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Solicitors

Tax and accountancy services for solicitors
and law firms

Just as you provide legal reassurance to your clients, we help solicitors feel confident with their financial and tax obligations.

Solicitors and law firms have the usual financial responsibilities that come with operating a business, but there is the additional aspect of managing client money.

Generic accountancy advice isn't enough when you are dealing with the specific requirements of a law firm. You need experts who understand the profession and are ready to help.

Get in touch to get tailored support with solicitor finances.

Get in touch

The unique position of solicitors

Abiding by the Solicitors Regulation Authority (SRA) Accounts Rules alongside the typical HMRC guidelines that businesses must handle presents a layered challenge for law firms.

Errors in the handling of client money can have serious regulatory and professional consequences for a law firm.

The regulations are subject to change, so having a clear understanding from an expert is imperative.

This should be coupled with advice that supports the ongoing management of the firm as well as considerations for the future.

The amount of time and energy that solicitors pour into their work makes it all the more concerning when business succession is overlooked. The value of a partner’s interest in the firm may have Inheritance Tax implications or face other challenges should the top team move on.

Knowing how to approach the current and future financial and tax aspects of running a law firm is our speciality and we are here to help solicitors move forward with confidence.

The right approach for solicitors

Our firm has worked closely with law firms for years, gaining a deep understanding of how the profession can be best assisted.

We are able to help with:

  • SRA Account Rules compliance
  • Audit and Assurance
  • Accounts preparation
  • Corporation Tax
  • Partner remuneration and profit extraction
  • Partnership and LLP tax
  • Business succession
  • Inheritance Tax planning
  • Business succession considerations

Solicitors succeed with
SGD’s support

Law firms benefit from working with advisers who understand the particular financial and regulatory environment in which they operate.

Our time working alongside solicitors has enabled us to gain deep knowledge of the best approaches to keep law firms growing and maintain compliance.

Issues with client accounts can catch solicitors off-guard if they are unprepared, so we can work with your team to identify potential risks and ensure that the necessary measures are being taken to prevent an issue occurring.

When it comes to preserving value in the future, we can work with Partners to make sure that business succession plans are in place well before they are required.

Across all stages of operating a law firm, our team can be by your side to ensure that you have the financial and tax aspects under control.

If you want tailored financial and tax assistance as a solicitor, speak to our team today.

Speak to our team to discover a new way of handling your finances.

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