• Professions

    At EQ we work with a great diversity of clients, including a significant number of professional practitioners.

Professions Specialists

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:

  • Solicitors
  • Architects
  • Surveyors
  • Graphic designers
  • Consulting engineers
  • Financial service advisors

Operating Structure

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.

Practice Management

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:

  • Strategic planning
  • Remuneration arrangements
  • Management of change
  • Managing Partner mentoring
  • Improving financial management
  • Increasing practice success

Other Services

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:

  • Corporate finance activity advice
  • Litigation support
  • Due diligence reviews
  • Specialist tax advice including Capital Gains Tax and Inheritance Tax
  • VAT advice including transfer of a business as a going concern (TOGC) and property transactions
  • Business valuations

  • 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.

    Kyle Peddie

  • 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.

    Stuart MacDonald
    Associate Director, Progeny

  • 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.

    Thorntons Law LLP

  • EQ helped us from the start of the business last year and provided us with so much sound advice and help in getting us to where we are today. As a financial services business we have additional reporting requirements and they have been a wonderful support.

    We’ve developed a great working relationship with the staff and they are all highly experienced, knowledgeable and friendly.

    Wendy Ordon
    Director, Contego Life Limited

  • I have used the services of both EQ and EQ for a number of years now. They are very professional but approachable and always willing to listen and provide valuable advice when needed.

    Sandy McAllister
    AMCA Creative Limited

  • We’ve instructed EQ for several years and have found them to be approachable, professional and efficient. We would have no hesitation in recommending EQ to others.

    Ann M Oliver
    Innes Johnston LLP

Latest News

View all latest news View all Professions news
Apr 18 2024 Professions

Salaried Partners – Changes to HMRC guidance

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 guida... more

Oct 13 2023 Professions

Royal Bank of Scotland (RBS) Legal Benchmarking Report 2023

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, t... more

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