As a professional practice, you will likely face your own distinct challenges that set you apart from other businesses.
At Duncan & Toplis, we know that every practice is different and have the specialist skills and expertise in place to help address your specific issues. From lawyers to estate agents and all the professions in between, not only do we have extensive expertise in assisting with compliance and taxation issues, but also helping to manage growth and maintain stability through the delivery of highly bespoke advice.
Our Professional Practices team can help you address the following issues:
Changes to business structure can offer tax planning opportunities to partners of professional services firms. Although LLPs remain a flexible option for structuring a business, Limited companies provide low rates of corporation tax and we’re well versed in guiding people through the pros and cons of both options.
Regulations and Compliance
A key challenge for professional practices are the complex regulations within the sector. Any changes made to a firm must be reported accurately and within a certain time frame to comply with strict government regulations. More questions are being asked around the ethics of tax avoidance so professional services firms face increased monitoring on tax and finances. As a result, it is crucial that your accounts are managed efficiently and accurately – this is where D&T’s services can help you.
There has been a national decline in productivity growth among professional services firms since the recession, due to corporate reluctance to reduce staff and delays in developing new hire productivity. Our specialist HR services can help your firm minimise the costs associated with recruitment, training and performance management of highly skilled staff to ensure increased business productivity.
Due to the intricate nature of the professional services sector, with concerns around data, protection and increased deadline pressures, firms need to take a pro-active approach to risk management to protect their reputation and client pool. D&T can help retain long-term financial health through assisting the development of smarter risk management strategies.
Since the economic downturn, professional services clients are more demanding than ever in their search for value for money. This means that firms not only need to ensure a consistency in quality of service to clients, but also to remain prudent with their resources. The lack of investment available adds a further strain on practices, with the inability to adopt a share structure or easily obtain equity to improve cash flow. D&T can provide specialist advice on maximising use of working capital, cash flow forecasts and strategic planning to ensure firms are able to operate with minimised impact on business finances.
Like all businesses, professional practices are required to comply with auto enrolment. With penalties for those who do not comply, it is advisable for firms to plan ahead of their staging date. Our dedicated payroll team can help significantly reduce administration time for firms processing auto enrolment.
Our team aim to offer value and protection to your business through our expertise in the following areas:
For more information, please email us on email@example.com.