Table of Contents
Introduction
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- Definitions
- Methodology
- Abbreviations
- Market positioning
UK Economy
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- Overview
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- Figure 5: UK GDP quarterly development, 2003-14
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- Figure 6: UK GDP in economic downturns and recoveries since 1979
- Inflation
- Interest rates
- House prices
- Consumer spending
- Manufacturing
- Business investment
- Imports
- Exports
Market Factors
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- Key points
- Legislation and government policy
- CMA audit order and new EU regulatory framework on statutory audit
- New audit threshold
- EU Accounting Directive 2013/34/EU to have significant impact on small company financial reporting
- New UK accounting standards
- Taxation of LLPs
- Government clampdown on tax avoidance schemes
- Break-up of Audit Commission and tendering of contracts to private sector
- Companies Act shake-up
- Scottish tax devolution
- Other market factors
- Rise in the number of active businesses as the UK is on road to economic recovery
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- Figure 7: Number of private sector businesses in the UK, 2001-14
- Figure 8: Number of private sector businesses in the UK, 2001-14
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- Figure 9: Number of VAT and/or PAYE registered enterprises in the UK, by industry group and turnover size band, 2014
- Self-employment higher than at any point over past 40 years
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- Figure 10: Self-employed workers in the UK, 2003-14
- Trend in insolvencies and business recovery
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- Figure 11: Number of company insolvencies, receiverships and administrations in England & Wales, 2004-13
- Trends in M&A activity
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- Figure 12: Mergers and acquisitions involving UK companies, 2004-13
- Number of listed companies on a downward trend
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- Figure 13: Number of main market and AIM listed companies, 2007-14
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- Figure 14: Number of main market and AIM listed companies, 2007-14
Market Size & Segmentation
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- Key points
- Overview
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- Figure 15: The UK market for accounting & financial management, 2010-14
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- Figure 16: The UK market for accounting & financial management, 2010-14
- Market segmentation
- Overview
- PwC is top FTSE100 auditor
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- Figure 17: Segmentation of the UK market for accounting & financial management, by type of service, 201014
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- Figure 18: Segmentation of the UK market for accounting & financial management, by type of service, 2010 and 2014
- Audit & accounting
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- Figure 19: UK fee income from audit & accounting services, 2010-14
- Tax services
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- Figure 20: UK fee income from tax services, 2010-14
- Consultancy
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- Figure 21: UK fee income from consultancy services, 2010-14
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- Figure 22: UK fee income from consultancy services, 2010-14
- Corporate finance & business recovery
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- Figure 23: UK fee income from corporate finance & business recovery services, 2010-14
- Overseas trade in accountancy services
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- Figure 24: International trade in accountancy services, 2009-13
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- Figure 25: Exports and imports of accountancy services, 2009-13
Market Trends & Issues
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- Key points
- Market trends & issues
- Dominance of the Big Four in audit market unlikely to subside any time soon
- Rise in audit threshold threatening revenue of smaller accountancy firms
- Growth in consultancy and breadth of advisory services offered
- Accountancy firms increasingly adopting cloud and mobile technologies
- Rising demand for ‘big data’ and digital analytics tools
- Role of content marketing and social media
- Forensic accounting sector on the rise
Industry Structure
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- Key points
- Industry development
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- Figure 26: Top 20 accountancy firms in the UK, by fee income, 2014
- Accountancy firms move into legal services
- Mid-tier firms are on consolidation course
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- Figure 27: Analysis of the changes in the structure of the UK accounting, bookkeeping, auditing and tax consultancy industry, 2010-14
- Structure by employment
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- Figure 28: Analysis of the employment structure of the accounting, bookkeeping, auditing and tax consultancy industry, 2013 and 2014
- Structure by turnover
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- Figure 29: Analysis of the financial structure of the UK accounting, bookkeeping, auditing and tax consultancy industry, 2013 and 2014
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- Figure 30: Analysis of the financial structure of the UK accounting, bookkeeping, auditing and tax consultancy industry, 2014
Company Profiles
Baker Tilly UK Holdings LTD
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- Figure 31: Segmental turnover analysis of Baker Tilly UK Holdings, 2014
- Figure 32: Financial Analysis of Baker Tilly UK Holdings, 2010-14
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Bdo Llp
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- Figure 33: Financial Analysis of BDO, 2010-14
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Deloitte LLP
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- Figure 34: Segmental turnover analysis of Deloitte, 2014
- Figure 35: Financial Analysis of Deloitte, 2010-14
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Ernst & Young LLP
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- Figure 36: Segmental turnover analysis of EY, 2014
- Figure 37: Financial Analysis of Ernst & Young, 2010-14
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Grant Thornton UK LLP
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- Figure 38: Segmental turnover analysis of Grant Thornton, 2014
- Figure 39: Financial Analysis of Grant Thornton UK, 2010-14
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Kpmg Llp
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- Figure 40: Segmental turnover analysis of KPMG, 2013
- Figure 41: Financial Analysis of KPMG, 2009-13
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Mazars LLP
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- Figure 42: Segmental turnover analysis of Mazars, 2013
- Figure 43: Financial Analysis of Mazars, 2009-13
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Moore Stephens LLP
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- Figure 44: Segmental turnover analysis of Moore Stephens, 2013
- Figure 45: Financial Analysis of Moore Stephens, 2009-13
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PriceWaterhouseCoopers LLP
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- Figure 46: Segmental turnover analysis of PwC, 2014
- Figure 47: Financial Analysis of PwC, 2010-14
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Smith and Williamson Holdings LTD
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- Figure 48: Financial Analysis of Smith & Williamson Holdings, 2010-14
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Market Forecast
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- Key points
- Market prospects
- Market growth to be sustained over the next five years
- Accountancy firms to remain on acquisition trail
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- Figure 49: Forecast UK market for accounting & financial management, 2015-19
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- Figure 50: Forecast UK market segmentation for accountancy & financial management, by type of service, 2015-19
- Audit and accounting
- Tax services
- Consultancy
- Corporate finance and business recovery
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- Figure 51: Forecast UK market segmentation for accounting & financial management, by type of service, 2015-19
Further Sources & Contacts
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- Trade and professional associations
- Trade exhibitions
- Trade magazines
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