When you are building a successful professional services practice, you face challenges specific to your sector: regulatory rules on client money, partnership tax, work in progress and the constant pressure on fee recovery. We work with solicitors, barristers’ chambers, architects, surveyors, estate agents, consultants and agencies, whether you trade as an individual or as a small, medium or large practice.
Partnerships, LLPs and companies
Many professional firms trade as partnerships or LLPs, where each partner is taxed on their share of profits. Since the move to tax-year basis assessment, partners need to plan for any transition profits being taxed over several years and may need to estimate profits for accounting periods that do not end on 5 April. We prepare partnership and LLP returns, partner tax computations and reserving policies, and advise on whether incorporation or a change of structure would suit your practice.
Solicitors
Law firms must keep client money separate and comply with the SRA Accounts Rules, and most firms holding client money need an annual accountant’s report. We help with client account reconciliations, accountant’s reports and the systems needed to stay compliant. See our SRA Accounts Rules compliance service.
Barristers and chambers
Self-employed barristers face particular issues with cash flow, VAT and the timing of fee receipts. We prepare accounts and tax returns, advise on VAT and help with chambers’ expense arrangements.
Architects and surveyors
Project-based firms need clear reporting on work in progress, fee recovery and project profitability. We provide management accounts that show which projects make money, help with professional indemnity and regulatory financial requirements, and advise on R&D tax relief where innovative design or technical work may qualify.
Marketing and creative agencies
Agencies often rely on freelancers and contractors, so employment status and the off-payroll working rules need careful handling. We help with payroll, contractor arrangements, VAT on international clients and the cash flow challenges of retainer and project billing.
Estate and letting agencies
Agents handling client money need sound controls and accurate reconciliations alongside the usual business reporting. Find out more about our support for estate and letting agents.
How we help
- Annual accounts, partnership, LLP and company tax returns
- Partner tax planning and reserving
- Client money reconciliations and regulatory reports
- Management accounts, work in progress and lock-up reporting
- Payroll, VAT and bookkeeping
- Practice restructuring, succession and partner exit planning
Related services and insights
- Legal & Professional sector overview
- SRA Accounts Rules Compliance
- Estate and Letting Agents
- Business Restructuring
- Succession & Profit Extraction
- Business Outsourcing
Talk to us
Book an appointment for an initial chat about your practice.