SRA Solicitors Accountants Report

SRA Accountants Report from just £3995

Parkinson UK are specialist solicitor accountants acting for solicitors throughout the UK.

Under Solicitors Regulation Authority Accounts Rules 2011, all firms authorised by the SRA who deal with client money are required to have a Solicitors Accountants Report submitted by a firm of registered auditors.

We offer a competitive fixed fee service for Solicitors which can include Solicitors Accountants Report only, statutory accounts and tax return preparation only or both services together for a fixed annual fee. Please register on this site to view the link to our full price list which is on a sliding scale according to the size of your practice.


Our Solicitors Team

With offices in London, Sheffield, Leeds and Manchester, Parkinson UK are ideally placed to provide expert taxation and business advice to solicitors throughout the UK.

We offer a fast turnaround for SRA Accountants Reports and can usually complete the work to the required high standards within a short time scale depending on how quickly we receive the information we need to request from your bankers.

Our solicitors accountants report team have acted in the legal sector for a considerable time and are fully conversant with the Solicitors Regulation Authority Accounts Rules 2011.

The solicitors accountants report work is regarded as a high risk assignment and we use a paperless methodology to ensure we complete the report to the high exacting standards expected by the SRA.

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Our SRA Accountants Report Service

We offer two pricing options to legal firms requiring an SRA Solicitors Accountants Report.

On-Site Service - We attend your premises on a daily basis to carry out all the work; or

Off-Site Service - We attend your premises to collect all the paperwork, computer reports and client file sample to takeaway with us. This is the most popular choice for many of our solicitor clients and offers the least disruption and reduced costs.

We offer a substantial discount if you opt for the Off-Site service and will provide you with a comprehensive list of all the records we need you to supply to us so that we can efficiently undertake the SRA Solicitors Accountants Report work.

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Solicitors Regulation Authority Accounts Rules 2011

Under Solicitors Regulation Authority Accounts Rules 2011, all Solicitors and Multi Disciplinary Practices (MDP's) 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.

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 Solicitors Accounts Rules and that client monies are being safeguarded.

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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.