The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
I READ your article ('Conquering the Dragon of Tax Law' 16 April) and believe a fundamental issue has been overlooked.
The Inland Revenue has gone to considerable lengths to ensure the current year basis of assessment taxpayers will pay tax on the full amount of profits during their career irrespective of their accounting date.
Whilst Guy Rigby's article is correct in showing that there may be a substantial tax bill in the final year for a taxpayer on a 30 April year end, he has overlooked the cash flow benefit to the taxpayer. In the example quoted, and using existing tax rates, the individual concerned would have paid tax of over £73,000 earlier had he been on a 31 March year end in comparison to a 30 April year end. I'd prefer this cash in my or my firm's bank account.
I should, however, add two additional caveats. Where profits decline there will be a cashflow disadvantage remaining on a 30 April year end in comparison to a 31 March year end. And if tax rates are higher when the deferred liability is crystallised the additional tax may outweigh the cash-flow benefit. The choice of accounting date must be considered on a case-by-case basis.