Archive for the ‘Professional Practices’ Category

2018 Legal Benchmarking Report

Posted on: May 14th, 2018 by Seamus Gates No Comments

Our Legal Benchmarking Report 2018 reveals the need for firms to focus on organic growth, improving efficiency and billing processes as the sector faces the end of a three-year period of sustained growth. (more…)

VAT Inspections in the Legal Sector

Posted on: April 18th, 2018 by David Holden No Comments

The 2017 case involving Brabners Solicitors and in particular the VAT treatment of online search fees has been well documented.  At MHA Broomfield Alexander, we have seen evidence of HMRC’s targeted approach in visiting firms to follow up on this issue.  (more…)

Financing options for legal firms

Posted on: March 6th, 2018 by Seamus Gates No Comments

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? What are your options?

Cash. All businesses need it, and the pressures on this precious resource are particularly weighty for legal firms, who have: (more…)

SRA publish draft of new Accounts Rules

Posted on: June 21st, 2017 by Luke Stevens No Comments

The SRA has published its response to the June 2016 “Looking to the Future: Accounts Rules Review” consultation. This is the third and final phase of the review of the Accounts Rules. Included within the response documents is a new draft of the Solicitors Accounts Rules 2018.

The SRA have certainly simplified and shortened the rules. Whilst the rules currently in force are some forty pages long, this new draft contains 13 rules and is just 7 pages long! (more…)

Is Incorporating the Right Choice for You?

Posted on: June 12th, 2017 by Seamus Gates No Comments

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 the legal practices that we see are predominantly partnerships and partners are looking at how to structure their practice in order to attract and obtain potential future partners. (more…)

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

Posted on: May 10th, 2017 by Seamus Gates No Comments

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:

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Law firms an “obvious target” for cybercriminals

Posted on: April 18th, 2017 by Luke Stevens No Comments

Cyber security is an increasingly widespread issue. Law firms are often an attractive target for criminal not just because they hold not only large sums of money but also client information.

Cybercrimes and scams include: (more…)

Budget 2017 – What it means for Professional Practices

Posted on: March 10th, 2017 by Seamus Gates No Comments

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 brought in increases to the rate of Class 4 National insurance contributions (NIC’s) from 9% to 10% from April 2018 and then to 11% from April 2019, which swings the pendulum further towards incorporation. This is balanced to some extent by the reduction in the 0% dividend allowance from £5,000 to £2,000, meaning that more tax will be payable on dividends from a company. (more…)

Forensic accounting – what can it uncover?

Posted on: January 26th, 2017 by Seamus Gates No Comments

We have previously looked at the roles for accountants in dispute resolution and forensic accounting is another area where accountants can provide expert support and advice.

Forensic accounting is the investigative process by which financial information is gathered, analysed and presented in a clear, unambiguous way, with conclusions as to events and outcomes. It is similar to a due diligence process, although the scope is often narrowed to a particular area of concern, which is investigated in much more detail, rather than a broader investigation into areas of potential risk. Common situations for engaging a forensic accountant include suspected theft or fraud, insurance claims for loss of earnings e.g. from a fire, or the losses incurred with the breach of a non-compete clause.

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Pension Death Benefits – The New Rules

Posted on: December 15th, 2016 by Sarah Curzon No Comments

The new rules are far more generous than many thought would be the case and offer some new planning opportunities.

Under the new rules, the key factor is the age at which a member dies.

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