A Wilson Henry Professional Services Brochure

T: +44 (0)151 264 8888 F: +44 (0)151 264 6267 E: [email protected] W: www.wilsonhenry.co.uk

SERVICES FOR CHARITIES

Legal Services A Wilson Henry Professional Services Brochure

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WHY CHOOSE WILSON HENRY?

OVERVIEW OF OUR SERVICES

AREAS WE CAN HELP

CASE STUDIES

WHAT OUR CLIENTS SAY ABOUT US

CONTACT INFORMATION

T: +44 (0)151 264 8888 F: +44 (0)151 264 6267 E: [email protected] W: www.wilsonhenry.co.uk Legal

CONTENTS

OVERVIEW OF OUR SERVICESWe offer a wide range of services to partnerships, companies, partners and LLPs.• Financial accounts preparation and audit.• Tax compliance.• Partner and partnership tax returns.• SRA Accounts Rules reporting.

We are also able to advise on non-routine issues including personal and business planning such as:• Alternative Business Structures (ABS)• Partner introductions and finance raising• Strategic planning and compilation of formal business plans• Succession planning• Advice and assistance on conversions to LLP status, especially• Tax status of Members including Corporate Members

• Mergers and acquisitions• Practice valuations• Advice on raising finance• Budgeting and Forecasts• Accounting systems reviews and advice• VAT advice

We can also support your practice in such areas as:• Partnership disputes• Forensic accounting• Litigation support

WHY CHOOSE WILSON HENRY?The legal profession has in recent times faced dramatic changes in just about every area of its services, with most of these unfortunately adversely affecting the profitability of legal practices.It is important therefore to work with Accountants that understand theses changes and help you plan through their consequences, thus helping you optimise your practice with respect to Profit whilst minimising Tax.

For your FREE industry report contact: [email protected]


AREAS WE CAN HELPREGULATION AND SRAAs a solicitor, you will know how complex some of the accountancy regulations set by the Solicitors Regulatory Authority (SRA) can be.

It is therefore essential for a solicitor to work with an accountant who specialises in dealing with these rules and regulations, ensuring they are interpreted correctly.

Many Accountants default position is to qualify their report for even the most trivial breaches.

At Wilson Henry LLP, we have always understood that this benefits no one. The rules are there to protect Client Money, not chastise Solicitors for making minor administration errors especially were there is in fact no risk to the Client. Reporting too cautiously result in needless correspondence with SRA incurring unnecessary costs and wastes valuable management time.

The intended new reporting rules will allow a more judgement -based approach to be taken as the SRA our themselves concerned with over reporting of insignificant matters, over 50% of reports are currently qualified making the process meaningless.

INCOME RECOGNITIONThe correct interpretation of the rules brought in under UITF 40 can be vital to the cash flow of a Legal Practice, recognising income too early can bring forward tax bills resulting in a significant cash drain on a Solicitors Practice.

At Wilson Henry we have an in-depth understanding of the rules and can help you plan your income recognition and hence your profits across accounting periods.

ALTERNATIVE BUSINESS STRUCTURESThe trading structure decisions have been further complicated by Alternative Business Structures which have only just begun to take off in the UK. However these can offer significant opportunities which we will be delighted to discuss with you.

TRADING STRUCTURESThere are various trading structures including, Corporate-Limited, Corporate-Limited Liability Partnerships (LLP), and traditional Partnership that all have their advantages and disadvantages. Recent changes have further complicated these areas with rules being brought in for LLP`s which could result in issues for the unprepared.


CASE STUDIESCASE STUDY 1SPECIALISM: LAW FIRM ACQUISITION - MACKRELL & THOMASOVERVIEW: PRACTICE MANAGEMENT BUYOUT AND INCORPORATION

Our client is a well-established Liverpool law firm specialising in personal injury claims. In 2012 Wilson Henry LLP (WH) were engaged by Mr. Mark Hunter – a qualified solicitor and then employee of M & T – to assist him in the acquisition of the business from the current proprietor, who was seeking retirement.

With our experience of dealing in mergers and acquisitions, together with our knowledge of the legal sector, we began by reviewing the Sale and Purchase Agreement between Mr. Hunter and the then current proprietor, at the same time liaising with both sides’ legal representatives, in order to highlight any potential unfavourable terms for the buyer.

