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Filtered By Category: Professions

Apr 24 2019

How can a profitable business collapse?

Categories: Professions

The collapse of a well known Scottish legal firm, reportedly making an annual net profit of £950,000 with turnover of £4.9m, may seem surprising to most people. In many ways it is surprising, but businesses and the modern economy change at a rapid pace nowadays and successful businesses can simply be left behind if they more

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