BM UK Tax Report & Salary Survey 2015

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market & salary survey tax Market Report 2015/16 - uk

Transcript of BM UK Tax Report & Salary Survey 2015

Page 1: BM UK Tax Report & Salary Survey 2015

market & salary survey

tax Market Report 2015/16 - uk

Page 2: BM UK Tax Report & Salary Survey 2015

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London 95 Queen Victoria Street

London EC4V 4HN T: +44 (0)20 7415 2800

DüsseldorfSchwanenmarkt 15

40213 DüsseldorfT: +49 (0)211 2479 1110

MunichSchäfflerstraße 8

80333 MünchenT: +49 (0)89 716 7756 00

Dubai Suite 614, Liberty House DIFC

PO Box 506739 T: +9714 447 0318

Hong Kong 1918 Hutchison House

10 Harcourt Road, Central, Hong Kong

T: +852 2973 6333

Singapore 30 Cecil Street

#21-03/04 Prudential TowerSingapore 049712

T: +65 6420 0500

Melbourne Level 4,

520 Collins StreetMelbourne, VIC 3000

T: +61 (0)3 8610 8420

Sydney Level 12, 25 Bligh Street

SydneyNSW 2000

T: +61 (0)2 9221 0099

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Introduction

Reviewing our salary survey from last year and the responses from clients 12 months later, it is clear that the battle to attract and retain staff is tougher than ever.

Across the in-house tax functions of banks, financial institutions, the larger commercial groups and also our practice clients, we have seen that the increased demand for good tax professionals that began in 2014 has continued into this year and looks set to extend into 2016. Particularly at the junior to mid-range levels, we have seen this demand translate into rises in base salaries and total compensation and there is nothing to suggest that this trend is likely to stop. However, the challenges that a market like this presents does not begin and end with reward; flexible working, a clear career path and training and development are all factors to consider.

Over the last 12 months we have repeatedly heard comments from clients that “finding technically competent staff,” “attracting quality talent,” “retaining key staff” and “providing development opportunities” remain key challenges. The twin issues of attracting and retaining high quality talent are recurring themes.

When considering the drivers for this increase in demand, the buoyant transactions market and increased M&A activity are cited as reasons to recruit into both the firms and in-house. However, it is BEPS and the related TP market that are highlighted as areas where senior tax professionals would most like to add resource, with VAT following very close behind.

It is much more difficult to identify patterns in recruitment and remuneration when considering leadership roles. The drivers for recruiting these roles are usually restructuring, retirements or refocussing a tax function and these have been cited as reasons in all the roles we have been involved in. Remuneration at the most senior levels is complex with many different components. The base salary is only one factor we consider and we have to remind employers that total compensation is paramount. Share schemes, pensions and bonuses must all be taken into account when benchmarking for various individuals and groups.

In general, we are seeing that despite the well-publicised criticism of the tax profession over recent years, the increased complexity and profile of tax mean that as a profession, it is in good health. Both individuals and commercial groups understand that, now more than ever, they need to have a robust and well-resourced tax team populated by commercially minded, intelligent tax people able to communicate with the real world.

Matthew GravellePartnerE: [email protected]: +44 (0)20 7415 2800

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Commerce and IndustryMarket overview

The commercial tax market has seen some sector variations in the last year, with energy and oil & gas service businesses hamstrung by the collapse in the oil price, but other sectors faring reasonably well. Throughout the market, it now feels as though we are back to enjoying a good breadth of opportunities, with compliance and reporting, planning and advisory, transfer pricing, VAT and international tax all featuring across the board, as opposed to last year when there was a marked focus on risk and reporting functions. BEPS and country by country reporting have also had a significant impact on the in-house market, with many Heads of Tax revealing that workload has increased within their teams, often with no additional headcount allocated to reflect that additional burden.

Overall we have seen recruitment at the junior level (0-4 years PQE) transition to a candidate led market where strong candidates are in extremely short supply and can expect multiple offers, as well as aggressive buy-backs from their current employers upon resignation.

