Legal Week reports
January 28, 2004 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Law firms face a one-off tax hit that experts believe will run into millions of pounds under a change in accounting standards, it has emerged.
From the beginning of this year law firms will have to account for work-in-progress (WIP) at its billable value rather than cost – a change that will cause firms’ up-front tax bill to soar as they move to the new system.
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