SRA Accounts Rules

SRA Accounts Rules: Costs and VAT

Presenter: Professor Peter Camp
Length of Video: 45mins
CPD Points: 2.00
Level of expertise: Moderate
Video Release Date: 02/10/2012

The new SRA Accounts Rules came into force on 6 October 2011.  

One area giving rise to difficulties under the SRA Accounts Rules is in relation to the treatment of costs and disbursements.  This seminar covers the proper treatment of costs in some depth detailing the treatment of sums received in respect of costs and disbursements and also the common situation where firms transfer costs and disbursements from client account to office account.

A further area of confusion is the treatment of VAT.  Firms which are registered for VAT have no difficulty in charging VAT on their profit costs but sometimes firms do have concerns over the treatment of disbursements for VAT purposes.  This seminar analyses these issues and covers a number of practical examples of costs and VAT.  

As such, this seminar covers the following:

(i) the definition of Client Money and Office Money;

(ii) the treatment of costs and disbursements;

(iii) worked examples of the treatment of costs and disbursements;

(iv) the SRA Accounts Rules and VAT;

(v) VAT and the Law Society Practice Note (including illustrations provided by the Note);

(vi) treatment of Counsel's fees; and

(vii) transfer of costs.

SRA Accounts Rules

Presenter: Professor Peter Camp
Length of Video: 1hr 1min
CPD Points: 2.50
Level of expertise: Introductory
Video Release Date: 05/06/2012

The SRA Handbook came into force on 6 October 2011 and contains all the regulatory requirements - including a new set of Accounts Rules - applicable to SRA regulated bodies.

This session is intended to provide users with an introduction to the new SRA Accounts Rules, and includes a description of the changes to the regime under the Solicitors' Accounts Rules 1998.  This course includes a detailed explanation of the following: