As a professional practice you are unique. We listen to your issues and challenges. Drawing on our expert specialist knowledge, we provide bespoke solutions to benefit your practice.
We act for many professional practices including:
- Chartered architects
- Land agents and chartered surveyors
- Insurance brokers
- Investment advisers
- Estate agents
In addition to the “annual accounts”, whether they are audited or not, we can add more and assist with:
- Improvements in financial efficiency
- Risk management
- Working capital considerations
We also discuss with management areas of profit appropriation and associated drawing policies.
Tax compliance and planning for professional services
Tax should not direct a professional practice but it does affect cash flow, whether you trade as a Partnership, an LLP or a company.
We complete the partnership or company tax return and also provide a full tax compliance service to the “partners” as well as helping with forecasting tax liabilities and providing planning advice.
Structures and succession
We can advise on:
- Exit arrangements
- Capital contributions
- Property ownership
We have assisted many practices in their conversion to LLP or Limited Company. We can assist discussions with practices in the appropriate future structure and also in implementing this transition.
Client money examinations
Many professional practices hold client money and require an examination to be forwarded to the regulators who include:
- Office faculty
As well as completing the Accountant’s Reports; we assist practices with their robust systems to improve efficiency, assist the COFA and comply with the Rules. We provide training to practices’ fee earners on the latest SRA Handbook, issued October 2014, and liaise with COFA’s on the future of reporting.
Our team have a keen interest in this area, issuing articles on the changes to the SRA examination and a summary of the outcome in the Solicitors Journal.