News and views for professional service firms Spring 2010

Welcome to the Spring 2010 edition of Professional Practice, the regular newsletter from Baker Tilly’s professional practice group.

In this edition of Professional Practice, our regular newsletter for professional firms, we address three issues of enduring importance and one topical tax development. First among the enduring issues is the need to consider whether firms may require new management structures to meet the challenges of 2010 and beyond. Second, to ask whether governance developments relating to accountancy firms may find their way into the legal sector also. Both these topics reflect, in different ways, the homogenisation of issues affecting all professional service firms irrespective of their discipline. Next, we return to the critical topic of the basis for charging clients for services provided by professional firms. Finally, we bring news of a recent tax case decision which may aid partnerships facing unexpected demands for penalties from the taxman.

If you would like to discuss any of the topics covered in the newsletter, please do contact the authors or your usual Baker Tilly contact.

Articles

• A new management structure for the mid tier in 2010?
  With the time commitment for management activities increasing substantially, is it time to look at the existing management structure?

• A mandatory governance code for law firms?
  Convergent evolution between the professions encourages management teams in one profession to keep an eye on what is happening in other professions. Current developments provide a good example of this.

• The cost and value equation - getting the pricing right
  Fees have come under significant pressure in recent times as professional practices endeavour to retain existing client relationships and to win new work.

• HMRC website error led to late submission of partnership return
  A recent tax case highlights how HMRC can get things wrong. It may be of particular interest to partnerships facing unexpected demands for penalties from the taxman.