Solicitor Accountants | SRA Accountants Report | SRA Accounts Rules
Parkinson UK are specialist solicitor accountants. Under Solicitors Regulation Authority Accounts Rules 2011, all firms authorised by the SRA who deal with client money are required to have an accountants report submitted on an annual basis by a firm of registered auditors.
SRA Accountants Report at Competitive Prices
We are expert Solicitor and SRA Registered Firm accountants and can act for you wherever your practice is situated in the UK. We can usually complete the work to the required standards within 2 weeks.
Under Solicitors Regulation Authority Accounts Rules 2011, all Solicitors and Multi Disciplinary Practices (MDPs) who deal with client money are required to have an accountants report submitted to the SRA on an annual basis by a firm of registered auditors. These new rules came into effect from 6 October 2011 and their scope is extended to include all entities authorised by the SRA to provide legal services.
Under the SRA Authorisation Rules, all firms must have a Compliance Officer for Finance and Administration (COFA) who will have equal responsibility with other managers of the firm for ensuring that the firm complies with the SAR. The COFA must report any breaches of the accounts rules to the SRA as soon as reasonably practicable.
The report to the SRA on the firm’s compliance is submitted by the reporting accountant along with a checklist to the solicitor stating the outcome of the SRA report. The SRA places great reliance on the report to gain assurance that solicitors are complying with the SAR and that client monies are being safeguarded.
The report is sent to the solicitor once a year, at the end of the accounting period, by the SRA. It is due within 6 months of the year end and covers a 12 month period in most cases. A solicitor’s accounts report must be prepared and signed by an accountant who is a member of one of the authorised professional accountancy organisations and who is also a registered auditor with one of those organisations.
Parkinson UK are members of the Association of Chartered Certified Accountants and are also Registered as Auditors. We have many years experience in both the preparation of Sole Trader/Partnership/LLP's/Limited Company accounts and tax returns for solicitors and undertaking solicitor’s accounts rules work and reporting the findings to the SRA.
We can also help you with the following:
- High level practice structure planning and implementation
- Multi Disciplinary Practices (MDPs)
- Strategy, ownership and succession planning
- Alternative Business Structures (ABSs)
- Tax efficient remuneration planning
- Partnership v LLP v Limited Company - Key tax and commercial comparison
- High level SDLT and VAT planning
- How to incorporate tax efficiently
- Mergers and acquisitions
- Valuing practice goodwill
- Partnership changes
- Advice re SRA matters
- The Authorisation Rules requirements
- Legal Services Act
- Compliance roles - COLP & COFA