WH then undertook some basic financial due diligence and in addition produced 5 year forecasts to ensure that Mr. Hunter was getting a fair deal. WH also provided advice on the tax implications for the buyer personally. The deal was successfully completed in early 2013.

On completion of the deal Mr Hunter appointed WH as full service accountants, tax advisors and auditors for the law firm as well as his personal advisors, where we assisted him in registering for self-employed taxes.

Having prepared accounts for the business, tax returns for the proprietor and undertaken an industry-based audit to comply with the SRA Accounts Rules 2011, in light of the success and growing profitability the firm was experiencing, WH set out advising Mr Hunter on the commercial and tax advantages of incorporating his business.

On weighing up the pros and cons of incorporation, Mr. Hunter took WH’s advice and in mid-2014 the business was incorporated to Mackrell and Thomas Limited. As part of the process, WH:

• Advised Mr Hunter on the personal tax implications of incorporation;• Formed the private limited company at Companies House;• Set up a new PAYE scheme for the Company;• Processed a final pay-run for the unincorporated business and closed down the PAYE scheme;• Advised on the VAT implications of transferring a business as a ‘going concern.• Advice and assistance with implementing new auto-enrolment pensions legislation;• Annual audit of client records in line with the provisions of the SRA Accounts Rules 2011;• Preparation and submission to HMRC of the director’s personal tax return;• On-going advice and support to the director and the Company.


CASE STUDIESCASE STUDY 2SPECIALISM: CORPORATE FINANCE - DUE DILIGENCEOVERVIEW: £13 MILLION ACQUISITION OF PRYERS SOLICITORS

Wilson Henry Corporate Finance assisted PURE Legal Limited in the acquisition of Pryers LLP, who are now part of the PURE Legal Group.

The deal has been concluded for consideration of £13m in cash, with an initial cash payment, and the balance deferred, with the current management team remaining in place for a minimum period of 3 years.

PURE Legal Limited CEO, Phil Hodgkinson, said, “This is our first major acquisition and forms an integral part of our future strategy. Clinical Negligence and Product Liability are both areas of work in which we wish to expand, and Pryers LLP are considered one of the top firms in the UK who specialise in these areas of work.... Our strategy is to acquire and collaborate with firms who have the necessary skill sets and experience in areas of legal work we wish to expand into and to couple that with organic growth as we deliver our initial 5 year plan”.

“I would like to place on record my sincere thanks to our accountants, Wilson Henry, in particular Hilene Henry, along with our Corporate Lawyers, O’Connors LLP, for their hard work and diligence in bringing this deal together, along with Zoe Holland and the team at ZebraLC for their Audit work on the deal”

Wilson Henry assisted in Financial and Tax Due Diligence in the transaction and continue to provide Advisory and Compliance Services to the Pure Legal

Wilson Henry led the deal supporting Phil Hodgkinson Pure Legal


PURE LEGAL COSTS CONSULTANTS“I would like to place on record my sincere thanks to our accountants, Wilson Henry, in particular Hilene Henry.”

- Phil Hodgkinson£13m Acquisition of Pryers

R JAMES HUTCHEON SOLICITORS“I found Wilson Henry through their website and was aware they acted for the legal sector. They have been true to their word in going the extra mile and delivering an excellent service.”

- Ronnie HutcheonPrincipal

TESTIMONIALSRJ GILL SOLICITORS “Hilene Henry and her team continue to deliver a great service and are always looking for ways of saving me money.”

- R J Gill LLP

MCKAYS“Wilson Henry are a true partner-led firm and I always feel they can be trusted with first class advice and are always there to act as a useful sounding board and continue to recommend clients to them.”

- Adam McKayPartner


A: 145 Edge Lane, Liverpool L7 2PFT: +44 (0)151 264 8888 F: +44 (0)151 264 6267 E: [email protected] W: www.wilsonhenry.co.uk

For more information regarding our Legal specialism contact: Hilene Henry ([email protected]) or

Peter Alcock ([email protected])

A Wilson Henry Professional Services Brochure

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