At EQ we work with a great diversity of clients, including a significant number of professional practitioners.
Our EQ Professions team provide a dedicated service to the sector and have an extensive array of experience and expertise in advising professional clients from sole practitioners to large corporate entities.
Our current portfolio of clients includes the following:
A significant proportion of these businesses operate as Partnerships, both traditional format and Limited Liability Partnerships (LLP). In more recent years a number of practices have been incorporated as limited companies for a combination of operational, taxation and finance reasons. EQ Professions appreciate that the appropriate structure solution is not a ‘one size fits all’ scenario and that the optimum solution for one professional practice may not be appropriate for another practice. We can guide practices through the decision making process, looking at the various pros and cons of individual structures so that the business owners can make an informed choice to serve the needs of the practice at the current time and longer term.
Irrespective of the operating structure, professional practices still tend to retain many of the characteristics of a traditional partnership and many of the inherent problems, inefficiencies and challenges that this provides. We can support such practices to alleviate these difficulties and bring both immediate and long term value into the business.
EQ Professions have a proven track record in Practice Management and dealing with the many challenges which arise in managing a diverse group of “owners”. Our expertise enables us to work with clients, assisting the management team in tackling difficult issues, and often providing a mentoring service for the Managing Partner or Managing Director. In our experience the challenges faced by in house Managing Partners, including their ability to sufficiently detach themselves from both client related activities and internal personal relationships, make it difficult to maintain strategic vision and focus on driving the practice forward. A Managing Partner’s role can be unenviable, and at times a lonely existence. That’s where we can help.
In brief, we can deliver guidance on:
On a regular basis we support professional clients through a series of routine services, including audit, accounting, payroll and taxation. We apply imaginative and effective planning to minimise tax liabilities and assist cashflow management.
We can also provide support to clients of professional practices and often work hand in hand with solicitors or other professionals in the provision of the following:
I have used the services of both EQ and Amber for a number of years now. They are very professional but approachable and always willing to listen and provide valuable advice when needed.
AMCA Creative Limited
EQ’s expertise and advice was invaluable throughout the lengthy process leading up to the sale of our business. They were always on hand to offer support and their understanding of the very specific requirements of our industry really was most impressive. We also appreciated the friendly, down to earth approach which helped ease what would usually have been an extremely stressful process. It is no exaggeration to say that we would never have got over the line without them.
Chief Executive, Your Conveyancer Limited
For us, what distinguishes them from many accountants is the pro-active approach they provide us with in terms of advising us how to manage our own business efficiently and also planning our growth, whilst minimising our tax liabilities
Managing Director, Balmoral Asset Management Ltd
EQ have provided Thorntons with outstanding advice over the past few years, particularly in relation to some areas of crucial importance to our business – both in terms of our medium and long-term strategic planning and through various merger and takeover considerations. They have also assisted us in structuring various internal accounting and business planning strategies.
In our experience, they deliver value for money outwith the normal adviser/client relationship and I would recommend their team to anyone.”
Joint Managing Partner, Thorntons Law LLP
NatWest recently issued their 2017 Legal Benchmarking Report including financial data from 269 small and large firms, including 82 Scottish firms and a combination of partnerships, LLPs and companies.
Despite the economic and political uncertainties experienced in 2016, not least the impact of Brexit, legal firms have in general achieved improved performance under most financial measures.
Fee grow... more
A number of important announcements regarding changes to Business Rates and valuations of non-domestic property in Scotland in 2017 have now been confirmed by the Scottish Government. These announcements cover the changes to reliefs and surcharges for 2017 which will significantly impact businesses’ rates bills for 2017-2018.
Along with changes to business rates, the Scottish Government discusse... more
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