Solicitors’ Financial Services

At Berry’s, we specialise in providing tailored financial and accountancy services for solicitors, whether you’re a freelance practitioner, part of a small firm, or a partner in a larger legal practice. Based in Market Harborough, our experienced team understands the unique regulatory and financial demands of the legal profession.

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Since our founding in the 1920s, we’ve built a legacy of trust, delivering proactive, compliant, and strategic solutions to ensure your finances are managed seamlessly. From Solicitors Accounts Rules (SAR) reports to personal tax planning and practice finance, we empower you to focus on delivering exceptional legal services. Contact us at 01858 467474 or email accountants@berry.uk.com to learn how we can support your practice.

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Comprehensive Services for Solicitors
Our services are designed to address the specific needs of solicitors, ensuring compliance with regulatory requirements while optimizing your financial position. We work closely with you to understand your practice’s goals, offering tailored advice across a range of areas:

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Solicitors Accounts Rules (SAR) Reports
Compliance with the Solicitors Regulation Authority’s (SRA) Accounts Rules is critical for all legal practices handling client money. Our team prepares and audits SAR reports with precision, ensuring your firm meets stringent regulatory standards. We conduct thorough reviews of your client accounts, identify any discrepancies, and provide clear, actionable recommendations to maintain compliance. Our expertise minimizes the risk of SRA penalties and ensures your practice operates with transparency and integrity.

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Partner’s Personal Tax
As a solicitor, managing your personal tax obligations can be complex, particularly for partners with diverse income streams. We provide bespoke tax planning services, optimizing your income tax, capital gains tax, and inheritance tax liabilities. Our team identifies allowable deductions, such as professional subscriptions or travel expenses, and leverages reliefs to reduce your tax burden. We also prepare and submit your Self-Assessment tax returns, ensuring compliance with HMRC deadlines while maximizing your financial efficiency.

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Incorporation or Limited Liability Partnerships (LLPs)
Deciding whether to incorporate as a limited company or form a Limited Liability Partnership (LLP) is a significant step for many solicitors. We provide expert guidance on the most tax-efficient and operationally suitable structure for your practice, weighing factors like liability protection, tax implications, and administrative requirements. Our team handles the entire incorporation or LLP formation process, including registrations with Companies House and HMRC, ensuring a smooth transition that aligns with your long-term goals.

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Partnership Changes
Changes in partnership structures—such as admitting new partners, partner retirements, or equity reallocations—require careful financial and tax planning. We manage all aspects of partnership transitions, including updating partnership agreements, adjusting profit-sharing ratios, and ensuring compliance with tax regulations. Our team also advises on capital gains tax and stamp duty implications, minimizing liabilities while maintaining harmony within the partnership.

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Remuneration Strategies
Effective remuneration planning is essential for balancing personal financial goals with the needs of your practice. We advise on tax-efficient remuneration strategies, including salary, dividends, pension contributions, and profit extraction methods. For partners, we optimize drawings and bonus structures to minimize tax liabilities while ensuring sufficient cash flow for the practice. Our tailored approach ensures key personnel are rewarded appropriately, supporting retention and practice stability.

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Practice Finance
Securing funding is often critical for practice growth, whether for expansion, technology upgrades, or property investments. Our Corporate Finance team leverages strong relationships with banks, specialist lenders, and alternative financiers to secure competitive financing solutions. We assist with preparing financial forecasts, business plans, and funding applications, ensuring you access the capital needed to achieve your practice’s ambitions. We also advise refinancing existing debt to improve cash flow and reduce costs.

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Property Matters
Property transactions—whether purchasing, leasing, or developing office space—are common for solicitors’ practices. We provide expert advice on property-related financial and tax implications, including VAT planning, stamp duty land tax (SDLT), and capital allowances. Our team ensures your property dealings are structured tax-efficiently, maximizing returns and minimizing liabilities. We also support property diversification projects, such as converting unused space into rental income streams, to enhance your practice’s financial resilience.

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Why Choose Berry Accountants?
Our deep understanding of the legal sector, combined with our century-long legacy, positions us as a trusted partner for solicitors. We take a proactive, partner-led approach, delivering services from our Market Harborough office at Bowden House, 36 Northampton Road, to ensure accessibility and personalized support. Our integration with tax, corporate finance, and wealth management services through Berry Wealth Management Ltd provides a holistic strategy for your financial needs. Whether you’re ensuring SAR compliance or planning for practice growth, we deliver solutions that drive efficiency and success.

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A Legacy of Excellence
Since the 1920s, Berry's has supported professionals across Leicestershire and beyond, building enduring relationships based on trust and expertise. Our solicitors’ services reflect this commitment, offering tailored advice to navigate the complexities of the legal profession. We stay up to date with SRA and HMRC regulations, ensuring your practice remains compliant and financially optimized.

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Ready to Simplify Your Finances?
Let Berry’s take the complexity out of your financial management, allowing you to focus on delivering outstanding legal services. Whether you’re a freelance solicitor or part of a large firm, our expert team is ready to support your financial and regulatory needs. Contact us today at 01858 467474 or email accountants@berry.uk.com to schedule a consultation. Discover how we can help you craft a thriving, compliant future for your legal practice.

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