Tag Results
HMRC gives solicitors a week to ‘pay up or else’
Wednesday, 3 June 2015HM Revenue & Customs has given solicitors a week to pay the tax they owe on undeclared income or “face hefty penalties” of 100% on the unpaid tax and the risk of a criminal investigation.
Tags: HMRC, Solicitors, tax
Posted in Finance, Latest news, Practice Management
High Court finds Baker & McKenzie negligent in tax case but not liable for damages
Monday, 13 April 2015A High Court judge has found that although international law firm Baker & McKenzie was negligent in advice it gave on Mexican tax law, it was not liable to pay damages to the company involved.
Tags: High Court, professional negligence, tax
Posted in Indemnity insurance, Latest news
Tax barristers should report colleagues who break rules, Davies says
Tuesday, 12 August 2014Tax barristers who have evidence of colleagues breaking the rules should report it to the Bar Standards Board (BSB), chief executive Dr Vanessa Davies has said.
Tags: bar standards board, code of conduct, tax
Posted in Barristers, Latest news, Regulation
Smaller law firms “face battle to keep junior partners” as HMRC deadline looms
Thursday, 3 July 2014Smaller law firms are struggling to retain their junior partners in advance of tough new capital requirements set out by HM Revenue & Customs in its crackdown on fixed-share partners avoiding PAYE tax, an executive search firm has claimed.
Tags: HMRC, limited liability partnership, LLP, partnership tax reform, tax
Posted in Finance, hrtraining, Latest news
Full distribution “on the wane” as big firms look to retain profit
Tuesday, 26 February 2013The full distribution remuneration model is on the way out because law firms want to stockpile funds within the business, according to a survey. It is being phased out in favour of a more ‘corporate’ approach to bolster firms’ finances.
Tags: tax
Posted in Finance, Latest news
"Significant minority" of London lawyers dodging tax but experts split on HMRC crackdown
Wednesday, 19 September 2012HMRC claimed yesterday that a “significant minority” of lawyers in London are underpaying on tax as it launched a specialist taskforce aimed at rooting them out. However, the announcement met with polarised reactions suggesting that it is either likely to lead to criminal actions or is doomed.
Tags: Bar Council, HMRC, tax
Posted in Finance, Latest news
ABSs help put 2,000 law firms at risk of financial failure in next year, says research
Monday, 23 July 2012Alternative business structures and tax liabilities mean that over 2,000 law firms are at risk of failure in the next 12 months, according to the Association of Business Recovery Professionals, better known as R3.
Tags: ABS, Alternative business structures, tax
Posted in Latest news, Market monitor
Solicitors “sitting on sizeable tax rebates”
Friday, 10 February 2012Conveyancers will soon be responsible for making commercial clients aware of capital allowances reports and should be careful not to be caught out or risk a negligence action, a tax expert has warned.
Tags: conveyancing, professional negligence, tax
Posted in Competence, Latest news
Tax savings “outweigh complexity” of moving from partnership to limited company
Thursday, 21 October 2010Solicitors’ firms put off becoming limited companies by the complexity of conversion from partnerships are missing out on “very substantial” tax savings, according to one former firm that incorporated successfully three years ago.
Tags: LLP, partnerships, tax
Posted in Finance, News, Solicitors
Blog
Keeping the conversation going beyond Pride Month
As I reflect on all the celebrations of Pride Month 2024, I ask myself why there remains hesitancy amongst LGBTQ+ staff members about when it comes to being open about their identity in the workplace.
Third-party managed accounts: Your key questions answered
The Solicitors Regulation Authority has given strong indications that it is headed towards greater restrictions on law firms when it comes to handling client money.
Understanding vicarious trauma in the legal workplace
Vicarious trauma can happen to anyone who works with clients who have experienced trauma such as domestic or other violence, child abuse, sexual assault, torture or being a refugee.
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