As professionals ourselves, we understand the rewards and challenges of running a professional practice. We also have a wealth of knowledge and expertise in advising professional practices from different sectors.
Professional firms we currently work with include solicitors, chartered surveyors, licensed conveyancers, financial advisors, investment partners and architects.
We provide a diverse range of assistance to professional firms, covering regulatory, advisory and compliance services.
Examples of regulatory services include client money audits, such as:
- Solicitors, under the SRA Accounts Rules 2011 (and as updated with the 2019 Accounts Rules)
- Insurance Intermediaries, under Client Assets Sourcebook (CASS 5)
- Chartered Surveyors, under The Royal Institution of Chartered Surveyors (RICS) Rules
- Licensed conveyancers, under the Licensed Conveyancers’ Accounts Code
- Estate Agents, under the Estate Agents Act 1979
- Members of Propertymark (formerly ARLA, NAEA, ICBA and NAVA members) reports
- Residential service charge account reports, under ICAEW Technical Release TECH 03/11
As well as completing Accountants’ Reports, we assist practices in enhancing their systems, improving efficiency and complying with regulations. We can also provide training to fee earners on updates to the rules governing their handling of client money, and liaise with fee earners on emerging issues within the sector.
We understand the nature of professional practices, so are well placed to advise on:
- Corporate and partnership tax planning
- Profit shares
- Practice management
- Due diligence for mergers and acquisitions
- Corporate structures
- Transfers to LLP or Limited company
- Succession planning
Knox Cropper offers a full range of services to assist their professional practice clients in meeting their statutory duties, often via the firm’s outsourcing teams. These services include:
- Accounting and payroll services
- Partnership tax return completion
- Partners’ personal tax returns
- VAT assistance
- GABRIEL return assistance for FCA regulated clients
Contact one of our professional practice team or complete the form at the bottom of the page to find out how Knox Cropper can help your professional practice thrive.