Legal and accounting business contribute £19.1bn tax

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 TheCityUK. This makes up 2.8% of total UK tax receipts and comprises taxes borne (£8.3bn) and taxes collected (£10.8bn). For every £100 of turnover UK legal and accounting firms contribute £38.40 in taxes.

The report found that the two sectors’ overall growth has outpaced wider UK economic growth in every year since 2010 with legal and accounting gross value (GVA) added growing by 58% compared to 35% for wider UK GVA. This has resulted in the industry making up a greater proportion of the total UK economy in terms of GVA up from 2.4% in 2010 to 2.7% in 2018. 

Some 743 000 people are employed by the UK’s legal and accounting sectors representing 2.4% of the...