Taking change into account: Post-referendum uncertainty offers challenges and opportunities

The Tax Consultants industry includes operators that provide personal and business income tax returns, offer tax advisory services and non-legal representation before tax authorities. The industry has a medium level of concentration, with the four largest players having a combined market share of 57.7% Over the five years through 2019-20, industry revenue is estimated to grow at a compound annual rate of 2.6%, reaching £4.6 billion. This is the result of generally favourable operating conditions that include a fall in the unemployment rate, a rise in the number of businesses operating in the United Kingdom, rising business capital expenditure and an increase in merger and acquisition activity...read more.

Industry Statistics & Market Size
Revenue
£4.6bn
Annual Growth 15-20
2.6%
Forecast Growth 20-25
Profit
Employment
31,621
Businesses
8,495

Industry Threats & Opportunities

  • Uncertainty regarding the UK’s exit from the European Union places pressure on revenue
  • Regular reductions in corporate tax rates have supported demand for the industry’s services
  • The Government's move to an online tax system, through Making Tax Digital, is likely to limit demand
  • Industry Report - Industry Key Buyers Chapter

    The Tax Consultants industry has a medium level of concentration. The four largest firms in the industry – PricewaterhouseCoopers, Ernst & Young, KPMG and Deloitte – are expected to have a combined market share of 57.7% in 2019-20. The Big Four accounting firms are dominant in providing tax advisory services to large clients, particularly publicly listed companies, as they have the resources to deal with larger projects. Work with these clients generally yields a high level of revenue as it often involves large and complex business transactions, such as mergers and acquisitions and initial public offerings. This is the main reason behind their market dominance measured by revenue...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 services exclude management consultancy on accounting systems, the provision of budgetary control procedures and bill collection.

    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
  • Tax regulation
  • Technology advancement
  • Auditing reforms
  • Profit and investment
  • Chart: Revenue Growth

  • Industry Outlook
  • Business boom
  • Auditing issues
  • 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
    ProfitWagesPurchasesPurchases, which include stationery, printing costs, subscriptions and software, are expected to account for 4.8% of industry revenue. DepreciationMarketingRentUtilitiesOther
  • 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, Ernst & Young LLP, KPMG LLP, Deloitte LLP,
  • Table: PricewaterhouseCoopers LLP - financial performance
  • Table: Ernst & Young LLP - financial performance
  • Table: KPMG LLP - financial performance
  • Table: Deloitte 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 (2011-2025)
  • Industry Gross Product (2011-2025)
  • Establishments (2011-2025)
  • Businesses (2011-2025)
  • Employment (2011-2025)
  • Wages (2011-2025)
  • Wages (2011-2025)
  • Purchases (2011-2025)
  • Profit (2011-2025)
  • Depreciation (2011-2025)
  • Marketing (2011-2025)
  • Rent (2011-2025)
  • Utilities (2011-2025)
  • Other (2011-2025)

  • 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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