VAT for Legal Accounting

This online training will cover the role and duties of the COFA, implementing systems to protect client money, and breach management and reporting. It will also cover COFA tips and provide a hitlist of key tasks. The training will include practical examples and case studies discussing whether a breach is serious and COFA conundrums.

At this one day workshop we will consider working capital and the whole credit control function, looking at the strategic aspects such as what should be included in a firm’s credit policy down to the more transactional level detail such as template letters and bills.

The ILFM Diploma course comprises two certificates, Bookkeeping for Legal Finance Professionals and Legal Finance Compliance &amp, Accounts Rules. Together these provide a sound, comprehensive and practical knowledge of how to maintain solicitors’ internal records and how to comply with regulatory Accounts Rules. Both topics need to be completed and a student would be expected to study the Bookkeeping paper first.&nbsp,&nbsp,Our legal finance bookkeeping course will teach you the recordings of financial transactions in the appropriate ledger accounts by using the double entry bookkeeping system. This course will teach and support you from the initial recording of a transaction to its trial balance. Our training aims to give you full confidence in your legal finance knowledge for this accounting qualification.&nbsp,

The ILFM Diploma course comprises two certificates, Bookkeeping for Legal Finance Professionals and Legal Finance Compliance &amp, Accounts Rules (LFCAR). Together these provide a sound, comprehensive and practical knowledge of how to maintain solicitors’ internal records and how to comply with regulatory Accounts Rules. Both topics need to be completed and a student would be expected to study the Bookkeeping paper first, followed by LFCAR.&nbsp,&nbsp,The LFCAR course is designed to help you build your knowledge of the accounts rules encountered every day in your role within practice. We always focus on best practice and professional ethics. Covering legal regulation under the Solicitors Regulation Authority and CILEx Regulation, the course will refer to both the different regulatory bodies and their relevant accounts rules around holding client money.&nbsp,&nbsp,

This event provides a whistle stop tour through all the key responsibilities of a practice manager and provides practical insight into many areas of the day-to-day management of a legal practice. It promotes an informal discursive atmosphere, but with reference to real life experiences and solutions to day to day issues faced within legal firms. Delegates will get an opportunity to forge relationships with other practice managers and it will enable them to go away having exchanged contact details, some have gone on to form support groups in their local area.

This online training addresses the challenges law firms face with applying the correct VAT treatment for disbursements and understanding the difference between disbursements and recharges. The training has an emphasis on the practical application of both HMRC’s and the SRA’s definition of a disbursement as well as looking at recent cases which have discussed some of the key issues on this subject.