Manager and Senior Manager level roles have been relatively prevalent this year too, with significant recruitment across FTSE listed businesses as well as overseas multinationals and private companies. At the top end, there has been a return of Director and Head of Tax roles that we would not have seen over the last few years, all of which points to a stronger market for tax professionals. This has been reflected in 67% of respondents reporting a pay rise of between 1-10% for their teams over the last year, and 95% of in-house tax professionals being awarded a bonus.

How much has your salary increased in 2015?

33%

50%

17%

O%

1-5%

6-10%

with an unlimited budget, in which area would you most like to add resource to your team?

36%

14%

22%

Corporate Tax

International Tax

Transfer Pricing

21%VAT

7%Operational taxes

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DO HIGH PERFORMERS RECEIVE A BONUS?

“RETAINING AND ATTRACTING TOP TALENT REMAINS OUR BIGGEST CHALLENGE IN THE COMING YEAR.”

FTSE 100 Head of Tax

with an unlimited budget, in which area would you most like to add resource to your team? team growth in next

12 months?

Predictions and outlook

The next 12 months look relatively positive, with almost a quarter of in-house tax departments predicting team growth. Corporate tax and transfer pricing would come top of the wish-list for those with the scope to recruit additional talent with international tax and VAT also featuring prominently. We would expect the market to continue on a steady trajectory, subject to economic conditions remaining stable. This should mean a continuing scramble for newly qualified tax specialists, with an increasing need for those recruiting to be open in their approach, with flexible working and part-time solutions becoming increasingly commonplace. We also see an ongoing range of roles becoming available for candidates at Manager and Senior Manager grade, with more senior opportunities being driven by a combination of newly created Head of Tax positions and natural attrition.

FTSE LISTED GROUPS

Title Base (£000) Cash bens (£000) Bonus %

Head of Tax 110 - 300+ 50 - 100 20 - 100+

Group Tax Manager 90 - 180 50 - 100 10 - 100

International Manager 80 - 110 5 - 20 10 - 100

UK Manager 60 - 110 5 - 20 10 - 20

Tax Manager 50 - 90 5 - 15 10 - 20

Tax Accountant 35 - 60 2 - 5 5 - 20

OVERSEAS MULTINATIONALS AND PRIVATE COMPANIES

Title Base (£000) Cash bens (£000) Bonus %

Head of Tax 110 - 300+ 11 - 100 16 - 100

Group Tax Manager 90 - 150 10 - 50 10 - 100

International Manager 70 - 110 10 - 20 10 - 100

UK Manager 60 - 90 10 - 20 10 - 50

Tax Manager 50 - 80 5 - 15 10 - 20

Tax Accountant 35 - 60 2 - 5 5 - 10

Salary

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No

5% 19%

16-20%

24%

11-15%

22% 30%

Yes

23%

No

77%

21%+1-10%

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“INCREASED GOVERNANCE AND REPORTING WILL BE THE BIGGEST AREAS OF FOCUS IN

2015/2016”FTSE 100 Head of Tax

Financial ServicesOverview

Last year we commented on how operational tax recruitment had become more prominent and how the demand for transfer pricing professionals had increased. This year’s survey echoes that with most institutions seeing new regulatory issues like CRS, CRDIV and BEPS being prominent issues when needing to recruit.

In the past year we have seen significant growth in Alternative Investment Funds’ recruitment of real estate and M&A tax professionals. Due to risk appetite increasing and cost of borrowing remaining low, we are seeing these investment funds come back to the market with recruitment reaching the levels of 2007.

The biggest challenge for recruitment in the past year has been the 0-3 year PQE market. The Big 4 under hired from 2008 to 2012 and as such there are very few candidates at this level. This lack of availability coupled with the fact that the Big 4 are offering big pay rises and promotions to people at this level has meant that practice candidates are now on salaries in excess of their peers in FS.

There is also a skills shortage at Manager level and below for tax professionals with experience in banking and capital markets, real estate, asset management and insurance so we are seeing clients needing to be much more flexible with their recruitment requirements than previously.

