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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

Tax Directors - Influence in the Boardroom

Wednesday, 11 August 2010

Source: Tax Director Network

This is one of the conclusions from Winmark’s third benchmarking survey of in-house Tax Directors. The headline results were announced on Tuesday 27th August at a reception sponsored by the Chartered Institute of Taxation (CIOT).

Out of over 100 respondents to the Tax Director Network survey, the vast majority of Tax Directors believe that their FD/CFO values the tax department and sees it as a key contributor to the success of the overall business. However, less than half of Tax Directors are confident that this opinion is shared by their UK Board, the rest of the UK business or an Overseas Board (where relevant).

According to Mark Lee, head of the Tax Director Network which arranged the survey, this is a surprising result. “Perhaps Tax Directors are being needlessly modest”.

In last year’s survey 70% of Tax Directors rated increasing the visibility of their Tax Department to senior management as ‘very important’. Two thirds of Tax Directors now feel that they have some degree of influence, relative to others who have a say in the management of the organisation. However only around 1 in 10 Tax Directors believe that they have “a great deal of influence”. Mark thinks this could be down to visibility again. “Responses to our survey suggest that most Tax Directors seem to have a surprisingly low level of engagement with senior management, other than their local FD/CFO”.

Those Tax Directors with a great deal of influence tend to be those who engage more. “Of course there is a catch-22 here”, admits Mark, “some really strong Tax Directors work closely with their CRM in HMRC and, may be able to ensure that there are no undue surprises such that there is little need to engage with senior management other than their FD/CFO. The risk profile of the organisation and its range of activities mean this is not always possible of course.”

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posted by Simon Godley

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