Video Library
🎓 PART 1: The SRA (solicitors regulation authority) accounting rules apply when you provide services they regulate, i.e. 🏃♀️ running a lawfirm. We'll look at these specific accounting rules, breaking them down into bite-size 🍿 pieces.
🎓 PART 2a: This week we're looking at the SRA's accounting rules defining client money, a tricky subject for many solicitors 💵
🎓 PART 2b: We are looking at the second part of client money in the SRA's accounting. Solicitors need to be prompt when paying over client money, returning client money when appropriate and keep it easily accessible.
🎓 PART 3: The all important client account rule 3 of the SRA’s accounting rules for solicitors. This includes the bank account's location 🌍, account name and the “acting as a bank” 🏦 rule.
🎓 PART 4: So how should lawfirms keep client money 💵 separate? How do you deal with mixed receipts from clients? Today we cover how the SRA's requires solicitors keep client money safe.
🎓 PART 5: When withdrawing money from the client account solicitors need to abide by this strict accounting rule from the SRA.
🎓 PART 6: Solicitors have a duty to correct breaches 🔥 of the SRA's accounting rules as soon as they are discovered 🚒. Today we’ll look at this duty in a bit more detail 🔬
🎓 PART 7: Solicitors holding client money 💷 must account to clients a fair sum of interest 💰 in terms of the SRA’s accounting rules. How do solicitors go about this and what is considered fair 👩⚖️?
🎓 PART 8a: How should #solicitors keep an accounting system 💾 for client money held 💱? The SRA’s is very specific on the type of system 💻 and controls lawfirms should have to safeguard client money 🎖
🎓 PART 8b: The SRA’s #accounting rules require lawfirms holding client money to reconcile ⚖ the account at least every 5 weeks 🖐 What does this look like 👀? Check out our latest video explaining the detail.
Attention Limited Companies 🏬, the corporation tax rate has changed from 1 April 2023 🧐 Not sure how the new rates work? Have a look at our latest video and use the handy marginal relief calculator: click here
Solicitors need to do their accounting in a way compliant with the specialised accounting rules set out by the Solicitors Regulation Authority (SRA). That's why we specialise in providing accounting services that are designed to help solicitors manage their finances and stay compliant with SRA regulations.
Why can I not access my old VAT account? This is due to the change from the old online VAT account to the new MTD (Making Tax Digital) VAT account. HMRC has stopped access to the old VAT online account as all VAT registered businesses should now be filing VAT in an MTD complaint way.