Outsourced Legal Cashiering

Deciding on whether to set up as a sole trader, partnership, LLP or Limited Company? Your choice will have various implications on taxation and remuneration from your practice.

Ascentant is able to provide advice on which type of entity to form and assist with formation and registration with HMRC or Companies House as necessary.

As part of the SRA Authorisation when setting up a law firm, details of estimated turnover and sources of funding are required which can be backed up by a budget or financial projections.

Ascentant is able to assist in preparing forecasts and business plans for SRA authorisation to ensure the approval process runs smoothly.

Deciding on which Practice Management System to use for Accounts and Case Management can be daunting. There is a wide range of suppliers providing PMS solutions.

Ascentant is able to guide you through the process by reviewing your needs and assisting in selecting an appropriate PMS system for your practice. We are also able to set up your PMS to ensure that document templates are configured, financial settings are correct and fee earners are correctly set up with charge-out rates and permissions.

For firms requiring payroll or auto-enrolment, Ascentant is able to set up your scheme with HMRC and a pension provider (such as NEST). We are able to undertake monthly payroll submissions to HMRC, annual P60’s and P11D’s, onboarding employees and dealing with leavers.

If looking to register for VAT, we are able to assist with VAT registration and MTD compliance with your chosen PMS system.

Professional indemnity insurance, office insurance, public liability and cyber insurance are some of the insurances that you will require as a Legal Firm.

We work with a number of brokers who can provide preferential rates.

Depending on the type of entity that your practice operates, you will need to file a Self Assessment Tax Return or Annual Accounts and Corporation Tax Return annually.

Ascentant is able to provide Tax Return and Annual Accounts services or recommend an impartial firm to assist with Annual Accounts and Tax Returns. Should you require account audit services, we work closely with a number of third-party firms who can provide these.