Solicitor News

Accounting for solicitors and legal professionals is a specialist area that requires expertise and an understanding of the sector

What businesses need to know about the new GDPR

The General Data Protection Regulation (GDPR) is set to come into force from May 2018. It will replace the current Data Protection Act and is the biggest overhaul of data protection legislation for over 25 years. GDPR will change the way organisations...

Input Tax – Beware of the pitfalls!

VAT expert Tony Nickson outlines the pitfalls to avoid when reclaiming input VAT. 1. Reclaims for purchases made before VAT registration It is important to ensure that the maximum amount of input VAT is reclaimed on your business expenditure. This includes...

SRA Accounts Rules – Changes on the Horizon

The SRA recently announced their response to the Accounts Rules review and consultation. In this article, we will be looking at what these changes are and what they potentially mean for you and your legal practice. Client money Originally, the very definition of...

Rules on where solicitors can practice relaxed by SRA

In a major shake-up of regulation announced by the Solicitors Regulation Authority (SRA), solicitors will now be permitted to practice from unauthorised businesses. According to research by the Legal Services Board, the unauthorised market represents 5.5% of cases in...

The Election result: What are the tax implications?

The general election has ended in a hung parliament – the Conservative party have the most seats but do not have an overall majority. Theresa May has announced that she will form a government with the support of the Democratic Unionist Party (DUP). What does this...

What your law firm can do in the event of a cyber attack

One of the biggest threats to a law firm is undoubtedly a cyber attack. Not only can it disrupt your systems and prevent you from carrying out chargeable work, it is also a reputation killer. If you mention the words "cyber attack" to any law firm, its enough to...

Law firms to report disparities between men and women’s pay

From April 6 2017, companies who employ over 250 staff are now legally required to publish four sets of figures annually; whether that be on their own or the Government's website. These figures are aimed at reporting disparities between men and women's pay. The...

Tax Rates and Allowances 2017/18

Tax Rates and Allowances 2017/18 Many of the tax rates and allowances are fundamental to our business and personal lives and the most important ones for the 2017/18 tax year are summarised here. We are sure that you will find it a useful point of reference throughout...

The Autumn Statement 2016 predictions

The Autumn Statement 2016 on Wednesday is set to be an important event.  It will be the Chancellor’s first opportunity to outline his plans for taxes & spending in the wake of the Brexit vote. But what tax changes can we expect in the upcoming Autumn Statement? ...

Is your legal structure right for you?

The Legal Services Act 2007 brought with it the possibility for Alternative Business Structures (ABS) to operate within the legal sector. In essence, it allowed non-lawyer managers to operate within and/or own law firms. Whilst this has been the case for some time...

Brexit and the new EU GDPR rules

The final text of the new EU General Data Protection Regulation (GDPR) was released in April 2016. Since this deals with the handling of personal data it is likely to apply to almost every law firm as you will hold personal information regarding your clients and staff...

SRA plan to simplify the SRA Accounts Rules 2011

The Solicitors Regulation Authority (SRA) has issued a consultation outlining proposed plans to simplify the SRA Accounts Rules 2011. The SRA Accounts Rules govern the handling of client money by law firms and these new plans to simplify the rules should make the...

New polymer banknotes start circulation with £5 note

The 13th September marked the first day of the brand new polymer banknotes being issued. The £5 note is the first of the banknotes to be launched in England and Wales. The polymer made banknotes are much more durable than the old banknotes and can withstand getting...

4 tips for increasing law firm profitability and performance

The legal sector is an extremely competitive market and it can often be difficult to increase profitability and performance. However, as legal clients are continuing to demand more for less, law firms need to become more efficient and take steps to maximise their...

Brexit: tax implications as the UK votes to leave the EU

From the argument over selling bendy bananas to the threat of an emergency Budget, the EU referendum campaign has undoubtedly had its share of the headlines over the past couple of months. The biggest headline now though is of course that the UK has voted to leave the...

All change for the SRA Accounts Rules – detailed guidance

Over the course of the last 18 months, since the SRA announced that a three-stage process regarding the proposed new changes to the SRA Accounts Rules would be phased in, the Accounts Rules have been subject to some major changes. We have kept you up-to-date with...

£17m funding available for training in the Sheffield City Region

Do you know about the new Skills Bank for the Sheffield City Region? The Skills Bank is a government/LEP initiative aimed at workforce training and development in the Sheffield City Region. It is a £17m fund - new for 2016 - comprising of funding from the European...

New EU GDPR rules – 12 things you should be doing to prepare

After over four long years of political processes, detailed discussions and business lobbying, the final text of the new EU General Data Protection Regulation (GDPR) rules was released in April 2016. As nearly all businesses and other entities use some form of...

Deregulation of the legal sector…where next for solicitors?

Further deregulation of the legal sector is on the horizon. The legal sector in the UK is currently finely balanced; the SRA Accounts Rules are undergoing unprecedented and radical change, the age profile of the sector is rising, there are mounting regulatory burdens...

Tax Rates and allowances 2016/17 – summary and details

Tax Rates and Allowances 2016/17 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2016/17 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

Changes to tax relief on pensions for high earners from 2016/17

Are you aware of the changes to tax relief on pensions for high earners for 2016/17? If you are a higher earner, pension contributions can be a very tax efficient way of saving for your future. However, changes are due to come into force from 6 April 2016 which will...

2015/16 year-end tax planning advice for owners and individuals

2015/16 year-end tax planning advice Would you like the opportunity to reduce the taxman’s take from your own and your family’s income? If so please continue on to read our year-end tax planning advice. Carrying out an annual review of your tax affairs could...

Important PAYE and employment tax changes 2016 that you need to know

Are you ready for the fothcoming PAYE and employment tax changes? There are some very important changes to PAYE and employment tax rules due to come into effect from April 2016. It is important that as an employer you are aware of these changes and, if necessary, have...

Managing succession in the legal sector

Law firms, just like any other business, must make preparations and plan ahead for succession. Thorough and proactive succession planning is critical to ensuring the long-term sustainability of any law firm. Succession planning - particularly with the age profile of...

Autumn Statement: shock announcement for solicitors

One of the shock announcements from the recent Autumn Statement was the move to raise the small claims limit and remove whiplash compensation. In this article we look at what the changes may mean for personal injury law firms. What are the proposed changes? The...

Approval of changes to the SRA Accounts Rules granted

You may remember some of our previous articles regarding the changes to the SRA Accounts Rules following the announcement in May 2014 that the regulatory body were reviewing the requirement for all firms of solicitors who hold client money to submit an annual...

The importance of crisis planning for law firms

Whether you are an independent law firm with predominately local clients or a multiple office law firm with a national/international focus, it is vital you have a plan for when crisis strikes. All law firms are vulnerable to crisis, whether it be internal (e.g. a...

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