Tax Consultants for Solicitors

New Solicitors Accounts Regulations in Ireland 2023, Tax and Accounting Services for Solicitors

The Law Society published new Solicitors Accounts Regulations 2023.  This come into operation on 1st July 2023.  The previous Solicitors Accounts Regulations were introduced in 2014 and will remain applicable for accounting periods commencing before 1st July 2023. As you’re aware, any solicitor’s practice in Ireland holding clients’ monies must file an annual Reporting Accountant’s report. These new regulations, which affect solicitors as well as reporting Accountants , will apply to accounting periods beginning on or after that date.  In other words, they will impact solicitors who have year ends on or after 30th June 2024.

The key changes include:

• Solicitors will be required to furnish the reporting accountant’s report to the Law Society, within five months of the accounting date.

• Balancing statements must be prepared every three months in relation to client account transactions.

• Reporting Accountants may report an opinion or suspicion that a deficit has arisen, to the Law Society.  They can do this instead of having to wait and file the annual report.

• Reporting Accountants must test check postings to client ledger accounts before as well as after the accounting date.  This is in addition to at least one other balancing date.

• Reporting Accountants must report client ledger balances which are outstanding two years or more to the Law Society.

For further information, please click: https://www.irishstatutebook.ie/eli/2023/si/118/made/en/print

As we specialise in tax services for legal professionals, for a complete tax advisory and compliance service, please contact us at queries@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.