Category: Professional Practices

VAT Inspections in the Legal Sector

April 2018

The 2017 case involving Brabners Solicitors and in particular the VAT treatment of online search fees has been well documented. We have seen evidence of HMRC’s targeted approach from visiting firms to follow up on this issue. It certainly appears that professional...

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Financing Options for Legal Firms

March 2018

Is your firm’s cash under strain? Are you hoping to invest in improvements but don’t have the ready cash? Do you have a retirement looming? If so, what are your financing options? All businesses need cash, and the pressures on this...

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Solicitors New Rules are Coming

July 2017

Recently the Solicitors Regulation Authority (SRA) released a consultation on the new rule book and code of conduct, which currently sit at over 430 pages combined. The consultation closed on 30 September 2016. In June 2017, the SRA released the...

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Is Incorporating the Right Choice for You?

May 2017

Hot on the heels of the Budget, the questions being asked by many partners at solicitor practices across the country are, “Should we consider incorporation to obtain limitation to liability or not?” and, “What are the consequences now?” The majority of...

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Law Firms are an “Obvious Target” for Cyber Criminals

May 2017

Cyber security is an increasingly widespread issue. Law firms are often an attractive target for criminals, not just because they hold large sums of money, but also client information. Cybercrimes and Scams Include: Malware – harmful software including viruses, programs that...

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2017 Legal Benchmarking Report reveals third year of successive growth across the sector

May 2017

Our Legal Benchmarking Report 2017 reveals the UK legal sector is experiencing its third successive year of income growth. The review, undertaken by our MHA Professional Practices Group, indicates that profitability is at its highest level in the last three years. Report Highlights: A year...

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Budget 2017 – What it means for Professional Practices

March 2017

A common business structure for a professional practice is a traditional partnership or an LLP. This is the case even though using a company typically reduces the tax payable on the income of the practice. The 2017 Spring Budget has...

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Making Tax Digital for the Legal Sector

January 2017

Major changes are being made to the way in which all taxpayers interact with HM Revenue and Customs (HMRC). The government is referring to these changes as Making Tax Digital (MTD), and they are proposing a staged introduction to the...

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SRA Accounts Rules: Making Progress!

November 2016

A recent consultation by the Solicitors Regulation Authority (SRA) proposes a complete revamp of the Rules. The current Accounts Rules have not notably changed for many years and can be difficult to fully understand. The SRA have recognised this and have...

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Solicitors: how your billing procedures can improve cash flow

October 2016

Strong and sustainable cash flow is essential for any successful business regardless of size. Poor cash flow management continues to be one of the most common reasons for business failure, regardless of how productive the business is. Strong billing procedures can...

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