inhousetax.co.uk - Talentpool Selection
About In House Tax

About In House Tax

This weblog is a news and views site for tax professionals within the UK and international in-house tax community.  You will find information about appointments and people moves in and around the in-house tax market, issues affecting the in-house tax professional, opinions on the state of the tax job market, updates on tax technology, and other general thoughts of the day.

Hope you find it useful.

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Location: St Albans, United Kingdom

This site has been developed by Simon Godley, who also runs the niche tax recruitment company Talentpool Selection . Simon spends a lot of his time placing tax specialists into FTSE companies, large in-bound groups and some professional services organisations. He also recruits and is well networked around the UK tax technology and VAT markets.

Tax News

A rare blog day

Friday, 29 February 2008

By Simon Godley

I thought I should blog on this day, because I can. This is the first time, and who knows, it could the last chance I get to blog on February 29th. Although hopefully I will be still posting articles and news onto this tax blog on February 29th 2012, the year of the London Olympics.

Which reminds me - I should announce at this point that I am running the London Marathon this year, on April 13th. My chosen charity is Macmillan Cancer Support, who were very caring and supportive when my father was dying of prostate cancer in 2006. If by any chance you would like to make a contribution, my fundraising page is:

www.justgiving.com/simongodley

Just returning to the leap year issue, Happy Birthday to James Mosha, who is a contact of mine and a senior tax adviser with one of the big investment banks. Today he is 9 leap years old. Have a good party.

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Tax Jobs - Weekly Highlights

Tuesday, 26 February 2008

This week I am featuring two roles that both have a focus on US tax reporting. They are roles that come up quite often, particularly amongst the large US groups that have to follow the complex US financial reporting rules. Typically based within a European or EMEA head office, London or South East region, the roles are usually at Senior Tax Accountant/Manager level, and will mostly involve calculation of tax provisions under local and US Gaap rules, and possibly including both current and deferred tax. As you will expect, it is difficult to find many candidates that are doing this type of work, or able to do it, for two reasons. Firstly, it is a narrow/specialist sub-set of tax reporting, and follows complex rules, and so is quite difficult stuff. Also, many tax advisers avoid it to try to get onto the perceived higher quality, more interesting tax planning work. I think if you like tax compliance/spreadsheet work, and persevere and become good at it, then like many specialist areas of tax, it can be quite lucrative.


International Tax Manager (US Group) - Central London
£60,000 - £65,000 + Bens
See More Details


Tax Manager (US Group) - West London
£50,000 - £70,000 + Bens
See More Details

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Tax Compliance Outsourcing - Web Seminar

Wednesday, 20 February 2008

International Tax Review, in association with Ernst & Young, is hosting a free web seminar addressing the latest trends in international compliance outsourcing. Register for free here. Then log in from your desk on Thursday February 21 from 10.00am – 11.15am GMT.

The panellists will discuss what lessons have been learned after 10 years of significant compliance outsourcing agreements and ask what today's potential outsourcer should be looking for when selecting a potential partner. They will also challenge what the future holds for outsourcing arrangements, in light of globalisation, cost-pressures and technology developments. This web seminar will be fully interactive with a Q&A session between participants and our panel.

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In House Tax People Moves - February 2008

Tuesday, 19 February 2008

By Simon Godley

International Power Plc has recently appointed David Smith as the new Head of Group Tax. David joins from Reuters Plc, where he was Head of International Tax. David has an impressive background, and has progressed quickly in his career, having originally trained with Arthur Andersen in the mid-90s before his first move into industry with Reuters.

Tesco has recently appointed Bob Fitzsimmons as their new Global VAT Director, based in the Cheshunt headquarters. Bob’s previous position was as Head of Indirect Tax (Rest of World) for Japan Tobacco, based in Geneva. With an initial background in HMC&E, Bob has worked as an in-house international VAT adviser since 1990.

BP Plc's group tax function has recently hired James Dennison as a Senior Tax Adviser. James joins from Unilever, where he developed his tax career over a 10 year period, joining as a UK Tax Accountant in 1997 and progressing to Head of Tax for Asia, Africa, Middle East & Turkey, based in Singapore. James originally qualified as a CTA with KPMG in 1996.

Leading Central London office property specialist Derwent London has hired David Westgate as their new Group Tax Manager. David originally comes from a finance background in industry before specialising in corporate tax. David was previously Tax & Treasury Director for Sunguard, a financial services software company.


Please contact Simon Godley on 07771 762353 or e-mail to: sg@talentpoolselection.com if you would like to announce a new tax appointment for someone or for yourself on this blog.

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Authorities challenge Glaxo's tax positions

Tuesday, 12 February 2008

Source: International Tax Review

GlaxoSmithKline, the pharmaceuticals company, is fighting two significant international tax battles with the authorities in the US and the UK. The Internal Revenue Service (IRS) is claiming $680 million in back taxes and interest over an intra-company financing assessment. The company reported in its annual results for 2007 that it is also in dispute with HM Revenue & Customs (HMRC) over transfer pricing issues.

The latest disputes with the tax authorities follow the settlement of a long-running transfer pricing dispute where – for an extended period – the IRS and HMRC could not agree on an outcome. The IRS would not accept that HMRC was the competent authority, which would have given British officials the right to be the ultimate arbiter on the issue.

