PracticeAccounting FirmsTax mess helps boost BDO results

Tax mess helps boost BDO results

Uncertainty from HMRC has boosted BDO Stoy Hayward’s tax business

Mounting demand for professional services in the face of proposed tax changes
from HM Revenue &
Customs
has boosted
BDO
Stoy Hayward
‘s revenue growth by 10%, to £159.8m in the first half of the
firm’s financial year.

Jeremy Newman, BDO managing partner, said BDO’s fastest-growing business line
was its tax advisory unit, helped by the government’s plans to change capital
gains and non-domiciled tax regimes, which had given the team more work. He said
the authorities’ continued crackdown on more esoteric tax plans in favour of
more straightforward schemes was also helping BDO.

BDO service lines continued to grow in the first six months of the year: ‘Our
service to clients has been enhanced by the acquisition of the respected
specialist tax advisory firm Chiltern, which accounted for 2% or £3.16m of total
revenue since we acquired the firm in mid-October 2007. This has enhanced our
already excellent tax expertise and service proposition.’

Newman saw reason for optimism despite the credit crunch and fears about the
economy: ‘These attributes will help to stand us in good stead as the UK economy
tightens and conditions become more challenging. While our latest monthly
Business Trends poll of polls indicates below trend economic growth over the
next quarter in the UK, companies remain relatively bullish in the medium term,
suggesting that a 2008 downturn and associated impacts are likely to be
relatively mild and short lived.’

Further reading:

Advisers voice disguised interest fears

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