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Wealth adviser boosts tax advisory capability

Wealth adviser boosts tax advisory capability
Aisha Perrott, one of the recently-promoted tax advisers at Old Mill

Wealth advice business Old Mill is set to hire 20 tax specialists as part of what it is calling an 'ambitious growth strategy'.

Rather than enter into a joint venture or rely on professional partnerships locally, Old Mill has been building up its internal tax advice division to offer clients a holistic service. 

Tax director Stephen Martin, who was hired last year, said it was important to 'provide solutions to all our clients'.

He said: "Old Mill is a client-centric business, so it has always been really important to us that we are able to offer a truly holistic service, and having specialist teams – including our growing tax team – enables us to do that.

"Tax services are in huge demand, from across our client base, and that is why we are focussing on growing, developing and enhancing our team, through promotion and recruitment.”

Old Mill, which has been in business since setting up shop in Shepton Mallet in the 1920s, announced a restructure in November 2021 to facilitate its ambitious plans to grow by 15 per cent each year over the next five years and double staff numbers by 2026.

To help it grow, it has promoted six specialists within its existing 30-strong team and announced plans to recruit, particularly in the fields of corporation, private client and VAT advice. 

While the company-wide growth strategy is to double the size of the business within five years, the tax team has already increased from 20 to 30 in just eight months, while income from tax services alone is up 20 per cent.

According to Old Mill, this mean recruitment is going to have to accelerate significantly - to at least 50 by 2026 - to support the tax business.

David Maslen, director of tax said: “If we are to continue on this trajectory, we are going to need more people.

'There are a number of specific roles that need filling – we need VAT, Corporation Tax, and Private Client Tax specialists at all levels.

In this latest round of promotions, the tax team – which celebrated 100 per cent success in exams earlier this year – has promoted Marketa Pasova to tax senior manager; Steve Ford and Joe Campbell-Orde to tax seniors; Callum Anderson to tax assistant manager; and Dan Wilton and Aisha Perrott both become Tax Managers.

Perrott, who recently passed her final two CTA exams, said, 'I didn’t think I’d be up for promotion this early,” she said, “so I am really chuffed, and absolutely ready and willing to take on everything my new role encompasses.”

Maslen added: "We also have an open-door recruitment policy, so we are keen to hear from anyone looking to take the next – or first – step in their tax career.

Earlier this year, FTAdviser reported that Old Mill had bought a financial outsourcing firm in a bid to grow.

simoney.kyriakou@ft.com