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Filtered By Category: Professions

Apr 18 2024

Salaried Partners – Changes to HMRC guidance

Categories: EQ AccountingProfessionsTaxation

In November we reminded you about the tax treatment of salaried partners following the case of Bluecrest Capital Management (UK) LLP v HMRC. Following that case HMRC have updated their published guidance. As a recap, rules came into force back in 2014 deeming certain members of a Limited Liability Partnership (LLP) as employees if the more

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