Oct 13 2023 Royal Bank of Scotland (RBS) Legal Benchmarking Report 2023 Categories: Professions Last month, RBS released its latest annual edition of the Legal Report for benchmarking that compared the financial performance of legal firms at the SME level across the UK. For the firms surveyed, there were many encouraging findings, including the reporting of strong financial results despite the challenges in recent years. However, retention of talent more
Jul 27 2023 Is your professional partnership prepared for the tax-year basis change? Categories: Professions The UK Government is changing the way that trading profits are taxed for income tax purposes, starting in the 2024/25 tax year. This change affects self-employed individuals and partnerships whose accounting periods don’t line up with the tax year as under the tax-year basis, tax will be calculated on profits arising in the tax year, more
May 17 2023 Are you making the most of technology in your business? Categories: EQ AccountingProfessions We are living in an ever-changing technology era where businesses are moving away from paper records and having to reconcile balances by hand. The capabilities of current day accounting software are helping reduce the manual intervention and strains on bookkeepers and internal management. Today’s accounting software can now connect directly to your online banking, invoice more
Feb 7 2023 How we are supporting our clients, Innes Johnston Solicitors Categories: Professions There’s more to accounting than simply calculating numbers. Having a good accountant allows you to focus on the future of your business while also taking care of your business needs in the present. Providing accounting, tax and advisory services for solicitors and legal professionals requires an additional level of understanding of the rules and regulations more
Jan 24 2023 Is your practice’s ‘lockup’ under control? Categories: Professions Benchmarking surveys typically suggest average lockup for legal practices of up to 130 days, or in other words well over 4 months, with less efficient practices exceeding this already high level. Lockup is the total value of unbilled work in progress plus debtor balances remaining unpaid. In effect, this represents working capital requirements. As the more
Oct 5 2022 Income Tax Basis Period Reform – call to action! Categories: ProfessionsTaxation From the 2024/25 tax year, all business profits subject to income tax will be assessed on profits arising in the tax year rather than profits in the accounting period ending in the tax year. Don’t be fooled into assuming 2024/25 is far enough away to put this on the back burner. The change actually commences more
Apr 8 2022 Am I an employee but don’t know it? Categories: Professions In a previous article, we discussed the implications of getting your employment status wrong and how a few high-profile individuals have been questioned by HMRC. Since then, an updated IR35 legislation came into effect on 6 April 2021 and HMRC have now begun to flex their muscles to enforce those rules. We have recently seen television more
Dec 7 2021 The Taxation Basis Period Reform – be prepared! Categories: Professions The draft Finance Bill 2022 includes a major change to how partnerships and sole practitioners are taxed and will impact on many professional practices. The proposals will mean that income tax will be based on actual profits arising in a tax year to 5th April rather than profits in the accounting year ending in the more