Accounting for solicitors and legal professionals remains a specialist area which requires expertise and an in-depth understanding of the sector. It is necessary for an accountancy firm to be registered auditors and to be able to offer all types of compliance work. Specifically, this is in respect of the Solicitors Accounts Rules, annual accounting, audit services, tax and risk planning on practice structures and advising on non-routine issues.
Changes are happening with regards to the SRA Accounts Rules and reporting requirements, which have now received approval from the Legal Services Board. The changes will take effect for accounting periods ending on or after 1 November 2015. At this stage, the new ruling requires the auditor to exercise their professional judgement in determining the work required in order to assess any risks to client money and allow for flexibility to ‘suit the audit’ to the individual solicitors practice. This is why solicitors need an accountancy firm where knowledge and experience is abundant.
Compliance is critical within all accounting services for solicitors, so choosing a firm of accountants able to provide advice on complying with the Principles of the SRA Handbook is vital. A revision of the SRA Accounts Rules is expected in 2016, so make the right choice now.
As Just Accountants have a panel comprising of professional accountants for solicitors, we recommend that you speak to our specialists to discuss personal and business tax planning. With the big dividend changes coming in April 2016 and the impact on incorporation of law firms, there is no better time to talk to our experts.
Considering the correct structure for your practice, an LLP or Limited Company or ABS, can be a headache at the best of times, so to be able to call on professional advisers to steer you in the right direction is crucial in making the right decision and to ensure your firm is tax efficient.
For more information and to discuss your requirements with one of our experts please Contact Us today.
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