Welcome to the Spring 2009 edition of Professional Practice, the regular newsletter from Baker Tilly's Professional Practice Group (PPG).

As ever, our aim is to provide informative and authoritative commentary on developments affecting professional service firms, to dispel some of the myths surrounding developments in the professions and to stimulate further thought. If you would like to discuss any of the topics covered in our newsletter, please do contact the authors.

In this issue

Managing in a downturn
Boom and bust has returned with a vengeance. The period of consistent and sustained growth has come to an abrupt end following unprecedented turmoil in the financial markets. Mike Huggins outlines twenty tips for managing in a downturn.
 
Credit crunch seminar
In December 2008, Baker Tilly hosted a joint seminar with Legal Risk LLP focused on the credit crunch. Following Baker Tilly speakers George Bull and David Blacher, Frank Maher from Legal Risk LLP reviewed some of the unexpected issues for solicitors that have emerged from the credit crunch.
 
Tax changes to hit lawyers
In the November 2008 Pre-Budget Report, the Chancellor of the Exchequer announced a series of tax and NIC increases that will start small but build up over time. This article addresses the major changes affecting the highest earners from 6 April 2010.
 
Partner changes in a recession
Industry periodicals have become very adept at covering the increasing numbers of redundancy consultations in the professional services sector. While making for good copy these headlines are of little use to managing partners who are looking to increase their competitive advantage over their rivals.
 
Taxation of non-UK domiciled partners
The well-publicised introduction of new legislation for non-UK domiciled individuals has a significant impact on the taxation of partners who are resident in the UK but who are non-UK domiciled. The change potentially affects the taxation of overseas profits receivable from 6 April 2008.

Protect your pension pot
Legislative changes on 6th April 2006 introduced a single so-called 'simplified' set of tax rules to apply to all pensions. Time is running out to register to protect your pension fund by 5 April 2009.
 
Challenging times for property professionals 
The last twelve months have been extremely challenging for property professionals involved in the commercial sector. This article outlines how property professionals can survive the significant reduction in the value of commercial property and a fall in the number of property transactions.