Accountants for Professional Services Firms

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Professional firms operate under their own extensive commercial and regulatory framework.

The partnership tax position, the LLP regime, the regulatory requirements of bodies such as the SRA and ICAEW, the client money handling rules and the specific dynamics of partner profit allocation all create an environment that needs a team or experienced, specialist advisers.

Our professional firms team works with law firms, surveyors, architects, management consultancies, executive search firms and other professional partnerships.

From smaller boutique firms through to larger LLPs and international networks, we provide audit, tax, payroll and substantive advisory work tailored to the sector.

Partner remuneration, profit allocation, capital arrangements, succession and the ongoing tax position of the partners themselves all sit within the wider firm engagement.

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How we deliver advice and support to
professional service firms

As a professional partnership, we understand the unique challenges that come with the sector.

We always begin by getting to know your firm in depth, so that we understand the

partnership structure, your financial position, the regulatory framework, the capital and tax arrangements and the strategic direction of the practice.

Our work considers the needs of the firm and its partners together. Firm-level audits, accounts and tax planning run alongside the personal tax compliance and planning of the partners.

Our expertise

Audits of LLPs and limited company professional firms
Partnership and LLP tax returns
Partner personal tax compliance and planning
Profit allocation methodology and partner remuneration
Capital structures and partner capital arrangements
Mixed partnership rules and salaried member rules
Regulatory reporting, including SRA accounts rules and client money
VAT, including partial exemption where relevant
Succession planning, retirements and lateral hires
Mergers and consolidations of professional firms
Exits of partners and the tax implications

We work with firms on the structural position and the ongoing operation of their practice to achieve the best outcomes.

What you can expect from
our professional services team

Sector specialism

Professional firm tax, regulatory and accounting work is a core specialism. The people advising you have done the work for other firms and understand the commercial and regulatory environment.

Joined up across firm and partners

Most decisions in a professional firm affect both the firm and the partners as individuals. We hold both sides of the relationship and co-ordinate the advice so it is consistent.

Discreet by default

Partner remuneration, capital arrangements and succession are often sensitive matters. Our work is handled by named teams with the discretion that the work requires.

Professional firms work with us because they want an adviser who acts as a trusted guide across the full picture – understanding the commercial and regulatory framework, holding the firm-level and partner-level work together and operating with the discretion that the relationship demands at every level.

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Here is what our clients have to say…

Macalvins have been running the Payroll and Pension Plan for Hayes & Yeading United Football Club for over 10 years.… Read more

Bernard Bitmead

I love the people of macalvins. they are warm and very dependable. and that what matters to me in any… Read more

SUJOY GHOSH

I have been MaCalvins for the past 6 years and I have found them excellent in every department. They manage… Read more

John Gill

I’ve been with MaCalvins since 2013, they are managing my company business accounts and my personal tax returns in a… Read more

Taghreed Altuhafi

Excellent service and understanding of our business needs

Kanesh Rajani

Thank you Macalvins for excellent service over the years

S Hodzic

Why choose Macalvins?

Macalvins is a Top 100 UK accountancy firm with years of experience supporting professional service firms and their partners.

We will work closely with you to help you build and operate a successful practice.

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Insights

Frequently Asked Questions

How do the salaried member rules apply to our LLP?

The salaried member rules treat certain LLP members as employees for tax purposes where they meet specified conditions, broadly relating to the level of variable profit-related pay, the level of significant influence over the LLP and the level of capital contributed. The conditions need to be tested for each member and the analysis needs to be revisited as the firm and the members change. We work through the position for new joiners, profit allocation changes and the wider firm structure.

Can you handle the personal tax of all our partners?

Yes. Many of our professional firm engagements include the personal tax compliance and planning for all the partners as part of the wider relationship. The administrative efficiency and the consistency of the planning advice that comes from one firm holding both sides are significant. The arrangement is set up to deliver the right level of discretion between the firm-level work and the individual partner files.

We are considering a merger with another firm. Can you support that?

Yes. Professional firm mergers involve specific considerations around the partner capital position, the profit allocation between former and new partners, the tax efficiency of the consolidation structure, the regulatory implications and the practical integration. Our corporate finance team handles the deal work with the professional firm’s specialists supporting the sector-specific analysis.

Professional Service Firms