The professional practices sector has been under the spotlight in recent years with the changes to tax rules for LLPs and partnerships.
Whether your practice is a firm of accountants, lawyers, architects, engineers, quantity surveyors or another profession, we have specialist teams across the country who are experienced in supporting your business.
Our Professional Practices Team understands the key business objectives and risks that your professional firm has to manage. The traditional structures and procedures for many practices have evolved organically, often without proper planning, with LLPs and corporate structures becoming increasingly popular. We can help design an appropriate legal and reporting structure to meet your objectives, whilst helping to retain the partnership ethos.
Our experience has enabled us to advise a large number of practices from a variety of sectors. Our partner-led approach allows us to understand the client’s long-term objectives and tailor our advice to both the practice and its owners.
We also provide the owners of professional firms with bespoke tax planning advice throughout their professional careers either alongside their firm or independently.
After a little delay, HMRC have released their Basis Period Reform – Overlap Relief confirmation tool, where affected taxpayers can request details of their Overlap Relief, to be used in the 2023-24 tax year, from HMRC. Please see the HMRC link Get your Overlap Relief figure – GOV.UK (www.gov.uk)