Accounts and Client Monies
Whether you are a sole practitioner or partnership we can help you and advise both the individual partners and the practice on the issues relating to solicitors.
All solicitors who deal with client money are subject to the Solicitors Accounts Rules and maybe required to have a client account audit. The rules are complex.
The law society places great reliance on the annual audit to gain assurance that solicitors are complying with the rules and client money is safe.
In addition to the Accountant’s Report, a checklist is also prepared by the accountant for submission to the solicitor. The checklist provides comment and guidance on the outcome of the audit.
It is important to keep up to date and monitor the Accounts Rules for updates and changes.
We can help by reviewing your systems and accounts software to ensure that your practice complies with the current requirements and avoids the breaches which are commonly found.
Your accounts will need to include a value for work in progress. This can be difficult to quantify particularly with regard to conditional fees. We can assist in valuing work in progress at the year end to ensure that it is not overstated.
We will review and discuss with you the performance of your business and ensure all available tax reliefs have been considered.
We will assist with the preparation of both the partnership and partners personal tax returns and provide regular constructive advise on potential and business planning opportunities.
Wny not discuss your business needs with Tyas & Company of Crawley now