Services for Solicitors

LMDB Accountants- Our Services to the Legal Profession

We act for a number of clients in the legal profession including solicitors and barristers whose firms vary in size from sole practitioners to multi office partnerships.

Our experience allows us to assist in a variety of ways all of which are designed to develop, strengthen and protect those who are in business in the Legal Profession.

Our services include:

• SRA Compliance and Reporting: Ultimately income streams depend on continued SRA registration which can be put at risk if the Solicitors Accounts Rules are not complied with. We have an experienced team to undertake SRA Reporting Accountants assignments. LMDB are also members of the ICAEW Special Interest Group on Solicitors.

  Did you know that virtually no SRA inspections arise due to the filing of qualified reports? The expectation is that law firms will take the necessary steps to correct the matters found. Indeed the SRA expect Accountants Reports to be qualified in some form or other as human error will result in a breach albeit it corrected on discovery.

• Trading Structure: We provide advice on trading structures which fit both commercially and are tax efficient. This includes the use of Limited Liability Partnerships and Limited Companies.
• Assistance in Grooming Businesses in the run up to sale: The new Alternative Business Structure rules will create opportunities and enhance the market for umbrella professional services organisations. Obtaining value from a sale/merger requires careful preparation even before any potential suitors are sought in order to maximise value.
• Preparation of Management Information: Determining how profitable a firm is performing is not simply a matter of monitoring the bank balance. The whole working capital cycle and time resource management are the key drivers. If key performance indicators are not measured and acted on then it is less likely that desired profit & cashflow targets will be achieved.
• Providing proactive Tax Advice: On such matters as choice of trading vehicle (Sole Trade, Partnership, Limited Liability Partnership or Limited Company), Capital Gains Tax, the impact of the new 50% Income Tax, Inheritance Tax, other Income Tax aspects, Corporation Tax etc.
• Payroll Services: Outsourcing this service can be a cost effect move. Not only do you not have to worry about the cost of payroll software with the annual updates but your payroll is processed by full time payroll professionals. This means you have a resource available to help your business through the many PAYE responsibilities as an employer. For example assistance with the, holiday pay entitlement, statutory sick pay, statutory maternity pay, student loans, payment of attachments to earnings & casual wages.
• Preparation of Annual Accounts and Tax Returns.

If you wish to discuss a particular issue then we offer a free initial consultation. We also offer Fixed Price Agreements for any recurring items of work payable on a monthly basis. These agreements include unlimited adhoc telephone advice with any member of our team. These Agreements offer peace of mind that you will not receive an unexpected invoice.

Please contact Stuart Murray FCA, FCCA on 01323 732748 or StuartM@LMDBaccountants.co.uk for further information.