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
Jun 20 2018 Are you paying staff the correct amount for their overtime? Categories: Professions Professional services often have busy times during the year, be it a filing deadline or a change in legislation or regulations. The whole team is working hard and working extra hours (often unpaid overtime), but at times like these, do companies check that their staff pay is compliant with the national living and minimum wages? more
Jun 14 2018 Legal benchmarking report 2018 Categories: Professions This year’s Natwest Legal Benchmarking report is the sixth annual survey of mid-size firms in the legal sector, consolidating the financial performance of 190 legal firms that collectively employ 11,100 people. Scottish legal firms in the report represent 30% of the firms surveyed. Read the report, via Natwest-Legal-Benchmarking-Report-2018. The highlights from the report are: – more
Apr 24 2018 Register your trust with HMRC or face penalties Categories: EQ NewsProfessions Are you the trustee of a trust or an agent dealing with trusts? If so you need to be aware of the requirement to register certain trusts with HMRC using an online service. You are only required to register the trust if the trust had a liability to income tax, capital gains tax, inheritance tax more
