How are partner drawdowns and profit allocations taxed?
In an LLP or traditional partnership, partners are taxed as self-employed individuals on their share of taxable profits, regardless of actual cash drawn down during the financial year.
What is the most tax-efficient structure for a growing law firm?
Depending on practice size and risk profile, firms often operate as Limited Liability Partnerships (LLPs) or Limited Companies. We analyze your profit levels and retention needs to advise on the optimal setup.
How do you ensure our books comply with SRA Accounts Rules?
We maintain strict segregation between client and office ledgers, conduct regular three-way bank reconciliations, and establish clear operational controls to prevent accidental client money breaches.
Solicitors
Our legal sector accounting team works alongside sole practitioners, law firm partners, and incorporated legal practices to deliver watertight accountancy solutions.
