More than 150 jobs are to be created from this summer at a new ‘Tax Centre of Excellence’ in Glasgow’s International Financial Services District by professional services firm KPMG. The new specialist centre will further enhance compliance services to clients across the UK. Tax compliance work involves checking for a client – either an individual or a company – that their tax returns are in full compliance with all applicable tax regulations and that the necessary information has been given with required supporting evidence.
The new centre of excellence will open in the summer of this year and will handle tax compliance work from the firm’s 22 UK offices. As well as a significant investment by KPMG, Scottish Enterprise has offered a Regional Selective Assistance grant of up to £1.7m.
A 10-year lease has been signed at 123 St Vincent Street in the city’s financial district.
Jane McCormick, KPMG’s Head of Tax & Pensions in the UK, said: “The new UK tax centre of excellence is a major strategic investment for KPMG which will enhance the level of compliance service we provide to clients across the country.
“Our investment means that we continue to be at the leading edge of compliance delivery to our clients. Our investment in technology will complement our dedicated team of compliance experts to enhance the local relationships we already have with our clients. Creating this dedicated tax compliance team in Glasgow allows our tax professionals across the UK to focus on providing high quality client advice in an ever-changing fiscal environment.”
Recruitment for the new centre will start in mid-April with the firm looking to fill a variety of positions, many of which will be available with flexible working hours, from a variety of groups such as graduates, new parents returning to work, or more mature professionals looking for a different career path.
Lena Wilson, Chief Executive of Scottish Enterprise, said: “We’re delighted that KPMG have chosen to base their Tax Centre of Excellence in Scotland.
“It’s a testament to the quality of the Scottish workforce, and the strength of our business community, that this major new investment is coming to Glasgow. We look forward to working in partnership with KPMG as the project continues to develop.”
Craig Anderson, Senior Partner at KPMG in Scotland, said the new centre would be a very welcome addition to the firm’s existing presence in Scotland:
“Glasgow faced stern competition from a number of other locations. What won it was a combination of a high quality resource pool and accommodation coupled with enthusiastic and tangible support from local Universities and Scottish Enterprise.
“In what remains a challenging economic time for many businesses and individuals, we are delighted to be able to welcome this fresh investment and offer many people the prospect of an exciting and rewarding career at KPMG.”
This is an article submitted to Tax Grotto by Pro-Tax.
Social Media Recruitment
The statistics are that Linked-In has over 200 million members and that the have a new member every two seconds. They certainly claim they are the future of the recruitment market. True, they are an exceptional ‘live’ database and many members will update their Linked-In profile far quicker than their CV. We have even heard that one recruitment agency has stopped using their own in-house candidate database in favour of Linked-In. This, I sense, is quite extreme especially if you consider that Linked-In may have a limited shelf life. We are now in a market place where pretty much everyone can be found online, including Linked-In, Facebook and Twitter, no matter what generation you are from. If you want to get recruited, you need to get social!
Less published adverts
There has definitely been a decrease in hard copy advertising; this is due to social media recruitment, better networks and online advertising, so jobs are not always published in magazines. Companies are also pushing their own internal recruitment teams to hire directly and furthermore they are offering mouth watering referral fees to employees who can refer ex-work colleagues or friends. Lastly, in an austere economy one of the first casualties of cost cutting is advertising. When the market recovers fully, we will certainly see more magazine adverts appear.
Where are all the jobs?
This is a common cry from candidates who are searching for a new role. As specialist tax recruiters we have our ear firmly to the ground when it comes to the volume of tax vacancies in the market place. What many candidates do not realise is that the volume of jobs is still out there; in fact the trend is that there is 12% more jobs now than this time last year, they are just not in the usual places. By that I mean historically you could contact two or three market leaders in tax recruitment and get all of the live roles in the market place. Now the landscape has changed. Yes, you will still speak to the market’s tax recruitment specialists but you also need be ‘social media’ aware. This comes in the form of being on Linked-In, having a Facebook account and following tweets.
Employers recruiting directly
There is no secret that employers are attempting to directly recruit tax professionals. It’s probably never been easier for them with access to job boards, Linked-In and Facebook. Again, the economy dictates that some HR and Recruitment functions now have more capacity to focus recruiting directly, especially if they only have a low number of live vacancies. The recruitment agencies just have to work closer with their clients and not see this as an affront on their business. It is therefore essential as a candidate that you work in partnership with one of the industry’s preferred tax recruitment agencies. Clients are cutting down on the number of recruitment agencies they use, so it’s paramount that you opt for an established brand.
Market more fragmented than ever
The major tax recruitment specialist agents in the UK market have on average between 25 – 40 employees but their market share has dipped slightly with the advent of these ‘one man band’ outfits. The truth of the matter is that candidates should never put their eggs in one basket and registering with two agencies is better practice, especially if you are looking for a role in Commerce & Industry. Recruitment agents that tell you otherwise are fearful of their competitors. But it’s not simply how many recruitment agencies you register with, but which ones. You need to select your agency carefully and consider their brand image, are they recognised as a market leader, do they have a sufficient coverage for the market you want to work on? Do they have good testimonials, this is always proof they are respected by their clients and candidates alike.
