News And Views
Summer 2015 - Are You Prepared For Auto Enrolment?
The last government brought in major changes to workplace pensions, requiring employers to provide and contribute to pension schemes for employees. This process is called auto enrolment.
These changes are slowly working down towards the small business sector and in particular towards a large number of solicitor practices. A number of larger practices will already have received or passed the staging date for auto enrolment and taken the appropriate action to enlist in the scheme. However, many smaller firms have taken no action.
With all businesses needing to be enrolled in the scheme by the end of 2018, and the majority needing to join in the next 18 months, there is a lot of work to do for many firms. It is thought that one in four small businesses, across all industries, have yet to consider how to implement the changes required, including budgeting for the additional costs of providing pensions for staff.
Spring 2015 - Solicitors Update
Welcome to the latest edition of the Allotts’ Solicitors Newsletter. At Allotts, we are proud of the relationship we have built up with our many solicitor clients over a number of years.
We have a dedicated solicitor service team who have vast experience in all areas of the legal sector.
Our reputation is based on the high quality service which we provide. We appreciate that each legal practice is different and that’s why our services are tailored to meet your individual needs.
Summer 2014 - SRA Accounting Report Changes
The recent move, from the Solicitors Regulatory Authority, to issue a consultation on several issues surrounding solicitors reporting and insurance has caused quite a stir in the industry. As accountants, we have an interest in the future of the accountants report for solicitors.
The paper was initially brought out on 8 May with a short consultation period of six weeks meaning all results and comments had to be submitted by 18 June. The results are not yet available as the authority have deferred the decision until their next meeting, giving themselves additional time to consider the potential implications.
That the fundamental principles of the SRA accounts rules and the related accountants report have been unchanged for many years is something that has been discussed within the profession with regards to a need for a revamp and modernisation. The system is very dated and has not fully embraced the move forward into the business world that we now exist in.
There is also minimal allowance for proportionate testing within the current regulations, often meaning a small firm feels over audited when compared to the level of testing required in much larger practices. The accountants report is also very much backwards looking, meaning issues can be undiscovered for nearly a full year, and alterations could be made to make the report more current, looking at transactions up to the audit date rather than just in the year.
Winter 2009 - Options For Care
According to the Joseph Rowntree Foundation, more than 1 in 4 of us is expected to need a long-term care bed in old age, yet provision is limited and, currently, the costs are very high.
The Elderly Accommodation Council (housingcare.org) estimates that fees start at around £300 a week depending on the location and services provided – and rise to £1,000 or more for homes with nursing care.
There are three types of home: Private care homes, owned by private individuals or companies; voluntary care homes, run by charities or other voluntary groups; and local authority care homes. Other types of care are also available including domiciliary care, which ranges from meals on wheels to full nursing care, or sheltered housing, which provides an onsite warden for emergencies, but allows residents to maintain the independence of their own home.