SRA Accounts Rules - Recent Practice & Key Changes Explained

Introduction

The SRA introduced new and briefer Accounts Rules in November 2019.

They will now be expecting all law firms to have undertaken a review of their procedures.

But what should those procedures look like? Is it sufficient to simply copy forward all the provisions of the old rules? Could law firms take advantage of the simplifications offered by the new rules? Should you be modernising your approach?

Moreover, what approach should you be taking to expenses, disbursements and VAT in accordance with the recent VAT Tribunal case of Brabners?

There is much to bear in mind and this webinar will address all the issues that have emerged both from the rules themselves and from recent practice.

What You Will Learn

This webinar will cover the following:

• The SRA’s overall approach
• Key inclusions of the new Accounts Rules, in particular
• New definitions of client money
• New thoughts on ‘promptly’ and other key timelines
• Use of client account as a banking facility
• Residual balances
• Receipt of mixed payments
• Authorisation of withdrawals - who, when and how?
• Reconciliations - what of, how frequently and who by?
• Clients’ own accounts
• TPMAs
• Accountants’ reports & qualifications
• The role of the COFA
• Inter-relationship with the accountant
• A ‘new’ approach to disbursements
• Expenses and the addition of VAT
• What you should do now, if not sooner

This webinar was recorded on 23rd June 2020

Quick Quiz - Test Your Knowledge: Solicitors Accounts Rules