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I have recently purchased a UGEE M708 Tablet and cant seem to get it to work with Ubuntu

It works fine on a windows/mac machine so i know its not the hardware so i think that the computer isn't using the correct (installed by default) drivers:
http://digimend.sourceforge.net/wiki/DIGImend

I have also tried to get it working with Wizard-pen but to no avail

this is the relevant output of lsusb:

Bus 007 Device 004: ID 5543:0081 UC-Logic Technology Corp. 

and this is the relavant output of "xinput list":

⎡ Virtual core pointer                      id=2    [master pointer  (3)]

⎜   ↳ Virtual core XTEST pointer                id=4    [slave  pointer  (2)]

⎜   ↳ Plantronics Wireless Audio Plantronics Wireless Audio id=8    [slave  pointer  (2)]

⎜   ↳ Logitech USB Optical Mouse                id=9    [slave  pointer  (2)]

⎜   ↳ HP HP Link-5 Micro Receiver               id=11   [slave  pointer  (2)]

⎜   ↳ UC-LOIC TABLET 1060                       id=12   [slave  pointer  (2)]

⎜   ↳ UC-LOIC TABLET 1060                       id=13   [slave  pointer  (2)]

⎜   ↳ UC-LOIC TABLET 1060                       id=14   [slave  pointer  (2)]

i should also note that all the buttons, including the tip of the pen, seem to work
it is only moving the cursor that is a problem

Unfortunately, according to DIGImend, your tablet is not yet supported. Here is a page describing collecting diagnostic information, which can help the DIGImend project support your tablet in the future.