Industry Analysis & Industry Trends
The industry is expected to record relatively slow revenue growth during the five years through 2013-14, expanding at a compound annual rate of 1.1% to reach £3.7 billion. This indicates that the industry was not significantly affected by the financial crisis during the start of the period and the bleak economic conditions that followed. 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 it is closely linked to state of the economy. Industry profit margins declined during the start of the period, but improved in the following years, mainly due to cost cutting initiatives... purchase to read more
Industry Report - Industry Analysis Chapter
UK tax consultants have avoided the worst effects of the recession, helped by the relatively stable demand for personal and business income tax services. No matter the economic conditions, businesses and consumers must file tax returns, and this provides the industry with a stable revenue base. Thus, it has displayed relatively low volatility, even though the tax advisory segment has shown more significant fluctuations. As a result, industry revenue is forecast to grow at a compound annual rate of 1.1% over the five years through 2013-14.
IBISWorld forecasts that industry revenue will increase by 2.4% during the current year to £3.7 billion. Improving economic conditions will cause unemployment to fall and the number of businesses operating in the United Kingdom to increase... purchase to read more