Practice Accounts
P&L summary · expense register · Irish VAT estimate · April 2026
P&L summary -April 2026
Matter fee income€22,400.00
Retainer income (MRR)€3,500.00
Gross income
€25,900.00via Xero
Total operating expenses(€17,442.00)
Operating profit (before partner draw)
€8,458.00via Xero
Partner drawings are calculated separately from operating profit. Estimated annual CT liability (12.5%): €12,687.00.
Irish VAT estimate
Bimonthly VAT return · Standard 23% rate
VAT-liable fees
€13,440.00
~60% of matter income
VAT exempt
€8,960.00
Conveyancing services
Output VAT (23%)€3,091.00
Input VAT (recoverable expenses)(€1,077.00)
Net VAT payable (monthly)€2,014.00
Bimonthly return (est.)€4,028.00
VAT registration threshold: €37,500 (services). Conveyancing is VAT-exempt under the VAT Consolidation Act 2010. All other solicitor services carry 23% standard rate. Figures are estimates for cash-flow planning only.
Expense register
17 line items · €17,442.00/mo| Category | Description | Monthly | |
|---|---|---|---|
Staff€11,549.00/mo | Associate salary -Sam Demo | €5,200.00 | |
| ↳ | Trainee salary -Jess Demo | €2,800.00 | |
| ↳ | Paralegal salary -Taylor Demo | €2,400.00 | |
| ↳ | Employer PRSI (10.95%) | €1,149.00 | |
Premises€3,540.00/mo | Office rent -Dublin 2 (per lease) | €3,200.00 | |
| ↳ | Utilities and rates | €340.00 | |
Insurance€835.00/mo | PII insurance -Law Society approved | €680.00 | |
| ↳ | Public liability / employer liability | €155.00 | |
Regulatory€375.00/mo | LSRA practising certificates (4 staff) | €290.00 | |
| ↳ | Law Society annual membership | €85.00 | |
Technology€483.00/mo | Totus AI practice management | €220.00 | |
| ↳ | Microsoft 365 Business (5 licences) | €68.00 | |
| ↳ | Land Registry online / Folio lookups | €120.00 | |
| ↳ | Cloud storage, backup, security | €75.00 | |
Training | CPD accredited training (Law Society) | €180.00 | |
Marketing | Google Ads and local SEO | €280.00 | |
Professional | Accountant retainer (annual/12) | €200.00 | |
| Total | €17,442.00 | ||