Mar 18 2019 Royal Bank of Scotland (RBS) Legal Benchmarking report 2019 Categories: Professions Last week, RBS released its latest annual edition of the Legal Benchmarking report. For Scottish firms it made for positive reading, but there were some emerging trends for Scottish law firms and, indeed the wider professions sector, to carefully consider. EQ Professions partner, Mark Gibson, commented: “The Royal Bank of Scotland legal benchmarking report 2019 more
Mar 4 2019 The 2019 Financial Benchmarking Survey is now open Categories: Professions The 2019 Financial Benchmarking Survey for Scottish Firms on behalf of The Law Society of Scotland is now open. Email invitations to participate in this year’s survey will be sent directly to law firms’ cashroom partners from research company, Tribal. With only 86 Scottish law firms taking part in the 2018 survey, representing 8% of more
Feb 22 2019 Don’t Neglect Working ‘on’ the Business Categories: Professions Often partners in professional partnerships become bogged down in their individual day to day work and fail to work collaboratively for the greater good of the business. By implementing regular management meetings, partners can work as a team towards common goals. This collaboration enables them to operate the business as effectively and successfully as possible. more
Oct 17 2018 Are your LLP members employed or self-employed for tax purposes? Categories: Professions In April 2014, legislation was introduced to prevent the tax advantages of those with self-employment status being utilised where a member’s terms of service were largely associated with that of an employee. This is in part why the chosen structure for many professional practices is a Limited Liability Partnership (LLP). Although many LLP’s got their more
Sep 24 2018 Law Society of Scotland 2018 financial benchmarking survey Categories: Professions 86 Scottish law firms took part in the 2018 survey, representing 8% of all firms in Scotland. Although a disappointing response level, this is still sufficient enough to give a general indication of the financial performance of the Scottish legal sector. The results are encouraging for 10+ partner firms with a median profit per partner more
Sep 18 2018 Changing of the guard Categories: Professions Have you considered the tax implications when it is time to bring in a new business partner or start a long-awaited retirement? To prepare for any potential tax consequences, and ease any change, it is important to consider your current business structure whether it be a traditional partnership, an LLP / SLP or a limited more
Sep 11 2018 Taxation on separation and divorce Categories: ProfessionsTaxation Tax is not always at the forefront of a couples mind when dealing with the unpleasant business of a separation or divorce. However, if ignored there could be unintended consequences and costs on the division of assets. Whilst married, assets can be transferred between spouses with no capital gains tax payable. This particular relief does more
Aug 20 2018 Is there a succession issue across professional practices? Categories: Professions A recent article published by ICAS suggests that businesses in the professions sector are facing a shortage of leadership talent for the future. The article highlights the generational shift in-play and suggests that millennial values are at odds with the traditional partnership structure: where trainees work their way up through the ranks. 71% of the more
