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Professional Practices.

We know what it takes to run a firm and make it prosper. Whether you’re solicitors, architects, surveyors, engineers or another type of service-based practice, you need to be adept at managing growth in good times and staying on an even keel when things turn rocky.

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 audit, 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:

Solicitors

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.

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 and engineers

We advise on accounting, audit and tax planning for firms of various sizes. We also help firms with their KPIs, succession planning, business restructuring and tax planning. We also assist with the conversion between limited liability partnerships (LLP) and limited company, advising and implementing the best business structure for your firm.

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.

Buzzacott are active members of many groups working to support professional practices:

Covid 19 - articles and insights

Covid 19 - Support for UK businesses

Of the schemes introduced, we have identified the following are potentially applicable to you:

Deferring VAT payments

The deferral will apply from 20 March 2020 until 30 June 2020. This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period.

Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal (Direct Debit payments may need to be temporarily removed to avoid HMRC collecting payment in error).

Time to Pay service (including PAYE)

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.

These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.

Coronavirus Job Retention Scheme

Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.

To view all of our Covid-19 information and guidance please visit our Covid-19 homepage here

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