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Changes in preference and the impact on law firms

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Many things seem to have slipped under the radar during the pandemic. One of those is the changes to preference legislation that took place from 1 December 2020.

A change for the better?

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In the current environment, where cash is king, being able to plan tax cashflows is vital. Even better, if firms can take action that may actually help to mitigate tax cashflows or bring forward relief to assist, while the worst of the economic impact takes effect.

SRA Accounts Rules – Written policies and procedures – worth a revisit

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Way back in October 2019, in what now seems like a very different world, we looked at whether or not firms were ready for the implementation of the new rules on the 25th of November that year. Since that article was published, we have of course had further guidance from the SRA.

The impact of negative interest rates on Law Firms

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The impact on law firms has yet to be clarified, although the consequences will be far reaching in respect of holding client funds.

Law Firm reporting: have we lost our way?

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The apparently poor quality of the reporting and especially the brevity, of the published information has been frustrating.

Latest update on filing a qualified Accountant's Report

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Following on from the article we published in September concerning the filing of qualified reports via mySRA, the SRA have confirmed that 30 September was the final deadline for filing via email under the old system.

An update on the withdrawal of residual client balances

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The SRA consider residual balances significant enough to include within the 13 Solicitors Accounts Rules 2019 which came into force late last year. This emphasises the importance that is placed on this area of compliance.

HMRC reviews of Job Retention Scheme claims

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The press speculation has increased the pressure on HMRC to urgently review JRS claims and there have been some important developments in relation to the planned enforcement activity that has been taking place over recent weeks.

LMS Financial Benchmarking Survey 2020

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The Law Society’s LMS Financial Benchmarking Survey 2020 has recently been published. The survey is the largest of its kind in England and Wales, with 214 firms taking part.

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