What is the SRAs definition of firm turnover?
• The recognised body’s turnover figure means the total gross fees arising from work undertaken from offices in England and Wales. • Gross fees includes all professional fees of the firm, including remuneration, retained commission, and income of any sort whatsoever of the firm (including notarial fees). • Specifically excluded are interest, reimbursement of disbursements, VAT, remuneration from a non-private practice source, dividends, rents, and investment profit. • The figures that will be used when billing firms in October 2010 will need to be based on closed accounts, audited where possible. Therefore, all firms that previously provided estimated turnover should now provide the SRA with an update of their closed accounts figures. Closed accounts are defined as having ,in order of preference, • an audited set of financial statements, • an unaudited set of financial statements signed off by an accountant, • a submitted tax return for the year. • The turnover figure must be for a 12-
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