Tax Market Update for 2012

2011 has been an active year in the tax recruitment market. The number of roles that have been released has increased by 25-30% in comparison to 2010. Sectors such as indirect tax, R&D, M&A, employment tax and expatriate tax have remained buoyant.  There has been an increase in roles in the personal tax and trust market, although without any discernable sector specific growth. Firms with international connections and new private client tax boutiques (usually with an international client base) have tended to do well, as have a number of private client teams in the SE.  Mainstream corporate tax roles have seen a gradual recovery with more newly qualified and AM level roles in the market.  The senior end of the market has been a little slower in the second half of the year, although there is a promise of activity from a number of our clients in the SE, NW and SW.

The signs for the first quarter of 2012 remain more positive then the media may have you believe, with a number of team leaders still keen to bring on good people. Although this may seem at odds with the current economic outlook, it does reflect well on the resilience of the tax sector and the continued importance of qualified tax professionals to organisations.

What does 2012 offer your specific sector?

Expatriate Tax and Employment Tax

Expatriate tax and employment tax roles in the Big 4 have remained buoyant with teams looking for levels between AM to senior manager. A few vacancies at Director Level have also been released.  The mid-tier and Boutique firms have showed a greater appetite for either growing or in some cases starting an expatriate tax or employment tax service line. A number of tax consultancies have been keen to take on dual handlers (in expat tax) at various levels and given that particular market this is a trend that will no doubt continue into 2012.

Indirect Tax

This has been mainly Big 4 led, although the overall practice market has remained steady. There is a shortage at AM level and any professional looking to move at this level will nearly always have options. The in-house market has seen a number of roles come on, although this has been sporadic with most roles at either  junior – mid level.

Corporate Tax

The M&A and international teams have been an area of growth for a number of the larger firms. More mainstream roles have been coming up in the mid-tier, although the emphasis has been at the AM to junior manager level.  Regions such as London, Manchester, and Leeds have shown the most demand. This, as it stands, looks set to continue.

Personal Tax and Trusts

There has been an increase in roles in the personal tax and trust market. Firms with international connections and new private client tax boutiques (usually with an international client base) have tended to do well, as have certain of the private client teams in the SE.  This is a market that still continues to provide good roles for the qualified, although the majority of positions have tended to be in the SE. 2012 will also continue to be a good market for Director/partners who have strong business skills.