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 SWOT Analysis Chapter
The Tax Consultants industry is in the mature phase of its life cycle. Industry value added, measuring the industry's contribution to the overall economy, is anticipated to grow at a compound annual rate of 2.5% over the 10 years through 2018-19, a slightly faster rate than the overall UK economy. Over the same period real GDP is expected to grow at a compound annual rate of 1.3%.
Tax consultants' services and markets have become well established, leaving little scope for significant growth driven by the introduction of new services or the emergence of new markets. The wholehearted acceptance of the services provided by industry participants is also another characteristic of a mature industry... purchase to read more