Solicitor News

Accounting for solicitors and legal professionals is a specialist area that requires expertise and an understanding of the sector
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 work as freelancers in a chambers style set-up and...

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

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 website...

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

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 that altered the legal...

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...

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 proposed by the SRA. In November 2014,...

Making Tax Digital and VAT: are you ready?

Making Tax Digital and 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 work well for VAT and not...

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

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 (the generation born between...

What businesses need to know about the new GDPR

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!

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

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

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 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

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

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

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 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?

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

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

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

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...

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