Vale & West Chartered Accountants Blog

Category Archives:Legal

VAT postal concession to be removed from December, HMRC confirms

VAT postal concession will be “formally withdrawn” on 01 December 2020, HM Revenue & Customs (HMRC) has confirmed. Read More

Covid-19: New guidance for solicitors returning to work

The Law Society for England and Wales has published helpful guidance for solicitors returning to work, such as how to carry out a risk assessment and take practical steps to protect employees. Read More

Covid-19: New guidance for solicitors returning to work

The Law Society for England and Wales has published helpful guidance for solicitors returning to work, such as how to carry out a risk assessment and take practical steps to protect employees. Read More

Seven in 10 high street law firms risk insolvency, reveals Law Society study

As many as seven in 10 high street law firms believe that they may have to close their doors within the next six months as a result of Covid-19 disruption, a major study has revealed. Read More

Cybercrime “priority risk” for legal sector, warns SRA

The Solicitor’s Regulation Authority (SRA) has warned law firms to be “extra vigilant” during the Coronavirus lockdown as reports of cyberattacks rocket. Read More

Law firms at greater risk of cybercrime as solicitors continue to work from home, say experts

Law firms are at an even greater risk of falling victim to cybercrime amid the coronavirus pandemic, a regulator has warned. Read More

Law Society publishes business survival toolkit

The Law Society for England and Wales has launched a business continuity survival kit for law firms affected by Covid-19. Read More

Law Society issues new VAT practice note for solicitors

The Law Society has published brand new VAT guidance after a landmark case ruled that a solicitors firm had misinterpreted VAT legislation on disbursements. Read More

SRA cancels minimum professional indemnity insurance cover plans

The Solicitors Regulation Authority (SRA) will not require solicitors to have a minimum level of professional indemnity insurance (PII) cover, it has been revealed.

Cancelling the move, the regulator said it was unlikely that firms or insurers would see any benefits by removing the ‘one-size-fits-all’ rules on PII.

It comes after the SRA launched a consultation last year, proposing that the minimum level of cover could be reduced from £2 million to £500,000, while conveyancing firms would attract a minimum coverage of £1 million.

The SRA said the proposals “aimed to make sure firms were providing the public with appropriate protection, while enabling them to take out cover that better reflected the work they did”.

This would have resulted in potentially reduced costs for some small firms, where PII cover is disproportionate to the services they provide. The SRA also argued that minimum cover reforms would lead to lower prices for consumers and attract new legal businesses into the market.

However, feedback indicated that insurers “might not lower premiums” or firms “might not take the opportunity to lower their cover”. Likewise, concerns were raised that “if changes resulted in firms buying additional layers of insurance to maintain current levels, costs and complexity could increase”.

Commenting on the announcement, Paul Philip, Chief Executive of the SRA, said: “Indemnity insurance is a very significant cost for the sector, so it’s important that we periodically review arrangements, but this is a complex area with no easy answers.

“We need to make sure we are getting the balance right, so that the public is appropriately protected, while not burdening firms, and therefore their clients, with unnecessary costs. Careful, open and extensive consultation was essential.

“The feedback and market insight we received was invaluable, making it clear that the changes we were proposing were unlikely to deliver benefits for the firms and clients in the foreseeable future. We would like to thank everyone who responded and helped inform our thinking.”

The regulator said it will look again at PII cover in 2020/21.

Rapidly expanding listed law firm takes on fifth acquisition

Listed law firm Knights has continued its rapid expansion across the UK after it purchased Birmingham-based Emms Gilmore Liberson (EGL) in a deal worth £4.7 million, reports reveal. Read More

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