The IRS is challenging deductions arising from intra-company financing arrangements for the years 2001 to 2003. GSK says it will vigorously contest the US tax authority's position.

"The issue relates to interest on intra-company financing that was taken as a deduction on the US income tax return," a GSK spokesman told International Tax Review. "We believe, supported by external professional advice, that this claim has no merit and that no adjustment is warranted. We strictly adhered to the IRS rules regarding intra-company debt and we feel very confident in our position based, in part, on external professional advice that we have received.

"Since this will potentially be a matter of litigation and we are still in ongoing discussions with the IRS, it would be inappropriate for us to discuss any more details at this time," the spokesman added.

The company said if it could not reach a settlement with the IRS, it did not expect the case to go to court before 2010. It would not comment on whether the issue of competent authority could emerge again in this matter.

At the same time, the company remains in dispute with HMRC over transfer pricing. "The dispute with HMRC is not on the same issue. We continue to be in dispute with HMRC primarily in respect of transfer pricing and controlled foreign companies (CFCs) matters for the years 1994 to date," the company spokesman said.

"HMRC has not yet formalised claims in respect of these matters and we are seeking to resolve them in discussions with HMRC. There continues however to be a wide difference between the group and HMRC positions, which may ultimately need to be settled by litigation," he added.

HMRC and the IRS declined to comment for this story.

In September 2006, GSK settled with the IRS in what was then the largest transfer pricing case in the US. The company paid the tax authority $3.4 billion in relation to various transfer pricing issues from 1989 to 2005.

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State of the tax job market?.......and let's be honest!

By Simon Godley

I've just read an article in one of the tax magazines (in a supplement focused on careers) whereby a number of recruiters are asked for their views on the state of the current tax market. The difficulty with such articles is that I'm not sure we are hearing the absolute true facts of what's happening, but merely a collage of comments filled with quite a lot of spin, that merely act as a sort of announcement advert for each of the recruiters' businesses.

For example, when one recruiter was asked about the Big Four firms, the comment was that most of the top 20 firms (let's assume that includes the Big Four) are set to increase head count. The fact is that currently two of the Big Four in London have pretty much put a complete hold on recruiting tax people.

Also, I think to play down what is happening in the London banking sector is not right - I have just come back from a meeting where I have learnt that 40 jobs of c.200 staff in the London office of a bank have just been slashed in the last 2 weeks.

On the subject of what's happening in commerce, one comment is that there is a demand for tax people within the FTSE 100 to grow their team. Again, I don't think this is the case. If you look at the size of a typical FTSE 100 tax department over a 10 year period, unless there has been a major structural change with the company e.g. it has been taken over, or has merged with another group, then the size of the tax department will hardly change. In-house tax departments don't grow in the same respect than, for example, a Big Four middle markets tax team may look to grow. Within a corporate, there is a fairly well defined remit of work that needs to be done, and that work will require a fairly fixed number of tax professionals to do it.

Basically when the broader enonomy has been hit with fears, and we have been recently - Northern Rock, sub-prime lending, rogue traders at Soc Gen to name a few, then the tax job market is not immediately or majorly affected. It is someway down the hit list of areas that are affected, however if this starts to have a major impact on organisations' profitability (particularly the likes of the Big Four) then I'm afraid that no-one is safe.

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Tax Jobs - Weekly Highlights

Wednesday, 6 February 2008


This week I am focusing on a couple of new roles for in-house Tax Managers, opportunities to work in a group in a stand-alone tax capacity. These roles come up quite regularly within either the smaller FTSE groups or as European Tax Managers for a US or other overseas parent groups. These roles tend to be more suitable for tax professionals who are already in industry, have worked in industry for some years, and therefore can tackle a broad range of issues (CT, VAT, employment tax) that are thrown at them. These roles tend to be less suitable for Big Four trained Tax Managers looking for a first move out to industry, they will tend to look for roles in the larger FTSE groups with bigger and more structured tax departments.


European Tax Manager - London
£60,000 - £70,000 + Bonus + Bens
See More Details


Group Tax Manager - Surrey or London
£75,000 - £85,000 + Bens
See More Details

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Deloitte is 'moving tax forward'

Friday, 1 February 2008

Deloitte’s website now incorporates a debating room, which is actually a clever marketing tool for their Tax Management Consulting practice. It is video based, so you see and hear the views of some of the Directors and Partners of the practice. It is very informative, and highly targeted towards Heads of Tax of large multinationals who may be looking to automate their tax reporting and compliance. You can also hear a couple of case studies, one from Carmel Moore, who is Director of Pfizer’s European Tax Centre and one from Andrew Constantine, Head of UK Tax Compliance for Lloyds TSB. It is a very useful web initiative for Heads of Tax who are not sure about tax technology, or how to get the most out of it for their business.

To see the above, click here

Deloitte have been developing this area of their tax practice for years, and they have gradually added on consulting services to their flagship tax software product Abacus, which Arthur Andersen developed and started selling to clients in the late 80s/early 90s.

Having worked in tax for Andersen in the mid-90s, I have seen the history on this, and a few of my peer group from the Andersen legacy who have stayed with the firm through its transition to Deloitte back in 2002, namely Mike Roberts and Andy Gwyther, are now very senior guys within Tax Management Consulting.

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