For anyone entering the job market in the tax sector, salary comparisons will always be made. It is an important factor for any prospective tax specialist. Thankfully, latest salary reviews show that this industry is making gains that are not necessarily being seen in other sectors
The overall salary picture for the UK
The picture regarding salaries across the UK, in general, seem to show that things have improved dramatically. The Office of National Statistics data for the month of April 2015 show that pay in the UK rose by 2.7% - compared to the 2.1% that had been predicted. This is the fastest pace of growth experienced in the UK since 2008. However when types of occupations and other changes are taken into account, the figure is actually considered to be closer to 4%. A further change that has been noted is that the numbers in self and part time employment have actually fallen.
The business size
Tax professionals working for Big 4 firms are tending to see higher wages with this gap increasing year on year. The average pay for a tax professional in a firm of fewer than 50 people is anywhere from 5-15% less than one working for a larger firm. However it should be noted that smaller firms often give other perks and non-tangible benefits. Those working in these larger firms also stated that they were most likely to be changing roles in the future.
The sector differences
The sector you choose to work in can also influence the level of salary you can expect. The banking and indirect tax sectors has seen good gains in the last year, however those working for all areas in tax are doing well.
Finally, where you live in the UK could have a big impact on your salary expectations. The London boom is continuing and show no sign of abating. There is also a significant upward trend in the Home Counties and large cities like Manchester and Birmingham.
Here at Creative Tax Recruitment we have seen the salaries of our placements increasing by between 8% and 15% - a huge positive step and an indication that there is plenty of competition in the market and that it is in robust health.
Tax consultants working in the UK can expect good wages even when they are starting their career. Progression is good and there are many roles available in all sectors. For those willing to move up the ladder and advance their career, the gains to be made in terms of salary are high.