Legal

Audit, Accounts and Tax Advice 

We understand the challenges that professional practices face, where professionals own, work in and manage their own firms. Our professional practices team is a multi-disciplinary group of specialists who will carefully tailor the service they offer to suit your business needs.  

Working with the legal sector for many years, we have developed specific accounting and tax expertise and, in particular, the specialist compliance knowledge that solicitors must adhere to when looking after client monies.

Partnership / Recognised Body Accounts

The accounts of every legal firm are crucial to understanding its performance, as well as helping to determine profit shares. As part of preparing your accounts, we can offer advice on your management information and suggest areas where you may be able to improve results, and in doing so, we can help guide you on succession planning and exit strategies. We also have extensive experience in supporting firms through the process of mergers and acquisitions.

Taxation advisory services

We have a core team of tax specialists who can prepare your tax returns and advise you or your liabilities as they fall due. We can also provide a higher level of tax planning advice through our Tax Consultancy Team.  This can include advising you on the merits of incorporation if you are a sole trader or LLP, or ensuring your trading structure is as tax efficient as it can be. We can also advise you on your client work where you may need access to specialist tax advice.

SRA Accounts Rules Reporting

Compliance with the SRA Accounts Rules is vital.  We can advise you on the key changes and comment on your internal systems and controls to ensure they comply with the new requirements. We use qualified and experienced staff to carry out annual Accounts Rules inspections. This ensures a smooth and efficient communication process with the legal cashier team and fee earners, and minimises the level of manager or partner queries at a late stage. We can also be available to support you and guide you if you are notified that an SRA inspection is imminent.

In 2014 the SRA proposed fundamental changes to the Annual Reporting Accountants’ Requirements.  There were a number of changes that came out of the consultation published on 17 September 2014.  Click HERE to read our factsheet about these.  

** STOP PRESS **
It has been a busy few months for the SRA who have relaxed the accountants. report requirements.  Read HERE fore more information.

If you would like further information please contact one of our experts.

  Sarah Ediss
Partner Horsham Office
Email: sarah.ediss@krestonreeves.com
Tel: 01403 253 282 
  Jo-Anne Haulkham
Partner Worthing Office
Email: jo-anne.haulkham@krestonreeves.com
Tel: 01903 828 728
Richard Spofforth
Partner Horsham Office
Email: richard.spofforth@krestonreeves.com
Tel: 01403 253 282