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 more.

Industry Statistics & Market Size
Annual Growth 14-19
Forecast Growth 19-24

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 - Industry Analysis Chapter

    Operating conditions have been generally favourable over the past five years, and as a result, the Tax Consultants industry has recorded growth. Expansion in the first half of the period was particularly strong. A rise in the number of UK businesses, in addition to falling unemployment levels, has increased the potential client base for industry operators. Furthermore, business capital expenditure has risen over the past five years, prompting an increase in expansionary activity and merger and acquisition activity, in turn driving demand for consultants to assess the tax implications of such ventures. As a result, industry revenue is expected to grow at a compound annual rate of 3% over the five years through 2018-19...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
  • 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?

    IBISWorld’s Tax Consultants market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

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    • Find out about key industry trends
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    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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