Legal Services
Lanop accountants offer various accounting and tax advisory services to UK law firms. Our accountancy services fulfill your tax requirements including tax preparation and planning tailored to your specific need. Our expert solicitor accountants deal with Limited liability partnerships (LLPs) and sole traders.
We will ensure your systems comply with the Legal Services Act and provide helpful guidance on accounting and Bookkeeping Services. Legal accountants and bookkeepers manage your company’s financial reporting and analysis. Lanop accountants offer valuable insight and strategic direction to enhance your firm’s financial performance and reach your business objectives.
Accounting is crucial for legal services to ensure accurate financial record-keeping, compliance with regulations, transparent billing, and informed decision-making. The involvement is also essential while settling a client’s case.
The legal chart of accounts is a structured framework utilized by law firms to systematically categorize and record financial transactions. This comprehensive list of accounts, tailored to the legal industry, enables accurate tracking of income, expenses, assets, and liabilities. By assigning specific codes or names to each account, the chart facilitates organized financial management, precise reporting, and adherence to industry standards and regulations.
Solicitors accounting encompasses the specialized financial practices employed within law firms, specifically tailored to meet the unique demands of legal services. It involves meticulous management of client funds, compliance with regulatory requirements such as the Solicitors Regulation Authority (SRA) rules, and meticulous record-keeping.
Billable hours are typically tracked using time-tracking software or tools. Attorneys and legal professionals record the time spent on different tasks for each client, which is then used to generate invoices
UK law firms can deduct various expenses, including employee salaries, rent, office supplies, marketing costs, professional development expenses, and research materials, when calculating their taxable income.
Our Accounting and Business Advisory services for UK Law Firm
Understanding the legal industry and being dedicated are essential when delivering accounting and business advisory services to UK law firms. Following are the services we provide:
- Payroll for Law Firm
- Bookkeeping
- Accounting for Law Firms
- HMRC Tax Investigations
- Financial and tax planning
- Tax advice to Barristers
- Advising on the incorporation and structure of businesses
- Creating the annual SRA Accounts Rules, Accountant’s report
- Succession planning
PAYROLL SERVICES FOR LAW FIRM
Our Payroll Services ensure that your firm’s employees are paid regularly on time. We manage all aspects of payroll processing, including PAYE calculations, employee income tax, national insurance (NI) and other deduction management.
BOOKKEEPING SERVICES FOR LAW FIRM
Our remote and at your premises Bookkeeping Services help you to maintain accurate financial records. We track every financial transaction and ensure that your records include client accounts adhere to accounting guidelines of SRA.
ACCOUNTING FOR LAW FIRMS
We give accounting services specifically designed to meet the demands of legal firms. Legal accounting laws managing client accounts and ensuring compliance with SRA regulations.
HMRC TAX INVESTIGATIONS
We offer professional support for handling HMRC Tax Inquiries. Our team of tax experts will guide you through the inquiry process and ensure you follow all applicable tax rules and laws.
FINANCIAL SERVICES AND TAX PLANNING
LANOP offers financial services and tax planning to optimize your tax situation. In close collaboration with you, we develop plans that reduce your tax burden and increase your financial stability.
PRACTICE ACCOUNTS
Our team specializes in offering practice accounts services tailored specifically for law firms in the UK. Our knowledgeable staff helps with regular account management and provides current financial data for well-informed decision-making. With our committed help, law firms may confidently handle their financial duties and legal services.
TAX ADVICE TO BARRISTERS
Our team has extensive experience working with barristers and is aware of their financial challenges. By utilizing our specific experience, our tax consultants confidently advise their barrister clients on tax situations, which promotes financial health and regulatory compliance within the legal profession.
ADVISING ON THE INCORPORATION AND STRUCTURE OF BUSINESSES
Our process streamlines everything from choosing the best business structure to creating the necessary documents, allowing law firms to efficiently provide their clients with outstanding legal advice.
CREATING THE ANNUAL SRA ACCOUNTS RULES, ACCOUNTANT’S REPORT
Our specialists help legal firms with the yearly Accountant’s Report and SRA Accounts Rules. Our team ensures that your reports are accurate, legal and on time.
SUCCESSION PLANNING
Lanop Accountants specialize in providing Succession Planning Services that are tailored to the unique needs of every organization. We understand that there is no one-size-fits-all approach when it comes to succession planning.
Our guide offers a comprehensive approach with effective techniques, helping you navigate the tax landscape, optimise deductions, and legally minimize your tax liability, empowering you to secure your financial future. We help with the business valuation and seamless transition for your best years to come.
Why Choose LANOP Business & Tax Advisors in UK?
Choose LANOP if you are looking for accounting, tax and bookkeeping services in the UK for legal practice and lawyers. Our expertise in handling financial aspects, Solicitors Regulation Authority (SRA) Accounts Rules and regulatory frameworks that govern the legal industry in the UK.
LANOP provides ACCA, ICAEW and CTA Accountants and Tax Advisors who meet the legal firm’s requirements. We combine our business advisory experience and expertise with strategic advice to increase your profitability.
Are you searching for a qualified SRA accountant? At LANOP, our team of accounting experts provides specialized accountants for lawyers. They have specific training in communicating with law firms and legal service providers.
Why Do Law Firms and Lawyers Need an Accountant?
Accountants ensure that law firms keep correct records of their income, expenses, and cash flows. Accountants prepare tax returns, determine the amount of taxes, and offer Tax Planning Services to reduce tax liabilities. An accountant keeps accurate documentation of all financial transactions related to legal practices. UK Law Firms and Lawyers Need an Accountant for several reasons:
⦁ Financial Management
⦁ Tax Compliance
⦁ Financial Reporting
⦁ Business Growth
⦁ Legal Compliance
⦁ SRA Accounts Rules Compliance
Meet Our Experts
Our team consists of skilled and experienced accountants and financial advisors. These professionals can assist individuals, entrepreneurs, business partners, and larger ventures with their financial and accountancy acumen.
Solicitors Regulation Authority (SRA) Audits
Lanop provide expert SRA accountants with in-depth knowledge of SRA Standards and Regulations. Our dedicated Accountants use advanced software like Leap to optimize accounting procedures and make them practical and error-free. Leap software facilitates the smooth administration of SRA Accounts and adherence to Solicitor’s Accounts rules.
Our solicitor specialists accountants are highly skilled in all areas of the legal industry. We represent lawyers and law firms in the UK including sole practitioners, limited liability partnerships to Limited companies. Our team of solicitor accountants supports partners and business owners with advisory services in SRA audit, accounting, taxation, and payroll. They have a broad and logical understanding of the industry.
Legal Services
Specific Accounting Services
- Bids & Contracts
- Annual Accounts
- Management Accounts
- Advice on Financial Strategy
- Budgeting
- IR35 rules
- VAT and paye support
- Cash flow and revenue forcasting
- Raising finance
- Pension Advisory
- Profitability & Expense Analysis
- Construction industry scheme (CIS)