17%

71%

12%

0%

1-5%

6-10%

How much has your salary increased in 2015?

with an unlimited budget, in which area would you most like to add resource to your team? (top 3)

36%

22%

Corporate Tax

Transfer Pricing

21%VAT

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Investment Banks

Title Base (£000) Cash bens (£000) Bonus %

Managing Director 180-350 10 20-100%

Director 120-180 10 20-50%

Vice President 75-120 8 10-30%

AVP 50-75 5 10-20%

Fund Managers

Title Base (£000) Cash bens (£000) Bonus %

Head of Tax 120-250 10 20-50%

Director 100-140 10 20-50%

Senior Manager 75-110 5 10-30%

Manager 55-80 5 10-30%

Insurance & Retail FS

Title Base (£000) Cash bens (£000) Bonus %

Head of Tax 180- 300 10 20-40%

Director 120-150 10 20-40%

Senior Manager 85-110 10 10-30%

Manager 55-80 10 10-30%

Predictions and outlook

On the whole, our respondents indicated a more positive view of the market than we have seen for some time, with 83% of those surveyed indicating that they have seen an increase in their salary over the past year and 33% predicting there would be growth in their team, 50% of which would be within Transfer Pricing. This reflects the increased demand in this area in the past year due to the introduction of BEPS.

We expect the market to further improve. It seems that in previous years a significant proportion of financial services headcount was allocated to compliance and regulatory areas and with this recruitment having now been completed (in the most part) headcount can now be allocated back to areas like tax, as and when there is a need.

7/company/brewer-morris Senior Treasury Professionals Market & Salary Report 2014: UK

with an unlimited budget, in which area would you most like to add resource to your team? (top 3)

team growth in next 12 months?

DO HIGH PERFORMERS RECEIVE A BONUS?

Yes

33%

No

67%

0%

17%

1-10%

0%

11-15%

33%

16-20%

0%

21%+

50%

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Temp and interim

Overview

The interim employment market continues to improve and demand far outweighs supply, resulting in talent shortages in niche areas such as employment taxes and transfer pricing. Speed to hire is essential. The most in-demand professionals have options and businesses that prolong the hiring process often lose their preferred candidate to competing offers.

Legislations changes

Over the last few years, many predicted that bureaucratic red tape and pressures on temporary employment would have had a significant impact on demand for temporary staff with the Working Time Directive initiative, holiday pay and Agency Workers Regulations coming in. The reality is that the legislation was targeted to protect low-income rates and has not significally impacted temporary tax professionals.

What are the advantages of hiring an interim?

Candidates are often available immediately, whereas it typically takes four months to hire a permanent employee.

The business will see results being delivered immediately.

Interims are only paid for the actual days worked.

Interim candidates often offer greater experience and capability in comparison with similarly priced permanent professionals.

AVAILABILITYIMMEDIATE

RESULTSVALUE FOR

MONEYEXPERIENCE

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Working out day rate

A long-held rough guide to daily rates is that you might request a minimum 0.5% of the base salary you would expect as a permanent employee – so for a £100,000 role, you might suggest a £500 interim daily rate. Please note however that this is a just a quick and easy approximation.

Practice and Law Firm rates per day (£)

Semi Seniors 120 - 160

Tax Seniors 160 - 240

Managers 240 - 320

Tax Senior Managers 350 - 450

Commerce/FS rates per day (£)

Tax Accountant 250 - 350

Tax Manager 300 - 400

Senior Tax Manager 400 - 500

Head of Tax 600 - 2000

Salary

Salary

Predictions and outlook

Encouragingly, we have now started to see a definite uplift in the temporary market as business confidence continues to grow, leading to a relaxing of hiring freezes. Many companies are taking advantage of the interim candidate pool by hiring temporary candidates as a way of trialling staff for permanent

vacancies, mitigating the risk associated with permanent hires. Moreover, many organisations are still hiring temporary staff to complete discrete projects. This approach affords greater flexibility, particularly where there is pressure to reduce permanent headcount.

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accountancy firmsMarket overview

This year has seen the market reaching an equilibrium of sorts with a combination of a high volume of vacancies and a shortage of good quality candidates on the market. In 2014 there was a significant jump in the number of accounting firms looking for quality talent from 42.1% to 51.6%, whereas this year the rise was a much smaller 1.4% rise to 53%, indicating that we have reached a plateau, albeit a busy one.

