Insights on Financial Recruitment and Jobs in Thames Valley 2017

The Thames Valley Market Insights Report covers the following areas. Click to view salaries:

• Commerce & Industry
• Professional Services
• Taxation

Commerce & Industry

The recruitment market in 2016 was bizarre, not too dissimilar to the wider political landscape. Larger companies found that their heavy cost base of full time staff meant that they were forced to look at redeploying internal resources rather than seeking external help. Processes were arduous and decision making was protracted, causing frustrations for both clients and candidates. Headcount approval processes mirrored the scrutiny shown in 2011 amidst fears of a double dip recession’; clearly larger businesses were taking a cautious view. Year on year revenue from our larger clients (£100m+ turnover) was down 32% and the average salary was £42,000 per annum.

Professional Services

Last year got off to a healthy start with the usual busy tax and audit seasons, however the Brexit decision slowed the pace of the jobs market considerably for the second half of the year, especially when compared with previous years.

Roles for accountants with general practice experience or with no audit exposure are scarce, and personal tax professionals are less sought after. In contrast, qualified auditors at the senior and manager level are in short supply. There is also demand for candidates with FRS 102 exposure due to the changes in reporting standards that were introduced last year. Candidates with international accounting experience are desirable to the medium and large practices while corporate tax seniors and managers are desirable across the region, regardless of what size firm they are coming from.

Taxation

With the revolution of new tax laws coming in and so much still in the public eye, having an experienced in-house tax team is essential. Trying to navigate the traps, understanding the tax and VAT implications of Brexit and what it means for your business is extremely difficult.

Senior management will forever need to strike the balance between what should be handled internally and what can be outsourced. Outsourcing some routine compliance processes can be beneficial and makes sense so as not to bog down the team with automation,but every medium/large corporate should have an in-house tax resource - SAO and risk need to be managed effectively and the implementation of tax advice simply wouldn’t happen properly without it.

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