Taxing times: Uncertainty is expected to limit expansionary activity and reduce revenue in 2018-19

Firms in the Tax Consultants industry prepare personal and business income tax returns, offer tax advisory services and non-legal representation before tax authorities. The industry is expected to grow over the five years through 2018-19, with revenue projected to expand at a compound annual rate of 3% to reach £4.4 billion. This growth was predominantly the result of favourable economic conditions during the first half of the period. During this time, business capital expenditure, merger and acquisition activity, and the number of businesses operating in the United Kingdom were on the rise. This boosted demand for industry operators to assess the tax implications of expansionary activities, while operators' potential client bases also grew...read more.

Industry Statistics & Market Size
Revenue
£4.4bn
Annual Growth 14-19
3.0%
Forecast Growth 19-24
Profit
Employment
30,841
Businesses
8,216

Industry Threats & Opportunities

  • Economic uncertainty is expected to place pressure on demand and cause revenue to fall
  • The industry’s level of capital intensity has increased slightly as players have invested in technology
  • The forthcoming introduction of an online system for tax returns is expected to limit industry demand
  • Industry Report - Starting a New Business Chapter

    From a practical standpoint, barriers to entry in the Tax Consultants industry are relatively low. Barriers are particularly low in the personal and small-business tax services market. Many operators in this segment are small partnerships, exemplified by the fact that 79.3% of firms employ fewer than five staff. This illustrates that scale is not a prerequisite to competing effectively. 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, ensures that start-up costs remain low for firms entering the personal and small-business areas of tax consulting...purchase to read more.

    Additional Insights for the Tax Consultants Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Tax Consultants Industry are

  • Access to highly skilled workforce
  • Having a good reputation
  • Having a loyal customer base
  • IBISWorld analysts also discuss how external factors such as Number of businesses and Business capital expenditure in the Tax Consultants industry impact industry performance..

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    What's in this report

    What is the Tax Consultants Industry?

    Firms in the Tax Consultants industry prepare personal and business income tax returns and offer tax advisory services and non-legal representation before tax authorities. However, industry operators are not responsible for offering comprehensive management consultancy services like accounting services or the provision of budgetary control procedures.

    Industry Products
  • Personal income tax services
  • Business income tax services
  • Tax advisory services
  • Industry Activities
  • Providing personal income tax returns
  • Providing business income tax returns
  • Offering taxation advisory services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of businesses
  • Business capital expenditure
  • FTSE 100
  • National unemployment rate

  • Current Performance
  • Mixed conditions
  • Improving technology
  • Profit and investment
  • Auditing developments
  • Chart: Revenue Growth

  • Industry Outlook
  • Business boon
  • Auditing woes
  • The exit effect
  • Table: Tax Consultants Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Tax Consultants Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Banks
  • Financial Management

  • Key Selling Industries
  • Legal Activities
  • Office Equipment Rental & Leasing
  • Software Publishing
  • Universities

  • Products & Services
  • Business income tax services
  • Tax advisory services
  • Personal income tax services
  • Chart: Tax Consultants Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Financial services sector
  • Private consumers
  • Other industries
  • Industrial sector
  • Retail and consumer services sector
  • Technology sector
  • Government institutions
  • Chart: Major Market Segmentation for the Tax Consultants Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesSubcontracted labourLegal adviceOther
  • Chart: Cost Structure Benchmarking – Sector vs Tax Consultants

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Tax Consultants Industry

  • Industry Globalization
    PricewaterhouseCoopers LLP, Deloitte LLP, Ernst & Young LLP, KPMG LLP,
  • Table: PricewaterhouseCoopers LLP - financial performance
  • Table: Deloitte LLP - financial performance
  • Table: Ernst & Young LLP - financial performance
  • Table: KPMG LLP - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Tax Consultants Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Tax Consultants Industry
    Includes:
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    General Anti-Abuse Rule (Gaar)
  • The General Anti-Abuse Rule negates the need for new legislation to prohibit aggressive tax avoidance. It covers all avoidance schemes considered abusive.
  • Outsourcing
  • The use of outside service providers to perform non-core business functions.
  • Tax Return
  • A document that must be filed with HM Revenue & Customs declaring liability for taxation.
  • What Our Customers Say

    Why buy this report?

    The Tax Consultants market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Tax Consultants:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Tax Consultants market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Tax Consultants, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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