The market out of London to some degree is playing catch up but also a number of the Big 4 and Tier A are moving more work, such as compliance, away from London, particularly where margins are under pressure. We have also now seen growth in all major tax specialisms with some of the traditionally slower disciplines such as FTSE 100 teams and tax investigations generating real demand for hires.

Whereas 2014 saw a surge of good candidates coming onto the market as confidence picked up, in 2015 it has been more difficult to source quality candidates, particularly at NQ to Manager levels. This is partly because of the drop off in graduate recruitment between 2008 and 2013 but also because firms are working very hard to keep and motivate the staff they have. Since last year the firms that have paid bonuses to employees has risen from 61% to 74%. Career progression is another weapon in the armoury to help retention and 68% of respondents said they would anticipate promoting key employees in 2016.

Corporate Tax / FS rates (£000)

Title London The South Midlands Scotland & The North South West & Wales

Director 80 - 140 75 - 125 70 - 120 70 - 110 70 - 110

Senior Manager 65 - 90 60 - 85 50 - 70 48 - 70 48 - 70

Manager 45 - 65 45 - 60 38 - 52 36 - 48 38 - 52

Tax Senior 35 - 48 32 - 45 26 - 40 22 - 36 25 - 38

Assistant 24 - 38 22 - 28 20 - 25 14 - 23 19 - 24

Personal & Expatriate Tax (£000)

Title London The South Midlands Scotland & The North South West & Wales

Director 75 - 130 70 - 115 70 - 115 70 - 100 70 - 100

Senior Manager 60 - 85 50 - 80 46 - 65 50 - 65 50 - 62

Manager 45 - 65 42 - 60 36 - 55 35 - 46 35 - 48

Tax Senior 35 - 45 28 - 42 24 - 38 22 - 35 24 - 38

Assistant 25 - 32 28 - 42 20 - 24 16 - 23 20 - 26

Mid-tier and boutique firms

39%

31%

15%

15%

Big 4

In-house

Top 20

Independent firm

Which are the main destinations that tax professionals leaving your firm are going to?

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Predictions and outlook

The next 12 months, notwithstanding any major economic shocks, is going to be more of the same. Our clients also feel this with 54% of firms looking to hire next year. One major difference from previous market expansions though is that salary rises are likely to remain subdued. In 2014, 68% of firms expected to award average pay rises of 1-3% whereas this year that number has climbed to 72%. However, there has been a widening of pay bands at individual grades and a greater willingness to use this discretion over pay to attract new talent. Firms are also aggressively hiring or buying back staff with immediate promotions.

The shortage of key staff will only become more acute in 2016 and it is encumbent on firms to devise more innovative ways of attracting and retaining staff to hit growth plans. For grades up to manager, some firms are considering audit trained candidates who are excellent long-term prospects but do require an investment in training. Flexible working and part-time working is also being increasingly used to attract the right person.

Much of the demand has been driven by the buoyant transactions market and the shift to a more conservative tax environment, with the increasing profile of tax risk and operational taxes teams. The two major destinations for people leaving their current employers remain the Big 4 at 39% and in-house at 31%. The independents and Top 20 are showing increasing signs that they will begin to play a bigger role in the recruitment market next year, especially out of London.

“ONE OF OUR BIGGEST CHALLENGES OVER THE NEXT 12 MONTHS IS FINDING CANDI-DATES WITH THE REQUISITE EXPERIENCE”

Tax Partner, International firm

Corporate Tax / FS rates (£000)

Title London The South Midlands Scotland & The North South West & Wales

Director 85 - 220 75 - 180 70 - 160 65 - 160 70 - 160

Senior Manager 70 - 110 60 - 100 53 - 87 50 - 80 50 - 80

Manager 52 - 72 47 - 65 46 - 60 40 - 56 40 - 56

Tax Senior 40 - 54 36 - 45 32 - 42 28 - 38 28 - 37

Assistant 24 - 40 20 - 36 18 - 30 16 - 26 16 - 26

Personal & Expatriate Tax (£000)

