We held focussed discussions with our network of tax professionals across Commerce & Industry, Financial Services and Professional Services in order to gain specific insight into opportunities being created across the tax industry as a consequence of the COVID-19 pandemic.
A significant proportion of tax professionals surveyed are predicting a deals led recovery. Private investors are sitting on a liquid cash pile of well over £1 trillion which has led many tax professionals to predict a boom in corporate deals as various businesses and funds look to capitalise on increasingly attractive investment opportunities as we exit the worst of the pandemic.
A heightened focus on Cash Tax Management by companies has increased the demand for R&D Tax professionals in addition to consulting around the application and management of Time to Pay Arrangements.
In the Global Mobility arena, the Tax and National Insurance implications of an unplanned and fragmented globally mobile work force caused by the pandemic has increased demand for specialist advice or headcount in this area to manage the associated risks.
It is anticipated that HMRC will increase scrutiny around all fiscal measures introduced to support the economy through the pandemic which will lead to an increased demand for Tax Risk & Investigations specialists.
An increased need for companies to implement new global processes and controls has increased demand for Transfer Pricing and Tax Compliance & Reporting specialists.
Industries that have grown throughout the pandemic include the technology, telecommunications, life sciences and consumer sectors which have maintained or increased their recruitment activity whilst also giving rise to enhanced requirements for tax consultancy services.
For organisations looking to address current issues, risks or opportunities in their tax function or service offering caused by the pandemic now is a fantastic time to hire outstanding tax talent whilst competition from industries negatively affected by the pandemic has subsided. The current trend of conducting interviews and onboarding online also presents the opportunity to secure new talent quicky and effectively.
All of the above points are good news for tax professionals interested in exploring opportunities to rapidly enhance their career trajectory in high growth industries or within specialist technical areas of tax that are in high demand.
If you would like to discuss our findings in more detail please contact:
Author: Graham Young – Director
Tel: 020 3826 8832