The legal sector has unique characteristics, requiring accounting and tax services from specialist solicitor accountants. We have therefore established a pool of expertise to focus on delivering these services to this sector.
Solicitors tend to be interested in a bespoke combination of our services:
- Preparation of annual accounts,
- Regulatory compliance work, including client account audits,
- Completing and submitting practice tax returns, in accordance with industry specific HMRC rules,
- Completing and submitting personal tax returns to HMRC,
- Before submitting these tax returns to HMRC, taking out tax investigation insurance to mitigate the potential extra professional fees that would arise if HMRC open a tax enquiry into one of your tax returns. Key risk areas for such an enquiry in this sector:
- WIP valuation,
- Structure and profit extraction policy,
- Provision accounting.
- Examining LLP status and other forms of personal protection from potential large uninsured claims.
- Practice funding and budgeting,
- How best to own business premises.
- Wealth management and pensions advice,
- Tax planning.
Legal practices are facing increased competition from alternative business structures in a rapidly changing environment. This is the time to ensure that your practice is ready for the challenges ahead, by instructing specialist solicitor accountants to look after your affairs.
Our Tax Group “A Brief Guide to…” publications:
- Annual Investment Allowance | Individual Savings Accounts | Making Tax Digital | Off-payroll Working | Pension Death Benefits | Personal Tax Account | Research & Development Tax Relief | Solicitors New Accounting Rules | Tax Year End Planning
Get in touch with your local office and speak to one of our specialist contractor accountants, to see how we can add value to your business.
We offer a free initial consultation to potential new clients.
In the years that you and your colleagues have acted as my accountants, a professional service has developed into a valued friendship and source of financial advice and guidance,this has really been the extra mile.