax Accounting and Reporting
- Newly Qualified staff in all taxes
- Expatriate, Employment and International Social Security Tax roles
Big 4 Other Sectors
- Real Estate - PPP/PFI plus increased transactions volumes
- Retail/FMCG – late 2011.
Tier A Firms
In 2010 and early 2011, the major Tier A firms will be in the market once more. The roles will begin in Expatriate and Personal Taxes, before Corporate Tax arrives. Again, demand will be chiefly at Supervisor and Manager levels.
Smaller Firms
There is cyclical/seasonal demand for personal tax professionals, but still a preference for contractors over permanent staff members, unless in the case of replacement recruitment.
Boutiques
The main concern for Boutique tax firms was that the June 22nd budget would reduce the potential for planning around Capital Gains Tax. Of course the increase to 28% could not be described as good news in this area, but everything is relative and it is much better than 40% or higher and so there is a renewed confidence in the tax ‘products’ segment of the boutique market. The type of tax professional who can make a difference in these businesses tends either to be technically excellent in certain areas, e.g. International Personal Tax or Capital Allowances, or else they possess a decent general grasp of the overall tax environment and above-average salesmanship. The challenge has been to attract staff away from roles considered more secure (i.e. not dependent on the whim of the Chancellor) during the GFC, but as we see greater stability then this trend may well reverse.
Currently Recruiting
I would like to take this opportunity to make you aware of a selection of roles that I am currently working on. I have identified you as high calibre candidate,and as such I though you might find this to be both interesting and useful.
- Expatriate Tax Manager – Technology
- FS Tax Senior Manager – Funds
- Newly Qualified Corporate Tax Advisor
- US/UK Expatriate Tax Senior
- Employment Tax Manager/Senior Manager
- Private Client Supervisor
- International Tax Manager
Should you wish to receive further information on any of these candidates or to discuss your recruitment needs, please contact Matthew on +44 (0)20 7019 8830 or email matthew.champkin@goodmanmasson.com
2010 Tax Awards
We were pleased to be able to sponsor the Cocktail Reception at the 2010 Tax Awards, and enjoyed the opportunity to meet and speak to so many people throughout the evening.
Firstly, I would like to extend congratulations from Goodman Masson to all the winners of the evening, and if you attended this year, I am sure you all can say what a fantastic evening it was.
We will definitely be attending next year.
2010 Goodman Masson Salary Guide
In this comprehensive document, we have taken a look back at the changes that have occurred across the markets over the last 18 months and have looked to the year ahead, to determine what could be expected for clients and candidates.
In the current economic climate, the parameters for gauging bonuses are so wide that Goodman Masson is unable to give target ranges as you would have seen in past documents. We have given an overview of expectations, but your specialist consultant will be able to give you a more detailed and case-by-case discussion.
To view the document, please click here.
Goodman Masson
The Tax Team
Our dedicated Tax Division has been established since 2000 and is made up 6 Consultants all of whom have spent many years recruiting into the tax area. As a result we have experience of recruiting at all levels from newly qualified through to Head of Tax within industry and from part qualified through to Partner grade within the professional services.
Since its inception the Tax Division has worked with some of the leading UK and multinational organisations, Professional Services firms; Big 4, Top 50 and boutique tax firms. We recruit at all levels from newly qualified up to Director of Tax for in-house roles and from Trainee to Partner level within Practice, Corporate Tax, International Tax, Transfer Pricing, Personal / Partnerships / Private Client Taxes, Expatriate Tax, Employment Tax and Indirect Tax.
Our success has been built on our honest approach in dealing with each mandate we recruit for and every candidate we help. As our reputation is vital to our success we will genuinely give our clients advice that is designed to help any recruitment campaign. Our success has been built on a market leading research capability combined with investment in our candidate acquisition model, which will continue throughout 2009. In the last 6 months we have worked on 74 opportunities with 48 leading organisations and have spoken to over 492 qualified tax professionals, 115 of whom are actively seeking new opportunities through us.
Goodman Masson
Goodman Masson is the largest Independent Financial Recruiter in the UK and has been recruiting professionally qualified accountants and other finance professionals for over 17 years. With a team of over 90 we hold annual revenues exceeding £19m.
Our growth has been built around our knowledge and expertise within the Finance markets and in 2009 alone we successfully worked with 991 separate organisations. Our client portfolio ranges from the FTSE 100 (67 out of 100) to small entrepreneurial start ups and from Government bodies through to independent media houses.
Goodman Masson
7th Floor | 120 Aldersgate Street | London EC1A 4JQ
Main: +44 (0)20 7336 7711 | Fax: +44 (0)20 7336 7722
Web: www.goodmanmasson.com
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