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Solicitor News

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

Dividends and the impact on incorporation for law firms

The Chancellor, George Osborne, announced in the Summer 2015 Budget a shake-up in the way dividend income is taxed from April 2016. As the announcement has added to the complexity of the current dividend system the reaction has been, unsurprisingly, one of confusion...

Booming conveyancing market on the up again

Safe as houses, as the old saying goes. As the housing market continues to recover following the devastating blow it was dealt during the 2008 recession, the conveyancing market is once again on the up. Conveyancing has continued to slowly recover since the sharp...

SRA set to relax Reporting Accountants’ requirements

Following a consultation period, which ran between May and June last year, the Solicitors Regulation Authority (SRA) announced, in September 2014, that a three-stage process regarding the proposed new changes to the SRA Accounts Rules would be phased in. We covered...

Tax Rates and allowances 2015/16 – summary and details

Tax Rates and Allowances 2015/16 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2015/16 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

Is succession in law firms a very real problem?

Succession in law firms is very real problem in the UK The age profile of the legal sector is increasing. The huge wave of legal practitioners who entered the market 30 or 40 years ago are today of an age when they begin to contemplate phasing down or retiring...

Big changes to SRA Accounts Rules

Following a consultation period, which ran between May and June last year, the Solicitors Regulation Authority (SRA) announced, in September 2014, that a three-stage process regarding the proposed new changes to the SRA Accounts Rules would be phased in. The proposed...

Cyber security – how to make your law firm safe

The COLPs, partners and practice managers of law firms hardly need reminding of the risks of data loss and the potential financial cost and reputational damage which can arise. Data breaches are regularly reported in the news and the SRA may well be focusing their...

The pros and cons of incorporation for solicitors & law firms

The default model for a solicitor practice was historically the partnership structure. However, since the introduction of the Solicitors’ Incorporated Practice Rules in the early 1990s, allowing solicitor practices to incorporate, law firms are now also operating as...

HMRC introduces solicitors’ tax campaign

 HM Revenue & Customs (HMRC) are warning solicitors that they must bring their tax affairs up-to-date, or face tougher penalties.Solicitors are the latest professionals to be targeted by HMRC's Tax Campaign, which launched in 2011. Previous campaigns have included...

Legal partner comments on TECH 16/14BL – ‘are unlawful’

TECH 16/14BL: Payments made in excess of profits available for distribution are 'unlawful' Following the publication of TECH 16/14BL from the Institute of Chartered Accountants in England and Wales (ICAEW), the Charity Commission has said it will update its CC 35:...

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