The UK’s legal and accounting firms made a total tax contribution of £19.1bn in 2018, up 6.8% from 2016 for those firms studied, according to the latest report from financial industry body, TheCityUK.
Overall growth in these two sectors has outpaced wider UK economic growth in every year since 2010. In total, 743,000 people are employed by the UK’s legal and accounting sectors, representing 2.4% of the UK workforce.
In its new report, Total tax contribution study for UK legal and accounting activities, TheCityUK notes that the UK government was the largest beneficiary of the value distributed from the two industries, taking 49.4% of this value in the form of taxes borne or collected. Wages and salaries accounted for 30.5% of total value distributed, followed by partners at 20.1% of value in the form of profits after partner taxes.
The UK’s legal and accounting firms made a total tax contribution of £19.1bn in 2018, up 6.8% from 2016 for those firms studied, according to the latest report from financial industry body, TheCityUK.
Overall growth in these two sectors has outpaced wider UK economic growth in every year since 2010. In total, 743,000 people are employed by the UK’s legal and accounting sectors, representing 2.4% of the UK workforce.
In its new report, Total tax contribution study for UK legal and accounting activities, TheCityUK notes that the UK government was the largest beneficiary of the value distributed from the two industries, taking 49.4% of this value in the form of taxes borne or collected. Wages and salaries accounted for 30.5% of total value distributed, followed by partners at 20.1% of value in the form of profits after partner taxes.
