Helping professional practice firms change and grow to meet the challenges and opportunities presented during different phases of the economic cycle is the bedrock of our service provision in this sector.
Through planning, profit improvement exercises and providing our clients with access to the right management information, we help them to improve profitability and to focus on strategy.
Our in-depth experience of accounting for regulated professionals and knowledge of partnership taxation ensures we assist our clients in meeting their financial objectives whilst minimising the cost of compliance.
Working in partnership with our clients we help them tackle changing market conditions while effectively managing increasing regulatory obligations.
Looking specifically at the legal sector, with consolidation in the sector, partnership succession challenges and increasing competition with the entry of alternative business structures, we have assisted in deal structuring, match-making and financial due diligence.
Our professional practices team continues to help law firms tackle such challenges in a way which secures their future financial health.
David Smith is head of our Professional Practices sector group.
Our work in this sector
We have worked with many professional partnerships to improve their financial reporting procedures enabling management to readily overview how the business is performing. This, together with facilitating strategic planning has enabled these businesses to improve profitability and grow.
We regularly look at the structure of the business and establish the tax consequences of the structure and possible alternatives. Providing financial advice to incoming and outgoing partners is a key aspect of our service, including how the business may finance retirals and capital withdrawals from the business.
We have provided regular training and CPD opportunities for businesses ensuring they are kept up to date with taxation matters which may impact on their work with clients. Seconding staff to assist with VAT compliance and advising on the VAT implications of complex property transactions, is also an area of support we provide.
We also provide payroll services to a number of our professional practices and have assisted them in moving to Real Time Information (RTI) and the implications of pension auto-enrolment.
MHA Legal COVID-19 Survey Report
You can use this report to benchmark your practice against others nationally, as well as looking at the key next steps and action points that you should consider going forward.