The future of tax recruitment
There will always be a significant place for the ‘old fashioned tax recruiter’ who has strong client relationships and networks – social media recruitment is not a client’s ‘silver bullet’ to replace them. Tax Recruiters just need to change to a shifting market, embrace social media and realise the fact that clients will try and recruit directly. What does this mean for candidates? Well, firstly your first port of call would be to still speak to your recruitment agent(s) but also to be available online, even if you are not actively looking. Statistics show that over 30% of new hires simply were headhunted or were approached and decided to move. As the economy picks up we will see more tax recruitment via the traditional methods such as agency or hard copy advertising, but for now candidates need to think of all the various channels that they may be recruited by, and ensure they are visible and social.
Pro-Tax is one of the UK’s leading tax recruitment agents and are preferred suppliers to the Big 4, Top 100 accountancy practices, the FTSE 100 and 250 and leading Investment and Retail Banks. For further market commentary or to discuss your next move or hire, call Pat Keogh, Managing Director on 020 7269 6311 or email email@example.com
Timothy J. McCormally has joined KPMG as a director in the firm’s Washington National Tax Practice. Prior to joining KPMG, McCormally served as executive director of the Tax Executives Institute (TEI), an association of tax professionals which currently has 7,000 members representing 3,000 of the largest companies across the United States, Canada, Europe, and Asia.
“We are extremely pleased to welcome Timothy McCormally to our Washington National Tax Practice (WNT),” said Jeffrey C. LeSage , vice chair of Tax Services at KPMG. “Tim’s extensive knowledge of the regulatory and operating challenges facing today’s tax departments will further enhance the outstanding service our firm’s tax professionals provide to our clients.”
During his 30-year tenure at TEI, which is dedicated to facilitating training for and interaction among its members as well as advocating their collective views, McCormally developed a keen understanding of tax policy issues and their impact on corporate tax departments.
“In my prior role, I worked with many KPMG professionals and was constantly impressed with the quality and breadth of work the firm’s people produce,” said McCormally. “I’m excited to join such an esteemed group of individuals.”
McCormally joined the Tax Executives Institute in 1982 as its first tax counsel and became general counsel and director of tax affairs in 1992. He was appointed executive director in 2002. He holds a J.D. from the Georgetown University Law Center and a B.A. in political science and sociology from the University of Iowa.
Jeff Malo and Ron Hodgeman, have been made partners at WTP Advisors, a global tax and business advisory firm.
Jeff Malo, a former litigator at the U.S. Department of Justice Tax Division, currently leads WTP’s U.S. Research and Experimentation (also known as R&D) Tax Credit services, and co-leads WTP Interest & Penalty Advisors, the nation’s foremost tax interest and penalty recovery team.
“Jeff’s career spans the full lifecycle of taxation, from planning and reporting through examination defense and controversy resolution. He is able to provide invaluable insight to many of WTP’s U.S. tax practices,” says Ian Boccaccio, co-founder and Partner at WTP Advisors.
Additionally, Jeff has pioneered a forward-facing model for substantiating the R&D tax credit which treats the credit as an exercise in real-time contemporaneous documentation of qualified research activities, instead of a compliance exercise that attempts to document last year’s research for the current year’s return. WTP’s forward-facing model is less invasive, more efficient, and gives clients the opportunity to capture and create the data and documentation they need to support their research credit claims. With the recent renewal and extension of the R&D Tax Credit, this model could provide significant benefits to companies who are planning to claim the research credit for 2013.
Ron Hodgeman leads WTP Exchange, the Like-Kind Exchange (“LKE”) affiliate company of WTP Advisors. A Like-Kind Exchange is a tax strategy that allows a taxpayer to exchange one asset for another (of ‘like kind’) without incurring taxes.
“Under Ron’s direction, the momentum achieved by WTP Exchange continues to grow as we add new clients each month. Thanks to Ron and his team, WTP has emerged as the world’s leader of LKE program services,” says Boccaccio.
Since launching in 2009, WTP Exchange has built an unrivaled reputation for offering world class LKE programs, earning preferred provider status at key industry groups, and winning many key clients.
“Jeff and Ron are superb additions to the WTP partner group. They are creative, entrepreneurial, and uphold the pillars upon which WTP was founded: a hands-on approach to client service, a passion to produce excellent work, and a determination to maintain the highest ethical standards in professional tax services,” says Boccaccio.
Jobs in tax-related fields can be some of the most lucrative. At the least, if you are pretty good at what you do they can also assure you of some excellent job security. Now, if you are to ask a number of experts in the field which would be the top 5 tax jobs you may very well get varying answers. Nonetheless, some are definitely better than others. In this article we will cover what we believe to be some of the best.
Government tax positions. Just about anything at the federal, state, county and even city level is deemed to be pretty good. And the reason is pretty much a no-brainer. Jobs in these sectors usually come with a pretty good level of job security. Not to mention generous benefit packages along with decent to good pension plans.
