People turn to lawyers every day because they need the specialist advice and services of a professional. So, who do lawyers turn to when they need professional services? Few people will know better than a lawyer how complex the law can be and why it’s important to use an expert. So when it comes to choosing an accountant it makes sense to use a specialist accountants for lawyers.
So how can we help?
Just as law is a complicated field, so are legal careers. Using a specialist accountant for lawyers means using someone who recognises that there is no such thing as a typical career in law. A solicitor does a different job to a barrister. Even within those specific jobs there will be big differences depending on which area of law they specialise. Their accountant needs to be aware of all these differences and be able to work with the solicitor and barrister to get the best possible outcome whatever their position.
It’s impossible to highlight all the differences and considerations. However, it only takes a few examples to realise how difficult the tax situation of a lawyer might be.
A solicitor, for example, might be a salaried employee of a law firm. PAYE handles the tax on their salary, so it may be straightforward enough. But what, then, of the expenses the solicitor pays? Some of these, such as travel, might be claimed in full from the employer. Those that aren’t covered, what happens to them? Legal Aid cuts might mean that claims do not fully reimburse the costs paid by the individual. While professional fees, for example membership of the Law Society, will have tax implications. A specialist accountant for solicitors will know the answers to these and more to make sure you minimise your liabilities as much as possible.
Barristers work in a totally different way. They’ll effectively be self-employed but operating as a business in their own right. Albeit often based in Chambers. They’ll provide services to clients, as well as pay for the services they receive, such as a chamber clerk. They’ll also have their own professional fees to pay, such as membership of one of the Inns of Court and the Bar Council. Using a specialist accountant for barristers will ensure that nothing in your accounts will be missed.
And, like everyone else in these Covid times, what about the costs, both in money and opportunity-cost, that you might have incurred in working from home? You might always have taken briefs home, but if you now find you’ve had to convert a whole room into a confidential work area you might be surprised at how a specialist accountant for lawyers can help.
A lawyer would never recommend to anyone that they handle their own legal affairs or represent themselves in court. Professionals are there because they are specialists. And that’s why finding a specialist accountant is so important and finding one familiar with the legal professions is vital because they will quickly prove their value to you.
Contact & blog
You can email Millhouses Accountancy – Specialist accountants for lawyers on email@example.com or call 0114 345 0960
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