Pay rise of 10% for hard-working tax accountants
8 Apr 2013
8 Apr 2013
Tax accountants are taking home 10% more in pay but with over 500 changes to the tax system already implemented by the current UK government, the demands being placed on tax specialists are increasing and requiring longer office hours.
Overall remuneration for the average tax accountant is £79,670, up from £72,600 last year, according to polling from Marks Sattin. The figure is also 7% greater than individuals focused on other areas of the accountancy industry, who average £75,059.
The TaxPayers' Alliance has calculated that as of 7 April 2013, the coalition government has introduced 380 tax rises and 147 cuts, with a further 52 changes also planned by May 2015.
Oliver Phoenix, associate director at Marks Sattin said: 'Tax specialism is in particular demand, and while there have been headcount increases, this is steady rather than spectacular, simply due to the limited candidate pool. This scarcity is what drives strong salary growth. However, with high pay comes high pressure and the nature of tax is that experts must constantly be adapting to the current regulatory environment meaning they are working increasingly long hours.'
The survey of accountants by the finance recruiter 63% of tax accountants saw their pay rise and 64% were awarded a bonus, up 8% and 15% respectively on a similar study carried out 12 months ago.
The increased remuneration has not come without its drawbacks as more than a third (38%) of tax accountants reported an increase in working hours over the past year, compared with 34% of accountants as a whole, suggesting the increased regulation of the past few years is impacting professionals' work-life balance. The reason for this increased workload was due to taking on more responsibility and more pressure, for 65% of those surveyed.