Title London The South Midlands Scotland & The North South West & Wales

Director 80 - 200 75 - 160 65 - 140 60 - 140 65 - 140

Senior Manager 68 - 95 50 - 87 48 - 87 48 - 78 50 - 80

Manager 52 - 72 45 -64 38 - 60 38 -5 6 38 - 56

Tax Senior 40 - 52 35 - 45 32 - 42 28 - 37 24 - 38

Assistant 24 - 40 20 - 35 18- 30 16 - 26 16 - 26

40%

26%

Yes, 0-10%

Yes, 11-15%

Yes, 20+%

26%

8%

No

Big 4 and Tier A

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PQE US Magic Circle/Top-Tier Mid-Sized City

Salary per annum (£000) Salary per annum (£000) Salary per annum (£000)

NQ 67 - 105 59 - 70 54 - 60

1 year 70 - 108 63 - 78 55 - 65

2 years 80 - 115 65 - 88 60 - 70

3 years 90 - 125 72 - 100 62 - 76

4 years 97 - 142 77 - 108 70 - 84

5+ years* 110 - 160+ 87 - 120+ 75 - 95+

Market overview

2015 has not disappointed with an increase in Tax Associate roles being recruited from the external market. The rise in economic stability, increasing legislation and the media’s focus on tax related issues have driven growth in London’s Tax-Legal recruitment market.

The most striking trend observed continuing into 2015 was the ability of mid-level lawyers with around 5 years PQE to command a higher premium. HMRC’s continued attack on tax avoidance has meant that we have seen a big rise in contentious tax work. Transactional work is generally ‘simpler’ as taxpayers have become more cautious when considering tax mitigation.

US firms are appealing to candidates providing one-on-one supervision and broad exposure within their smaller tax teams. The NQ market continues to thrive into 2015. This, combined with the fact that the market has picked up and trainee intakes shrank during the recession, means that law firms are now in a position to recruit NQ-2PQE.

Recently, we have seen some of the large accounting firms achieve ABS licences and enter into the legal market, attracting legal professionals from private practice.

Predictions and outlook

The next year looks as though it is not going to differ from what we have seen in 2015. Our clients also identify that due to firms retaining their best; typically NQ to 2 years PQE, there will continue to be a shortage of candidates at the right level in the market.

With the increase in appetite, the market is likely to remain engaging and demanding in 2016. The shortage of excellent candidates defines the status of the market to be one that is competitive and candidate constrained. Our clients will need to apply greater imagination and flexibility when seeking the right candidates and will need to act fast. They will also need to be prepared to respond to aggressive buy backs. Firms do not want to lose their best staff or deal with the inevitable disruption that their exit will create. Often the struggle to recruit is compounded where law firms fail to implement a streamlined and timely recruitment process, allowing top talent in the market to slip away.

Looking ahead, as law firms’ financial constraints recede, we believe that hiring managers will be keen to employ the very best candidates available, adding value through outstanding service delivery to clients.

Legal

Salary

“HMRC’s focus on tax avoidance

has impacted

the way we work”

Head of HR, Law Firm

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“OFTEN THE STRUGGLE TO RECRUIT IS COMPOUNDED WHERE LAW FIRMS FAIL TO IMPLEMENT A STREAMLINED AND TIMELY

RECRUITMENT PROCESS”

Consultant, Brewer Morris

*Above 5 years, base salaries are discretionary as firms move towards meritocracy at the more senior level.

83%of respondents are looking to hire at NQ - 2 years PQE

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International Markets

Overview from Brewer Morris Asia-Pacific

Recruitment activity has remained resilient over this past year. There has been a focus on consultant and senior consultant level recruitment and the firms are still suffering from reducing their graduate intakes in previous years. We also noted that developments within the transfer pricing framework led to strategic and mid-level hires across Australia. Overseas transfer pricing candidates were welcomed into transfer pricing practices nationwide and are still in demand.

Local markets

Confidence in global accounting firms has remained high across Australia. Brisbane growth was delayed due to a change in local government, however this has picked up and most tax practices have steadily recruited; Perth’s professional services recruitment has improved, however new in-house opportunities have been minimal; Melbourne remains significant and of strategic importance to industry sectors such as funds, superannuation, sport and retail, and recruitment across these sectors has been steady; the Sydney market has been busy and, in areas such as M&A tax, has become candidate driven.

