At JW Hinks, we offer a wide range of services for the legal profession. The high level of service and specialist knowledge we provide is supported by our strong network links with solicitors and other legal professionals. Our dedicated team possess a firm understanding of the compliance and advisory requirements within the legal sector.
Our compliance-based services include:
- Preparation of accounts and statutory audit (if required)
- Payroll services
- Partnership tax returns
- Self-assessment tax returns for partners
- Regulatory review on Accounts Rules as governed by the Solicitors Regulatory Authority (SRA)
We understand that when our clients are dealing with such tough regulatory and reporting regimes, and focusing on providing their own clients with the best possible service, that it is easy to overlook the needs of the practice itself. With our knowledge of the legal profession we can identify the most tax efficient business structures and advise on the best use of corporate partnerships.
Our dedicated team also provide specialist advice on:
- Partnership, Limited Liability Partnership (LLP) and limited company status
- Practice valuations
- Forecasts and budgets
- Mergers, acquisitions and disposals
- Raising finance
- Retirement and succession planning
We are members of The Institute of Chartered Accountants in England and Wales Solicitors Specialist Interest Group which ensures we maintain up to date knowledge in this dynamic sector through regular training, conferences and discussion forums with fellow member firms.
The outcomes-focused regulation (OFR) regime requires solicitors’ firms to appoint dedicated compliance officers for finance and administration (COFA) and legal practice (COLP).
The COFA is responsible for ensuring all reasonable steps are accomplished in compliance with the SRA Accounts Rules, including recording and reporting any non-compliance issues.
Although COFAs and COLPs cannot be external bodies, outsourcing operations in these areas can ensure that key responsibilities are managed whilst the COFA concentrates on the overall compliance function of the practice.
At JW Hinks, our experience in legal practice financial management issues and SRA Accounts Rules means we can offer expert support to COFAs on a range of compliance matters.