|The IP Section of the Law Society Library|
If you cannot get to Chancery Lane the services of the lonely librarian are still available to you at the end of a phone or email.
A community discussion group for sole IP practitioners, wherever they are in the world and whether in private practice or in-house - whether in their own businesses or working for others - as well as new small firms on a growth curve.
|The IP Section of the Law Society Library|
If your practice isn't
flush for cash, why
let the taxman get it?
" ... The [UK] 2012 Finance Bill [which appears to have been an Act since June 2012] introduced a transitional period which runs until April 2014. If a commercial property is sold within this period then it can be treated in the same way it would have been previously. Before April 2012 you could choose when, and whether, you made a capital allowances claim on your business. The owner does not have to make a claim for capital allowances before he/she concludes the transaction, but they will have to agree to the fixed value requirement within 2 years. The next time the property is sold, even if it is the very next day, then the new rules apply and capital allowances must be considered as if it were post April 2014.There's nothing to suggest that these attractions and advantages are open to solicitors only; one rather hopes and imagines that patent and trade mark attorneys, IP consultants, innovation gurus and the like would equally qualify for these tax breaks. There may be a considerable number of readers of this blog who own and may be disposing of their work premises, particularly those who work at home or in that cosy shed at the bottom of the garden. They may also be deterred from maximising their tax efficiency for any number of reasons, including
If the current owner acts now they can claim the full capital allowances back for themselves. If they do nothing, a future owner of the property may benefit instead. Portal Tax has helped businesses to maximise any capital allowance claims on their commercial property - on average, £105,000 for each business in outstanding capital allowance for items ranging from fire alarm systems, to heating, to air conditioning.
Data compiled by Portal Tax has revealed the top ten items by volume on which tax has been claimed back.
1 Ironmongery (including closers, latches, locks, etc)Portal Tax estimates that 96% of businesses that own their own properties, or commercial property owners, could be owed a refund. ... In one case allowances worth as much as 68% of the purchase price were found. ...”
2 Sanitary ware (including WCs [no doubt providing relief in more than one sense of the word ...], basins, second fix pipework etc.)
3 Power, Data and Lighting Fittings (including sockets, switches etc.)
4 Floor Finishes (including carpet, vinyl sheet etc.)
5 Hot and Cold Water Equipment (including pipework, tanks etc.)
7 Wall Finishes (such as ceramic tile splashbacks)
8 Fire, Communication and Security Systems (such as alarms, cameras, other equipment)
9 Heating, Cooling and Ventilation systems (including air conditioning, radiators, boilers etc.)
10 Workplace Lighting (usage dependent)
|Incorporating the practice as a charity: saves all those|
headaches about divvying up the partnership profits!
"A Leicester charity has become the first such not-for-profit organisation to set up and own a law firm. Castle Park Solicitors was set up as a community interest company with the help of National Lottery funding by local charity the Community Advice and Law Service.Does ownership by a charity, or even turning one's practice into one, have anything to commend it to the IP practitioner? Let's hear from you!
The firm was set up to provide employment, immigration and family services to people ... who before this year’s legal aid cuts would have been eligible for public funding. It also offers mediation and collaborative law services. ...
In the long term, any profits from the firm will be returned to the charity to support free advice in other areas of social welfare law.
The Solicitors Regulation Authority granted a special waiver of the separate business rules to the Community Advice and Law Service allowing it to set up Castle Park Solicitors.
Christine Palmer ..., employment solicitor at the firm, said: ‘Castle Park is run as a business separately to the charity with the same financial pressures that most law firms face today [Well, that rather reduces the appeal of this business model]. We have an ethical ethos [One rather hopes that all professional service suppliers do]. Unfortunately we cannot give the service for nothing but we have set our rates very competitively. Our aim is to help those people who can no longer get legal aid and simply cannot afford to pay for full private legal services' ...".
|A splendid Cap|
706. A self-employed barrister who is instructed by a professional client should not conduct a case in Court in the absence of his professional client or a representative of his professional client unless the Court rules that it is appropriate or he is satisfied that the interests of the lay client and the interests of justice will not be prejudiced.Come on IPReg, you seem to be out of line!
|its not like this in an English court. For info|