Tax professionals can expect a positive job market in the second half of the year, with permanent recruitment already showing an uptick in opportunities for tax professionals.
Despite somewhat challenging conditions in the first half the year, permanent tax roles have seen a steady increase in volume in the second half of 2016 as businesses react to the new tax environment following the EU referendum.
“Opposed to simply reacting to major events such as BEPs, RS and FACTA, having in-house tax professionals aids companies in understanding the impact the changing tax legislation can have on them,” said Robert McKay, Manager at Robert Walters.
As market conditions stabilise towards the end of the year, we expect an increase in temporary recruitment to pick up projects that were placed on hold in the first half of the year.
“With compliance still driving the thought process of hiring managers, we have seen a definite move towards review and compliance project management, rather than hands-on computation work,” continued McKay.
Key skills in demand
Candidates who understand the need for project management experience, managing internal finance teams and in-country advisors whilst looking to make overall processes more efficient, are in demand.
“Candidates with high exposure to UK corporate tax compliance and reporting have an edge given the current focus on tax transparency,” said McKay.
In addition, those with an interest in tax research and financial services tax operations, particularly understanding the impact of legislation, are still high in demand outside the traditional corporate tax space.
Impact on salaries
Candidates with high exposure to UK corporate tax compliance and reporting have an edge given the current focus on tax transparency.
Employers are seeking senior level professionals as well as junior tax staff that demonstrate growth potential. The direct impact of this in the market is a decrease in salaries at senior end.
"Despite the decrease in salaries at the senior end, the need for more hands-on compliance skills is driving salaries up for newly-qualified and mid-management level candidates,” said McKay.
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