Why now is a great time to work as an interim Tax Professional
Have you ever considered working on an interim basis? Surprisingly, I still come across a number of qualified Tax Professionals that consider working as an interim Tax Professional as a “step down” or do not fully understand the benefits of contract work.
The interim tax market has remained relatively steady in spite of challenging economic conditions resulting from the political changes here in the UK and impending change across the Atlantic. Demand for interim roles in relation to tax reporting, tax compliance, transfer pricing, VAT and Partnership taxes specialist remained high throughout the course of 2016 and we are seeing above market rate being paid for experienced tax professionals.
Even though the demand is there, it begs the question to some Tax Professionals ‘why should I work on a contract basis?’ From speaking with many of my candidates and clients alike the main motivations for working on a contractual basis are:
- Assignments are matched to skill level, so work can be varied and interesting.
- The pay is competitive. Companies are still paying high rate for temporary tax support especially in tax reporting.
- Opportunities are often immediate. Assignments are frequently created because of an unexpected deadline or project that the full-time staff simply cannot handle.
- It’s a great way to re-enter the job market. Contracting allows candidates to ease back into the job market and gain new experience.
- Many temporaries are hired after their initial assignment. Temporary and contract assignments are a great foot in the door for a potential full-time role.
- You often have greater flexibility. Assignments that are temporary tend to be more flexible when it comes to working hours, telecommuting and other factors.
- Interim candidates can bring an independent view to an organisations method of working with no bias.
So what does the market look like in 2017?
We predict that the interim tax market will become more buoyant over the next 12 months in light of changes affecting the broader economy and UK tax regime. BEPS will remain high on the agenda and Brexit will lead organisations to restructure their tax functions and respond to subsequent legislative changes, with VAT continuing to be a key area. We envisage that certain businesses will be more cautious about making longer term staffing plans and will therefore look to recruit on a temporary or fixed term contract basis.
Qualified interim tax professionals charge a day rate based on their track record, seniority and the value that the client business will receives from their interim solution. Interim day rates are not calculated pro-rata to an employee salary divided by the working days in the year. That is because interim tax professionals are businesses in their own right that offer a service that is immediately available and only charged for the days they actually work. Daily rates will vary depending on the company offering the work and the industry.