An accountant once said to me, “It is unusual to find a conveyancing lawyer who knows about tax.” I replied that I was a tax lawyer who knew how to do conveyancing!
In today’s increasingly specialised world, practitioners specialising in one discipline often know little or nothing about other areas of law, and this can bring with it the risk of missing a trick or two. For example, many firms these days simply make it clear in their conveyancing Retainer that advising on the tax consequences of the proposed transaction is excluded, and if asked why simply say, “Talk to an accountant.” I wonder how many clients actually do this, especially if they do not already know one. It is dangerous to dabble in areas of law where one is not fully conversant, but if a conveyancer is able to outline why their client ought to talk to an accountant – and maybe recommend one, the client may be more likely to do so, and less likely to complain when a tax penalty comes in if they did not. Ignorance may not be so blissful after all…..
Read moreTax issues for conveyancers and the art of cross-selling