Sector I
Professional Practices
Partner-owned firms where profit is earned by time and drawn by people.
Why it differs
Practices carry an unusual accounting shape: revenue recognised against work in progress, profit allocated across partners with differing entitlements, and drawings that must be reconciled to an eventual profit share. The reporting has to serve both the partnership agreement and the individuals inside it.
Recurring considerations
- 01Work in progress and unbilled revenue recognition
- 02Partner current accounts, drawings and profit allocation
- 03Interaction between practice results and personal tax positions
- 04Succession and partner admission or retirement mechanics
Services most often engaged
- 01Annual Accounts & Financial ReportingStatutory and management-purpose financial statements prepared to a consistent standard, with the reasoning behind the numbers explained.
- 07Private Client TaxPersonal tax compliance and planning for business owners, directors, landlords and individuals with more than one source of income.
- 09Estates, Trusts & SuccessionAccounting and tax work for trustees, executors and families planning the transfer of a business or estate across generations.