Finance
Tax man expecting rush of solicitors declaring income as ‘naming and shaming’ looms
HM Revenue & Customs is expecting a rush of solicitors owning up to income they have not declared as next Monday’s deadline for the ‘Solicitors Tax Campaign’ draws near.
SRA issues warning over letting clients use law firms as banks
There are increasing reports of law firms allowing their client account to be used by others as a bank account in clear breach of the rules, the Solicitors Regulation Authority (SRA) warned yesterday.
Tax man gives solicitors three months to come clean on undeclared income
HM Revenue & Customs (HMRC) has opened up a three-month window for solicitors to own up to income they have not declared, or face tougher penalties if they are caught dodging tax.
Osborne’s tax changes take gloss off benefits of incorporating law firms
The tax benefits for law firms of incorporating have been reduced thanks to surprise changes announced by the Chancellor in this week’s Autumn Statement. Law firms have been incorporating in large numbers, with tax advantages in both the initial transition and the ongoing practice.
Phone scams hit solicitors, with four firms losing £2m
Four law firms have recently lost £2m from their client accounts after falling victim to scammers who tricked them into disclosing bank security information over the telephone, the Solicitors Regulation Authority has warned.
“Overwhelming disagreement” made SRA change track on COFA responsibility
“Overwhelming disagreement” made the Solicitors Regulation Authority abandon a plan to make compliance officers sign declarations that their firms followed the accounts rules, it has emerged. But further changes to accountant’s reports are coming.
Survey: rents and indemnity premiums threaten health of small firms, making merger attractive
The turnover of SME law firms in London and South East rose by 4% this year, according to an annual benchmarking survey by accountants HW Fisher & Co. However, the survey warned that rising overheads would continue to put pressure on profits.
“Beyond comprehension” why struggling law firm failed to make HMRC arrangement
A tribunal judge has described as “beyond comprehension” the failure of a financially struggling law firm to make special arrangements with HMRC under the ‘time to pay’ scheme.
Average big firm PEP tops £1m but fee income per hour falls
Average profit per equity partner (PEP) for the top 10 law firms has exceeded £1m for first time since 2008, reaching £1.03m, while they also recorded a record average profit margin of 40%, PwC has reported.
Signs of recovery as conveyancing firm sets up academy and Law Society predicts strong growth
Yorkshire’s largest conveyancing firm has set up a £150,000 training academy after its workload trebled in the past two years. It comes as the Law Society has predicted increased turnover growth in the legal sector this year and next, in part because of the recovering property market.
Blog
The rise of the agent
We believe AI agents are going to represent the biggest change to the way in which the general public interact with professional services business for generations.
The lonely role of a COFA: sharing the burden of risk management
Compliance officers for finance and administration in law firms can often find themselves walking a solitary path. But what if we could create a collaborative culture of shared accountability?
Mind the (justice) gap: Why are RTAs going up but claims still down?
The gap between the number of road traffic accident injuries and the number of motor injury claims continues to widen, according to the latest government data.
Reports
Associates
