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Record keeping for professional practices.

Professional practices often ask us how long they need to keep hold of their records. It can be difficult to find a definitive answer, so we've made it easy by putting all the information in one place.

Within this document is information on how long you need to keep records such as:

  • LLP tax returns
  • SRA breaches register
  • VAT returns
  • AR1 - Accountant’s Report Form
  • Invoices for capital items and more.

Download the document below to find out your record keeping obligations and check to see if you have everything as it should be. 

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You might also be interested in… Professional Practices.

Not to mention prepared to make the tough decisions that come with change.

At least you don’t have to make them alone. Our professional practices team are ready with answers on financing, tax compliance and all the other issues you face. Talk to them and profit from our familiarity with your sector. You’ll save time, reduce risk and build a dependable relationship with a team who want your business to succeed just as much as you do.

Professional practices we work with:

Architects – As well as assisting with the financial aspects of your business, we work with firms on their business strategy. This includes growth plans, budgeting, forecasting and cash flow management. In addition to this, our specialist R&D tax team can assist with your research and development tax claims. This is an important and ever growing area within the architecture industry and a talented R&D team is essential in preparing a robust application leading to a successful claim. 

Surveyors – We help firms with their KPIs, succession planning, business restructuring and tax planning. We also help with the conversion between limited liability partnerships (LLP) and limited company, advising and implementing the best business structure is for your firm.

Legal practices – We have extensive knowledge of the legal sector, working closely with many different legal firms of all sizes. We cater for all financial aspects of accounting, audit, VAT and tax returns, tax advice and payroll. We also have a high level of expertise in the SRA Accounts Rules, including the recent updates.

 

Experienced support for professional practices

  • Structuring and set-up: discuss with us the pros and cons of LLP v. Limited Company and ensure the right fit for your business
  • A one-stop shop: find all your accounting, tax, VAT, payroll and HR requirements within one firm
  • Tax planning for partners
  • Succession planning: consider exit routes for founding owners and discuss with us how to incentivise the next generation of business leaders
  • Partner/capital structuring: talk to us about profit sharing, fixed share v. equity, forecasting cash flows and managing partners’ expectations
  • Solicitors Regulation Authority (SRA) reporting: find out how to keep your firm below the SRA’s radar by ensuring compliance and good governance; use our expertise to provide a robust defence if challenged
  • Employee ownership structures
  • Mergers, acquisitions and bolt-ons: talk to us about valuing your firm and how to carry out effective due diligence on potential mergers