As we enter April, and more importantly some spring sunshine, the Easter break gives us an opportunity to reflect and provide a round up of the current Tax market. It will be no surprise that the market has begun to slow and is tighter in comparison to the breakneck speeds of early 2022 (which is not necessarily a bad thing!) - It was always going to be hard for firms of all stature, from Big 4 to independents, to keep pace with last year. For Pro, January is often a slower time for tax recruitment, with Partners and recruitment teams getting back from the Christmas break, and the private client / personal tax busy season often ruling out big moves. This year, because of widespread economic uncertainly, candidates appeared less confident to make a move. However, with the tightening of household spending, candidate mind sets began to shift, recognising that offers within the market remain highly lucrative, with many candidates receiving multiple offers, in light of this highly competitive market.
Private client / Personal tax Continues to be buoyant with Big 4, mid tiers and boutique firms looking for top talent within London and across regional hubs such as Birmingham, Bristol, Leeds, Manchester & Edinburgh - all confirming placements this quarter.
Employer Solutions In the Global Employer Services space, we have seen some changes regarding recruitment needs. The Global Mobility Tax market has slowed down significantly, and we don’t anticipate this to bounce back until 2024. However, the Employment Tax and Share Schemes/Reward Tax market remains very busy. The Big 4, Top 10 and mid-tier firms seem to be focusing their recruitment at the Assistant Manager, Manager and Senior Manager grades, particularly in London, Birmingham, Reading and Manchester.
Corporate / International / M&A Tax Probably the most ‘in demand’ Tax specialism over the last 18months and continues to be pivotal in most firms’ recruitment needs from Big 4, Top 10 and the mid-tiers. Key recruitment focus has been largely at Manager level with firms also happy to look at either side of Manager (Assistant Manager and Senior Manager) to allow for / promote internally. London and the main regional hubs (Birmingham, Manchester, Reading) continue to have a high demand for corporate tax professionals.
Smaller Practice and independent boutique firms We have seen this as the most active for us here at Pro-Tax. The tax market for Tax Seniors, Assistant Managers, Managers & Director continues to be relentless, with the search for talent having seen a huge increase in newly created roles across mixed tax, personal & corporate tax as well as specialist fields including Investigations, R&D & VAT. The above article provides an insight into the current market as we enter Q2, having seen a record number of promotions in both January and this week’s April’s round, with the counteroffer still playing a major role the market. Moral of the story, it is still a superb time to be a tax candidate!