Industry Analysis & Industry Trends
The Tax Consultants industry is expected to record modest revenue growth during the five years through 2014-15, expanding at an estimated compound annual rate of 2.3% to reach £3.8 billion. This indicates that the industry was not as affected by the financial crisis and the bleak economic conditions that followed compared with other sectors. This is mainly due to relatively stable demand for personal and business income tax services, as businesses and individuals have to file tax returns irrespective of economic conditions. However, revenue generated from tax advisory services remained volatile as performance in this segment is closely linked to the state of the economy... purchase to read more
Industry Report - Industry Investment Chapter
The Tax Consultants industry exhibits a low level of capital intensity. IBISWorld estimates that for every £1.00 spent on capital investment, industry operators will spend £16.70 on wages in 2014-15.
As with most service industries, the Tax Consultants industry is based around the use of human knowledge and labour to deliver services to clients. Specialist skills and knowledge of taxation regulations are required, with skilled professionals taking high salaries. In addition, the provision of tax advisory services needs to be tailored to the client's specific case, requiring high attention to detail and accuracy. Meanwhile, depreciation costs are low, which is indicative of a knowledge-based industry. Depreciable assets mainly include computer and office equipment... purchase to read more