Professional practices

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 must 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 many 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.

Partnership

We can assist the partnerships with:

• Preparation of year-end accounts
• Financial reporting model
• Benchmarking
• SRA accounting rules review
• Sustainability and ESG services
• Preparation of the partnership tax return
• Employee remuneration
• Mergers and acquisitions
• International expansion
• Management review and business planning
• Changes to the partnership year-end date
• Partner performance, taxation and promotion.

Partners

We can assist the partners with:

• Preparation of their personal tax returns.
• Advising on their personal income tax, capital gains tax and inheritance tax planning
• Working with them and their other professional advisers on financial and retirement planning.

Useful resources

HMRC have released guidance on how those affected by the basis period reform can calculate their 2023-24 transitional profits. Please follow the link for more details. Work out your transition profit – GOV.UK (www.gov.uk)