Our financials

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Our firm

Our financials

Our financial performance and tax contribution.

Our financial performance

2021
2020
2019
Total revenue /
£2.43bn
£2.30bn
£2.40bn
FY21
FY20
FY19
Increased/decreased revenue /
+6%
-4%
+3%
FY21
FY20
FY19
Profit before tax and members’ profit shares /
£436m
£288m
£307m
FY21 1
FY20 1
FY19
Average partner distribution /
£688k
£572k
£640k
FY21
FY20
FY19

1) The FY21 figure excludes profit on sale of restructuring business. The FY20 figure excludes profit of £115m from the disposal of our Pensions business.

Net sales growth

Audit /
5%
+3%
+10%
FY21
FY20
FY19
Tax and Legal /
8%
-6%
+3%
FY21 2
FY20 2
FY19 3
Consulting /
13%
-2%
-2%
FY21
FY20
FY19
Deal Advisory /
31%
-1%
+3%
FY21
FY20
FY19

2) The FY19 net sales growth for Tax and Legal includes the pensions business.
3) The FY21 net sales growth for Deal Advisory excludes the restructuring business. Whereas FY20 and FY19 includes the restructuring business.

Read our year in review for 2021

Read our UK Members’ Report and Financial Statements, hosted in Our report hub

Our 2021 tax strategy and contribution

As a major UK business – whose activities include providing tax advice to companies large and small – we think it is very important to spell out our tax strategy and the tax we pay.

Tax strategy and governance

We are committed to full compliance with all statutory obligations and full disclosure to tax authorities. The firm’s tax affairs are managed in a way which takes into account the firm’s wider corporate reputation in line with KPMG in the UK’s overall high standards of governance. We publish our Tax Strategy in accordance with the requirements of Schedule 19, Finance Act 2016.

Taxes paid and collected

KPMG in the UK makes a significant contribution each year to the public finances through the taxes paid by our partners on our profit, the taxes we bear as an organisation such as employers’ national insurance, corporation tax (which is paid on the small proportion of profit earned in subsidiary companies), business rates and property and environmental taxes, and those we collect on behalf of the exchequer, such as employees’ national insurance, employment tax and VAT. Taken together, the tax borne by us and collected on behalf of the Government gives a clear picture of our economic activity, the contribution we make to the UK economy and the value we add to society at large.

More information can be found within our Transparency Report, hosted within Our report hub.

2021
2020
2019
Partner income tax and national insurance /
£137.7m
£172.4m
£175m
FY21
FY20
FY19
Tax borne by us directly (cost to the firm) /
£147.6m
£152.2m
£154.7m
FY21
FY20
FY19
Tax we collected for the public purse in the course of our day-to-day business /
£770.1m
£682.0m
£760.2m
FY21
FY20
FY19

Our pay

Chief Executive remuneration

We're committed to transparency and on a voluntary basis publish the ratio of our UK Chief Executive’s total remuneration to that of our employees at the 25th, 50th and 75th percentile (calculated on a full-time equivalent basis).

UK Chief Executive’s total remuneration1 / £2.1m FY21
Pay ratio / 25th percentile FY21
Pay ratio / 50th percentile FY21
Pay ratio / 75th percentile FY21

1) This total remuneration figure reflects the role of Chief Executive being undertaken by two people in FY21. Jon Holt was elected Chief Executive of KPMG in the UK in April 2021 and received a total remuneration of £1.7m for FY21.

Chair remuneration

In February 2021 we separated out the roles of Chief Executive and Chair to bring it in line with industry best practice. We’ve committed to publishing our Chief Executive pay and for transparency, have decided to voluntarily publish the pay of our Chair too. Bina Mehta took on the role of Chair in February 2021 and she received a total remuneration of £879,000 for FY21.

We're an accredited Living Wage employer

Fair-pay is a fundamental driver of social mobility – an issue high on our agenda to ensure we are accessing and recruiting from the widest pool of talent. Paying the living wage not only reduces in-work poverty, it also makes business sense - reducing costs to the business, improving competitiveness, market position and profitability.

In 2006, we became one of the very first businesses to pay the Living Wage to its employees and contracted staff. We went on to become a founding member of the Living Wage Foundation and have continued to provide financial and strategic support ever since. Our Head of Inclusion, Diversity and Equity was appointed Chair of the Living Wage Advisory Council in June 2021.

Our long-standing partnership with the Living Wage Foundation has helped to grow this initiative into a movement of over 8,000 accredited Living Wage Employers, 2,600 of which signed up during the COVID-19 pandemic. Since its inception, the Living Wage campaign has put back more than £1.53bn into the pockets of over 260,000 low-paid workers.

Collaboration is key in driving change, and that's why we're supporting our suppliers and our clients to implement the Living Wage across their businesses too.