Our professional practices team has vast experience and a proven track record working with:

  • Solicitors
  • Barristers
  • Chambers
  • Architects
  • Estate Agents
  • Surveyors

From reviewing business cost structures, to removing unnecessary expenditure, to your future business plans our experts are here to help. We are also able to perform audits under the RICS rules to ensure client monies are being properly administered.

Legal

However, our accountants, auditors and tax specialists have particular expertise in the legal sector and can help you face the long and short-term challenges this sector presents. We understand the changes that have occurred in the legal sector as a result of the Legal Services Act 2007.  We understand there has never been a more challenging time for law firms in this increasingly competitive market of alternative business structures, etc. and this why we have been working closely with our clients to seek out opportunities the Legal Services Act may bring. Working in partnership with MHA UK we have developed an annual Benchmarking Report, which enables us to understand the importance of developing a sound financial framework in order to reduce your risk and increase your profitability.

We have been working with solicitors and lawyers in and around Wales for many years and built long standing relationships with several professional firms.  We are well positioned to add real value to the legal businesses we work with.

Our aim is to help you perform better as a business and ultimately become more profitable. Our tax expertise means we are also well placed to help you save tax when the opportunity arises.

We provide a truly comprehensive service which can also provide partners with a personal wealth management service.

Audit and Assurance

We understand the Solicitors Accounts Rules which are regulated and enforced by the SRA, which requires a Client Money audit. We have in depth knowledge of these rules, which enables us to advise you as and when the rules change and we can assist you in implementing any modifications that are needed to ensure you remain compliant. Our audit procedures ensure that your records meet the relevant standards and we even highlight potential breaches and make recommendations for best practice.

Accounting and accounts appraisal

Practice accounts are essential to determine profit shares and assess your practice’s performance. As well as producing your practice accounts, we can identify problem areas, and suggest strategies and procedures to help you achieve better performance and plan for succession.

Taxation

Partnership taxation is a specialist and potentially complex area which has been affected by a number of legislative changes in recent years.  Whether you are operating through a traditional partnership or an LLP, our extensive experience allows us to provide your firm and partners with sound tax advice and advise you on the tax planning opportunities available.  We are also able to advise partners on their personal tax position and, in particular, the tax reliefs available as partners of a professional practice.  Alternatively, if your practice operates through a Limited company then we are also able to provide the company directors with tax efficient remuneration planning.

Our taxation services include:-

  • Tax compliance
  • Completion and submission of partnership, partner/director and corporate self assessment tax returns
  • Tax mitigation advice
  • Specific tax planning, including preparing for retirement and calculation of capital gains tax liabilities
  • Implications of incorporation

Our team has successfully helped our clients:

  • Formulate strategic plans.
  • Select the right trading vehicle.
  • Define operational responsibilities.
  • Implement good financial and managerial control.
  • Protect against professional negligence.
  • Plan the practice cash flow.
  • Prepare for retirement and succession planning.

Other services include:

  • Annual accounts
  • Benchmarking service
  • Payroll
  • Help with strategy and business development
  • Advice regarding law-firm mergers and acquisitions
  • COFA & COLP support Services
  • Corporate Finance
  • LLP conversations

Meet the team

Our Legal Professionals team has been working with lawyers and solicitors’ practices in south Wales for many years. Our accountants, auditors and tax specialists have considerable experience in the legal sector, which means we understand the opportunities and challenges facing the profession and are well positioned to add real value to your practice.

Contact us

Legal Sector Team lead – Seamus Gates, [email protected]

[email protected]

029 2054 9939 | 01633 265828 | 01792 790444

 

(Specialist Legal Team left:right, Seamus Gates, Matt Thomas,David Holden)


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