The Report to the SRA.
The Accountants Report on the Firm’s Compliance.
This 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 Solicitors Accounts Rules 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 accounts for solicitors and undertaking solicitor’s accounts rules work and reporting the findings to the SRA.
Solicitors are facing continuous challenges and this is likely to continue to put strain on a legal practices ability to compete and run a profitable firm. We can work closely with you to help increase your profitability whilst reducing the regulatory burden faced by all solicitors required to conform to the SRA solicitors accounts rules.
With our specialist knowledge of the commercial needs of solicitors in practice, and our expert knowledge of the Solicitors Regulation Authority (SRA) Accounts Rules, we can help make an improvement to your financial results.
We can also help you with the following:
- Preparing statutory accounts and self assessment tax returns promptly and notifying you of your business tax liabilities
- Completing the Accountant's Report efficiently whilst ensuring minimum disruption
- Reporting our findings to the Solicitors Regulation Authority (SRA) via the Solicitors Accountants Report
- High level practice structure planning and implementation
- Multi Disciplinary Practices (MDP's)
- Strategy, ownership and succession planning
- Alternative Business Structures (ABS's)
- Tax efficient remuneration planning
- Partnership v LLP v Limited Company - Key tax and commercial comparison
- Advising on bookkeeping and the requirements needed to successfully adhere to the Solicitors Regulation Authority (SRA) Accounts Rules
- High level Tax, 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 Officers for Legal Practice (COLP) & Finance and Administration (COFA)
SRA Reporting Accountants
Solicitors Regulation Authority Compliance
Parkinson UK have a long history of dealing with solicitors throughout the UK and have specialist knowledge of the accounting rules which law firms have to adhere to including the SRA Solicitors Accounts Rules 2011.
A Solicitors Accountant's Report is an annual requirement stipulated by the Law Society for all legal firms that deal with client money and must be prepared by a firm of registered auditors. The report must be filed with the SRA within 6 months of the accounting period end along with a checklist summarising the accountants identified breaches of the Solicitors Accounts Rules, if any.
As specialist solicitor accountants, Parkinson UK can help with the development of your practice and ensure that you stay within the SRA Accounts Rules requirements.
Our experienced accountants staff have dealt with solicitors for many years and can help you with:
- The application of the SRA Accounts Rules 2011, specifically with regard to dealing with client monies through both general and designated client bank accounts
- Recommend software and authorisation controls to ensure client money is safeguarded in accordance with the SRA Solicitors Accounts Rules
- Carry out your annual Accountants Report in accordance with the SRA Accounts Rules
- Suggest control improvements after the audit of your accounts
- Specific solicitor accounting advice covering taxation, self assessment, corporation tax and legal practice streamlining and profit improvement
Let Parkinson UK help you transform your solicitors practice whilst easing the headache associated with ensuring compliance with the Solicitors Regulation Authority Accounts Rules.
We would be delighted to help you conform with the SRA Accounts Rules and your annual accountants report compliance.
No matter where you are located or the size of your legal practice, Parkinson UK can help you with the regulatory burdens allowing you to concentrate on developing and remaining a successful solicitors practice.
For accountancy services dedicated to solicitors and the legal profession, please contact us today. We work with solicitors throughout the UK and would be delighted to welcome you as a client of our firm.