eFinancialCareers

Scotland’s accountants have had a bumper 12 months, aided by Alistair Darling's capital gains tax (CGT), but firms still face one stumbling block on the path to growth – a lack of qualified staff.

Darling’s CGT proposals mean owners of businesses are trying to sell them and cash in before the new taxes are levied. This means that businesses are being sold which in turn means there's work for corporate financiers.

Speaking to the Scottish Business Insider, Andrew Godfrey, Scottish managing partner of Grant Thornton, said Alistair Darling’s capital gains tax proposals have bolstered corporate finance deals over the last year.

“A lot of the activity is on the back of deals done before 5 April on disposals because of the changes in capital gains tax,” he said.

But, with the dearth of qualified accountants north of the border, accountancy firms are acknowledging that they’re finding it hard to expand and are increasingly fighting within a limited talent pool for all roles, from corporate financiers down to the humble auditor.

James Baird, senior partner in Scotland and Northern Ireland at Deloitte, says they’re being forced to source staff internationally: “There is a fierce competitive environment to get the best talent.”

Firms are not only being forced to look harder for staff, they’re having to do their utmost to hang on to the best talent in the face of bartering from the competition.

Gavin Sime, divisional director of Change Recruitment, says: “Increased flexibility in the workplace, the ability to work in different functions and the opportunity to work with emerging technologies have all proven to be useful to companies trying to retain key personnel.”

And pay is adding up – accountants have seen a 15-20% rise in salaries so far this year, according to recruiters Joslin Rowe.