Corporate tax preparers. A person who is good with taxes and is hooked up with a corporation or good-sized company can really rake in the dough here. These types of businesses are always looking for any and every loophole and tax break they can take advantage of. If you stay up to date on the tax codes and reap them huge savings you are going to be compensated quite nicely.
Law firms that specialize in tax issues. Just being in the legal field itself will usually assure you of a pretty good salary. Work your way into a major law firm that is in the tax industry, do a good job and you can count on almost as high a level of job security as those who are in government type sectors.
Accounting firms. Of course we know who the top dogs are here: Ernst & Young, Deloitte & Touche, Price Waterhouse Coopers and KPMG. Now there are others who are pretty high up the ladder as well, but if you can last long enough in the field and find a way into one of the Big Four you can earn upwards of a six-figure salary.
Running your own firm. You didn’t think we’d leave out the self-employed route did you? Of course, you will probably have to hone your skills working for someone else for a few years, but all the while you are picking up valuable experience. And the neat thing about having your own practice? If you keep your clients happy, you are going to have a ton of repeat business and the best advertising of all, word of mouth.
Bottom line is, the tax industry is certainly a worthwhile field to consider going into. Think about it. It’s one field that is never going to go away. Unless they one day abolish taxes of course, and we know what the odds are of that.
The board of DFDL has announce that Rolf Winand will join DFDL as a new Tax Partner, effective as of 1 July 2012.
Rolf will assume the role of Regional Partner in the Tax & Customs Practice Group, responsible for Cambodia and Vietnam, bringing with him his in-depth regional tax expertise which will complement the talented Tax & Customs team led by Jack Sheehan.
Prior to joining DFDL, Rolf has had 11 years of experience working as a Tax Partner, a Risk Management Partner and as the Chief Operating Officer (“COO”) with KPMG, in Vietnam.
In his position as COO, Rolf gained extensive and valuable experience in diverse aspects of business operations, including team management and emphasis on client relationship building procedures and management. His experience covers corporate, personal and value added tax advice to clients ranging from market entry participants, foreign and local investment funds and fund managers, sovereign wealth funds, banks and other financial institutions, insurance and manufacturers to major international corporations operating in Vietnam.
DFDL welcomes the level of experience and depth Rolf will bring to the team and looks forward to how this development will continue to strengthen our services for clients across the region.
Rolf is an Australian Chartered Accountant, and a Certified Public Accountant in both Cambodia and Vietnam, and holds a Bachelor of Business in Accounting from Monash University in Australia.
“Tax advisory services continue to be one of our core areas of expertise and are an essential component of our integrated practice. As DFDL continues its growth, we will continue to offer tax services in an increasing number of jurisdictions. This strategic hire reaffirms our commitment to this integrated tax and legal capabilities model which is quite unique throughout South-East Asia. We are very confident Rolf, with the help of Jack Sheehan, will continue to maintain the high level of tax advisory services that our clients have come to expect from DFDL over the past 18 years.” Martin Desautels, Managing Partner, DFDL.
The tax practice at KPMG in the UK has reported revenues of £395 million in the year ended 30 September 2011, an increase of 12 percent from 2010’s £350 million.
Alastair McLeish, head of tax and pensions at KPMG in the UK, commented: “Tax and pensions at KPMG in the UK has had an excellent year and the results are testament to the hard work and dedication of everyone in the practice. Indirect tax and pensions both enjoyed particularly strong growth and we are building momentum across our corporate tax practice where we have been particularly busy with iXBRL and international projects.
“In the current challenging economic climate, both tax and pensions remain hugely important areas for our clients and we anticipate continued market demand for advice.”
RSM Tenon has appointed Craig Simpson as Head of Tax Innovation to drive forward its entrepreneurial offering
Craig will work closely with RSM Tenon’s national and regional tax teams to develop planning capabilities with a particular focus on helping Entrepreneurs manage their tax affairs.
Craig joins RSM Tenon from Ernst & Young, where he was an Executive Director concentrating on advising entrepreneurial businesses and high net worth individuals.
Paul Belsman, Head of Tax for RSM Tenon said: ‘I am delighted to welcome Craig to RSM Tenon where he will be working with our tax team in all regions to add to our depth and range of intellectual tax solutions we offer to clients.
‘Entrepreneurs play a dominant role in economic output and employment in the UK, and Craig’s knowledge and experience will help us develop our tax offering further, and build on our already strong reputation as tax experts to entrepreneurs.
Craig Simpson said: ‘I am very pleased to join RSM Tenon where I am looking forward to working closely with our tax teams across the UK to enhance and build on our tax offering to entrepreneurs. Entrepreneurs are the lifeblood of our economy and will play a significant part in reducing unemployment. I believe that the current potential level of taxation can be a real disincentive to reinvest and grow their business. I fully support RSM Tenon’s campaign for lower taxation on these individuals, and their on-going work to raise this issue with Government.