The Big 4 have been open to international candidates from major markets such as the UK and US in areas such as tax technology, expatriate tax, banking and finance tax, transfer pricing, equity & share schemes and banking & financial services tax, making them ideal areas for those seeking an international career or relocation. Brewer Morris is currently recruiting in Sydney, Melbourne, Perth and Brisbane.

Industry has seen a strong demand for Senior Tax Analysts/Accountants and mid-level Managers. There were a handful of opportunities at Head of Tax and some leadership moves between the major tax teams, notably within the energy sector. In-house transfer pricing capability has been a focus across industry and financial services.

New Zealand firms tax recruitment reflected their increasingly strong economy. International candidates have moved into transfer pricing and tax technology. Private client and corporate tax practices have been busy recruiting at manager and senior manager level, with an increase in in-house opportunities over the last year.

Asia has also proved a lucrative market for tax professionals, despite structural issues with China’s economy. Both in-house teams and practice functions have been active in Singapore, Hong Kong and across south east Asia, creating opportunities for returning citizens, overseas tax professionals and tax lawyers at all levels and across multiple specialisms.

Predicitons and outlook

In terms of the next 12 months, there is a strong consensus that the tax market is becoming increasingly competitive for high calibre candidates. Australian experienced candidates overseas will continue to be eligible for relocations back to Australia. The law firms, big four and mid-tier tax practices will be busy in Sydney, Melbourne, Brisbane and increasingly in Perth, creating opportunities for overseas candidates. New Zealand and Asia are also expected to become increasingly busy markets. Salary levels have remained fairly constant, though we expect to see sustained competition for talent driving increases in the future.

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Asia - Pacific contacts

Mark PryorPartnerE: [email protected]: +61 (0)2 9221 0099

Elspeth McAinshAssociate DirectorE: [email protected]: +61 (0)2 9221 0099

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About Brewer Morris

Brewer Morris was established in 1987 as the UK’s first recruitment consultancy to focus exclusively on the recruitment of taxation professionals. We are firmly established as a market leader and take great pride in the enormous number of long-term business relationships that we have developed throughout the tax world. We work with many Partners and Heads of Tax that we first placed on qualification.

Brewer Morris has also expanded our remit into the recruitment of treasury professionals. This enables us to better serve our clients’ needs in niche areas and we firmly believe this business line complements the tax specialist recruitment that the industry has come to know and trust.

From offices based in London, Melbourne and Sydney we recruit across the UK, Europe, the Middle East, Asia, Australia and New Zealand. Our clients range from all of the international and national accountancy and law firms through to FTSE 100 and 250 companies, major multinationals, financial services organisations and global investment banks.

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Contact information

Partner

practice - niche & boutique

legal

indirect taxes

human capital

commerce and industry

financial services

interim

practice - big 4 & tier a

Andrew VinellAssociate DirectorE: [email protected]: +44 (0)20 7332 2475

Mark GlubbGroup Manager, Professional ServicesE: [email protected]: +44 (0)20 7332 2126

Kerry McLaughlinConsultantE: [email protected]: +44 (0)20 7332 2445

Hu KabirDirector, Professional ServicesE: [email protected]: +44 (0)20 7332 2121

Allan Meldrum ConsultantE: [email protected]: +44 (0)20 7332 2125

William SciarrettaConsultantE: [email protected]: +44 (0)20 7332 2474

Matthew GravellePartnerE: [email protected]: +44 (0)20 7332 2123

Jon WilliamsAssociate DirectorE: [email protected]: +44 (0)20 7332 2127

Kirsteen BranniganAssociate DirectorE: [email protected]: +44 (0)20 7332 2175

Ben ThrowerAssociate DirectorE: [email protected]: +44 (0)20 7332 2136

Mo HanslodAssociate Director, InterimE: [email protected]: +44 (0)20 7332 2485

Contact a member of the Brewer Morris team to discuss any aspect of this report; hiring tax talent for your team or making your next move. Call our us on +44 (0)20 7415 2800 or contact one of our specialist consultants below.

Market Reports & Salary Surveys are also available for the UK Treasury market; UK Indirect Tax market; the Australia tax market; and the New Zealand tax market. Please visit our website for further information and to request these reports.

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