News
Credit crunch causing tax concerns for solicitorsCredit crunch causing tax concerns for solicitors
17 February, 2009
According to an online Law Society survey, UK Solicitors are being affected by the credit crunch and they have named paying tax as the biggest problem.
Many of the survey respondents said that the main problem was late incoming payments from third parties. Many clients were not paying bills timeously, and this was leading to cash flow problems and difficulties in filing tax returns.
Solicitors in general felt that they would benefit from the tax deferrals of between 3 and 12 months that the HMRC is offering.
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