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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 Jobs Market - Update

Monday, 26 September 2011

By Simon Godley

So far 2011 has been a very positive year for the tax job market. As predicted, the recovery momentum from 2010 has continued throughout this year, and demand for tax professionals has been building. We are now 3 years on from the recession of 2008-2009, and it feels that the employment market has benefited significantly from the corporate market recovering itself from the financial crises in 2008. However with this seemingly healthy job market, there is now a fragile economic backdrop – a heavily indebted Euro zone situation, stock markets slumping, negative news flow on the US economy, and the threat of the UK dropping back into recession. Generally it feels currently that the tax job market and the economy and behaving out of sync, and the danger is that the employment market recovery mentioned above could quickly run out steam. We hope not.

Recruitment across the UK in-house tax market has become progressively more active during 2011. This is a combination of in-house tax functions feeling willing and able to hire into their teams and a good level of movement around the in-house market, leading to a high proportion of outgoing people being replaced. There is now demand for corporate / international tax professionals, and demand for VAT/Indirect Tax specialists remains strong. There has also been a good level of roles for in-house transfer pricing managers within the larger-end multinationals.

Recruitment activity across the practice market has been moderately busy, with the Big Four continuing to build up tax resource to match increasing corporate and M&A activity, and to build up specialist teams for areas such as tax systems / technology consulting and iXBRL. Some of the Top 20 firms have also made a good number hires in tax during this year.

In the field of tax software / technology, there has been good demand for new hires within the tax software companies. The continued growth of tax technology businesses in the UK market has been fuelled by iXBRL, Senior Accounting Officer rules and adoption (mainly by some large-end corporates) of more streamlined ERP-based tax compliance and accounting systems.

So despite the tax job market behaving as one would expect i.e. quite bullish post-recession mode, concerns of more significant set-backs within the UK and broader international economy could knock out a lot of the confidence we have seen during 2011. Hopefully if there are no more major shocks coming out the Euro zone debt crises, we may be able to keep the UK jobs market roughly on track.

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posted by Simon Godley


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