Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced. Since... ...
Acting for solicitors and barristers is a specialist area that requires expertise and an understanding of the sector to help them maximise their profits and reduce commercial risk.
We have a detailed knowledge of the commercial needs of practising solicitors and barristers and yet recognise that this expertise does not need to come at a high price to you.
Legal experience and expertise
We have real depth and breadth in our accounts and tax teams who have considerable experience of the legal sector. We act for solicitors and their practices, barristers and other professional firms and we are recognised for our capability in this specialist sector. Our Managing Partner, Peter Taaffe, regularly delivers well received talks to the sector via the Liverpool Law Society events and other forums.
We routinely provide monthly management information, supported by quarterly ‘finance director’ overview meetings with our clients, working with them throughout the year, not just at the year-end. Recent years have seen a number of significant changes for legal practices and our team are experienced at helping our clients respond to these issues. We also help clients with financial forecasting, strategic planning and benchmarking services.
SRA and regulatory compliance
We have a detailed knowledge of the SAR (Solicitor Accounts Rules) and work closely with our solicitor clients throughout the year to ensure they are ready for the SAR (Solicitors’ Regulation Authority Accounts Rules ‘audit’). Additionally we act in an advisory capacity on compliance matters and on topical issues for law practices including client accounts, accounts rules compliance, general financial stability and specifically the issues faced by personal injury firms.
Personal Taxation & Accounts
We are well versed in the requirements in relation to your personal taxation and management accounts. One of the ways we help our clients to monitor their cashflow is by giving advice on future tax payments well in advance of the payment dates. Our personal tax service is friendly yet highly professional, led by tax partners Sue Stephens and John Elliott.
Corporate restructuring and future planning
We provide strategic advice for business planning including mergers, acquisitions and exits and, to this end, practice valuations and advice on raising finance. We are very experienced in Limited Company and LLP practice structures and the commercial needs of practicing solicitors to help you maximise profits and reduce commercial risk.