Industry Analysis & Industry Trends
The Tax Consultants industry provides income tax return services to personal and business clients and offers advice on tax-related business issues. The industry is expected to record relatively slow revenue growth during the five years to 2012-13, expanding at a compound annual rate of 1.3% to reach £4.25 billion. This has mainly resulted from falling demand for the industry's tax advisory services following the financial crisis and the subsequent uncertain economic climate.
Tax advisory services are the most volatile industry segment. Demand is closely linked to the overall state of the economy and has declined sharply during the past five years, due to the recession and the reduction in corporate transactions that require tax-related advice... purchase to read more
Industry Report - Starting a New Business Chapter
From a practical standpoint, barriers to entry into the Tax Consultants industry are relatively low. In particular, barriers to entry into the personal and small business tax services markets are low, with many operators in this segment being small partnerships, illustrating that scale is not an essential prerequisite to compete effectively and that the majority of firms in the industry operate as small local providers of tax services catering to the needs of private consumers. This in conjunction with the industry's low capital investment requirements keeps start-up costs low for firms entering the personal and small business areas of tax consulting... purchase to read more