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Accounting for solicitors and legal professionals is a specialist area that requires expertise and an understanding of the sector
Tax Rates 2020/21

Tax Rates 2020/21

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...

Hawsons are here to help COVID-19

Hawsons are here to help COVID-19

During this difficult time Hawsons are here to help and support their clients as best they can The Government has announced new measures to help businesses through this difficult time. The first being the tax helpline to support businesses affected by coronavirus. If...

Bank of England Update for Businesses and Households

Bank of England Update for Businesses and Households

Bank of England Update for Businesses and Households During this difficult time for businesses and households the Bank of England have put together a list of sites where you can find the latest updates from the Government. The following has been circulated by the bank...

Legal Services and the future of the UK Economy

Legal Services and the future of the UK Economy

Legal Services and the future of the UK Economy The Law Society has recently pushed for Brexit negotiators to make legal services one of their priorities in upcoming trade discussions. This is after a recent report demonstrated that legal services put more money into...

UK Legal sector revenue increases

UK Legal sector revenue increases

UK Legal sector revenue increases  A report conducted by TheCityUK revealed that UK legal sector turnover increased by 6% year-on-year to £35.5bn. For the top 100 firms across the U.K revenue increased to £26.4bn in 2019 representing 8% growth, 80% of this was made by...

Hawsons makes history after 165 years in business

Hawsons Chartered Accountants is 165 years old Hawsons Chartered Accountants was founded in the city of Sheffield in 1854 – more than 25 years before the creation of the Institute of Chartered Accountants in England and Wales – by Alfred Allott and John Hewett....

The Election Result: What are the tax implications?

The Election Result: What are the tax implications?

Tax implications of the Election Result The general election has ended and the Conservatives have secured a large majority winning 365 seats. What does this mean for tax?  How will the election result affect you or your business? Tax expert Craig Walker provides a...

Bar pupil’s minimum pay set to increase

Bar pupil’s minimum pay set to increase

Bar pupil's minimum pay set to increase  From 1st January 2020 the minimum wage for a pupil barrister working for a chamber in London will be £18,866 a year, whereas outside London pupil barristers will receive a minimum of £16,322. The previous minimum wage was set...

New regulation for solicitors and legal services

New regulation for solicitors and legal services

New regulation for solicitors and legal services  On the 25th November new legal services regulation came into force. The new regulations will allow a solicitor to work for unregulated firms without a waiver. Furthermore, these new regulations enable solicitors to...

Solicitors “SEARCH”ing For Answers

Solicitors “SEARCH”ing For Answers

For new updated guidance please see article from THE LAW SOCIETY re-research fees. New guidance has been issued by the Law Society about whether items may be treated as disbursements for VAT purposes. The guidance, dated 8 October 2019, follows previous guidance by...

SRA Accounts Rules 2019

SRA Accounts Rules 2019

SRA Accounts Rules 2019 The SRA has just published a statement relating to residual balances that cannot be repaid under rule 2.5. of the new 2019 SRA Accounts Rules which become effective for all firms from 25 November. The statement can be accessed from the SRA...

Investment in Lawtech almost triples in two years to £62m

Investment in Lawtech almost triples in two years to £62m

Research conducted by Thomson Reuters and Legal Geek have found that in the past two years investment in the UK’s legal technology sector has nearly tripled as start-ups receive £61m in 2018. So far this year UK lawtech start-ups have received £62m, whereas in 2017...

The Solicitors Regulation Authority prepares for tech regulation

The Solicitors Regulation Authority prepares for tech regulation

The Solicitors Regulation Authority (SRA) is looking into who and what should be regulated as they look into playing a more active role in the legal technology industry. As more and more firms are bringing technology and innovation into the legal sector the SRA have...

Criminal Defense Touting

Criminal Defense Touting

 The SRA (Solicitors Regulation Authority) remain concerned over the reluctance by some to report criminal defence touting. Only one formal complaint has been made to the SRA about a solicitor touting in this area. The code of conduct states that solicitors are banned...

Britains legal industry brace for a no deal Brexit

Britains legal industry brace for a no deal Brexit

Britain’s legal Industry brace for a no deal Brexit The UK is currently the second largest provider of legal services in the world and number one in Europe. But if a no deal Brexit goes ahead the future could be a lot less certain for Britain’s legal industry....

SRA Anti-Money Laundering Review

A recent review conducted by the Solicitors Regulation Authority (SRA) found that, in the SRA’s views, a significant amount of law firms are not doing enough to prevent money laundering.  The review of 59 practices did not highlight any evidence of actual money...

Changes to the SRA handbook

Changes to the SRA handbook

Changes to the SRA handbook The SRA is introducing a new handbook which includes the new code of conduct that will come into effect at some point in 2019, although the exact date still remains unconfirmed. In 2011, the launch of the SRA handbook welcomed some changes...

Government reveals contingency justice plans for no-deal Brexit

Government reveals contingency justice plans for no-deal Brexit

The Ministry of Justice has published a technical notice about its plan for civil judicial cooperation in the unlikely event of a no-deal Brexit. The UK currently abides by EU rules to decide which country courts hear civil, family and commercial law cases that occur...

Changes on the horizon for PI cover

Changes on the horizon for PI cover

Changes on the horizon for PI cover In March this year, the SRA published a consultation paper on its proposal to make some changes to compulsory professional indemnity insurance (PII) cover for solicitors. This is not the first time that changes to cover have been...

SRA’s message to firms: stop offering banking facilities to clients

SRA’s message to firms: stop offering banking facilities to clients

The Solicitor’s Accounts Rules set out that only money that is linked to an underlying legal service should go through a client account. There must also be a proper connection with those receiving those funds and the legal service the firm has provided. It has been...

Making Tax Digital and VAT: are you ready?

Making Tax Digital and VAT: are you ready?

Making Tax Digital VAT: are you ready? Making Tax Digital (MTD) will commence in April 2019 under the current Government timetable.  Initially this will only be for VAT purposes, with the wider roll out of MTD having been delayed until the system has been shown to...

Tax Rates 2018/2019

Tax Rates 2018/2019

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used.   The cost of...

Solicitors “SEARCH”ing for answers

Solicitors “SEARCH”ing for answers

The Brabners LLP V HMRC First Tier Tribunal (FTT) case involved whether electronic, local authority search fees paid to Searchflow (a specialised online search agency) by Brabners were to be treated as disbursements. It had been standard practice since...

Employing the Millennial generation

Employing the Millennial generation

Employing the Millennial generation  They appear to be gaining a notorious reputation for being flighty, demanding and difficult in the workplace. How accurate is this reputation of the millennial, and how do employers retain this “problem” generation? Millennials...

What businesses need to know about the new GDPR

What businesses need to know about the new GDPR

What businesses need to know about 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...

Input Tax – Beware of the pitfalls!

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 input tax...

SRA Accounts Rules – Changes on the Horizon

SRA Accounts Rules – Changes on the Horizon

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...

Rules on where solicitors can practice relaxed by SRA

Rules on where solicitors can practice relaxed by SRA

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...

The Election result: What are the tax implications?

The Election result: What are the tax implications?

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...

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