Are you.... Starting A Law Firm?
Ascentant are able to provide consultancy and advice to assist with the set up of your practice.
Assistance registering with HMRC or Companies House
Deciding on whether to set up as a sole trader, partnership, LLP or Limited Company will have various implications on taxation and remuneration from your practice.
Ascentant are able to provide advice on which type of entity to form and assist with formation and registration with HMRC or Companies House as necessary.
Producing Management Accounts & Cashflow forecasts for SRA Authorisation
As part of the SRA Authorisation when setting up a law firm, details of estimated turnover and sources of funding are required which can be backed up by a budget or financial projections.
Ascentant are able to assist in preparing management accounts and forecasts for SRA authorisation to assist with the approval process.
Selecting & Setting up a Practice Management System (PMS)
Deciding on which Practice Management System to use for Accounts and Case Management can be difficult with a wide range of suppliers providing PMS solutions.
Ascentant are able to assist in reviewing your needs and assisting in selecting an appropriate PMS system for your practice. We are also able to set up your PMS to ensure that document templates are configured, financial settings are correct and fee earners are correctly set up with charge out rates and permissions.
Set up Bank accounts, credit cards, loans and leases
Deciding on the bank to set up can depend on the needs of your practice. Will you hold client money? Will you send international payments? Will you require an overdraft or credit card? Do you need multiple access rights for fee earners or Legal Cashiers?
Ascentant are able to assess your needs and assist in setting up your banking facilities.
Set up Payroll, Auto Enrolment & VAT
If requiring payroll or auto enrolment, we are able to set up your scheme with HMRC and a pension provider (such as NEST). We are able to undertake monthly payroll submissions to HMRC, annual P60’S and P11D’s, onboarding employees and dealing with leavers.
If looking to register for VAT, we are able to assist with VAT registration and MTD compliance with your chosen PMS system.
Assisting set up of insurances
Professional indemnity insurance, office insurance, public liability and cyber insurance are some of the insurances that you will require.
We work with a number of brokers who can provide preferential rates and set up the insurances that you require.
Appointment of Accountant & Auditor
Depending on the type of entity that your practice operates, you will need to file a Self Assessment Tax Return or Annual Accounts and Corporation Tax Return annually.
Ascentant are able to provide Tax Return and Annual Accounts services or recommend an impartial firm to assist with Annual Accounts and Tax Returns. We are unable to provide client account audit services and work closely with a number of third party firms to provide these.
Financial Policies & Procedures
In compliance with the Solicitors Accounts Rules, a number of policies and procedures will be required including a client account policy, client interest policy and office manual detailing your policies and procedures.
Ascentant are able to assist in drafting policies and procedures and implementing workflows, chits and forms to assist in the smooth running of your finance function.
We work closely with Marketing Lawyers to provide website design, branding, SEO, PPC and a host of other Marketing services.
Details for Marketing Lawyers can be found here.
We work closely with Teal Compliance to provide compliance services including AML, anti bribery, T&C’s, engagement documents and GDPR services.
Details for Teal Compliance can be found here.
We work closely with 1st Response Secretarial Services to provide Secretarial and Typing services.
Details for 1st Response can be found here.
For further information on how Ascentant can assist with setting up a law firm, contact firstname.lastname@example.org or 01332 981920.