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The report was finished in September, well inside the deadline, and posting it a fortnight late is still a breach in its own right. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Obtain the report within six months of the accounting period endDeliver it to the SRA only if it is qualifiedRule 12.5 is two limbs: chartered body, and registered auditorKeep records six years from the record, not from the fileExemption from the report exempts you from nothing elseNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

Two clients, one pot of money, and a trainee who is certain you need two bank accounts to keep it straight. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Two different things get called a joint account, and only one is rule 9The ledger separates client money, not the bank accountRule 9 leaves statements and the bills record, and nothing elseA client's own account is one you operate as signatoryMoney you do not hold never goes on a client ledgerNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

Your client has paid you six thousand pounds and it is all still in the client account, and you still cannot send the completion money. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: The client ledger, not the client account, governs what you may payCredits increase the balance, debits reduce itReconcile at least every five weeks, three waysNo transfer to office without a bill delivered firstPrincipal method charges VAT, agency method does notNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

There is no twenty-four hour rule, and believing in one is how a small overdraft turns into a career problem. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: A breach is a breach whatever you knew or intendedReporting turns on materiality, not on any fixed deadlineCorrect a shortage from the firm's own money, promptlyNever fix one breach by committing anotherA debit balance on a client ledger is a shortageNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

The bank pays the firm £9,000 of interest on the client account, the clients are owed £6,400, and the firm keeps the difference lawfully. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Rule 7.1 is the whole duty: account for a fair sumThe SRA sets no rate, de minimis or minimum periodPooled interest is the firm's; designated account interest is the client'sThere is no conveyancing exemption, and no £10,000 thresholdThe fair sum is paid out of office money, not client moneyNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

The client account is comfortably in credit, the court fee is due today, and you still cannot pay it. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Not one pot, but a stack of separate client entitlementsWithdraw only if sufficient funds are held for that specific clientA bill must be delivered before client money pays your costsEvery payment must relate to a regulated service you deliverReplace any shortfall from office money immediatelyNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

A cheque goes into the wrong account, the wages go out, and the firm discovers it owes far more than the difference. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Client money includes money for your own fees before you billPromptly into the client account, promptly back outBill first, then transfer, and only the billed sumWithdraw only if you hold enough for that specific clientCorrect breaches at once, from the firm's own moneyNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

A bank offers a new firm one account with every deposit tagged as client or firm money, and taking it would be a serious breach. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Client money and office money never share an accountThe client account is not a banking facilityReconcile at least every five weeks, keep records six yearsMoney in credits the client ledger and debits the client bankHow the cash book, client ledger and office ledger fit togetherNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

A son who survived his mother by five years after a large gift expects taper relief to save him a fortune, and it saves him nothing at all. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: 40% on death, 36% where a tenth of the net estate goes to charityThe nil-rate band is £325,000 and transfers between spousesTaper reduces the tax on a failed gift, never the gift itselfA gift inside the band attracts no tax but still uses the bandBusiness and agricultural relief share one combined allowanceNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

The painting was worth £25,000 when his mother died and £34,000 now, and the executor would very much like to take it at the old figure. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: The statutory order of debts is an insolvency rule onlyA secured creditor stands outside that order altogetherAppropriation is at the value on the day it is appropriatedA personal representative answers for his own breach, not automatically a co-representative'sSection 27 protects against unknown debts, never known onesNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

An executor talks a bank into releasing the account on a copy of the will, pays it all out, and two months later an unpaid invoice arrives with his name on it. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Probate for an available executor, letters of administration otherwiseRule 20 orders a grant with the will; rule 22 orders intestacyClearing off comes before anyone lower down can applyExcepted estates deliver no account and report on the probate applicationTax is due six months from the end of the month of deathNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

She left her sister my estate car, then sold it and bought a hatchback, and the sister ends up with neither. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: The court gives effect to the words used, not to fairnessSpecific gifts adeem; general legacies do notLatent ambiguity lets evidence in, and section 21 widens thatSection 33 saves a lapsed gift only for the testator's descendantsA class closes when the first member is entitled in possessionNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

He drew a line through his sister's legacy and wrote revoked in the margin, and she is still going to be paid every penny of it. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Alterations after execution need the same formalities as the willCrossing out is ignored; obliteration that hides the words revokesDestruction needs the act and the intention togetherMarriage revokes the whole will; divorce revokes nothingRevival is never automatic, and republication is differentNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

A woman loses her legacy because of who her husband was standing next to on the day the will was signed, and she never touched the document herself. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Section 9 formalities, and the two witnesses present togetherA gift to a witness or their spouse is voidSpecific gifts adeem, demonstrative gifts get topped upAny number of executors may be appointed, four may provePower reserved is not the same as renunciationNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.

One of the two witnesses never got round to signing, and the man he wanted to provide for takes nothing. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Capacity is tested by Banks v Goodfellow, not the Mental Capacity ActTwo witnesses together when he signs, each signing in his presenceWitnesses need not sign in the presence of each otherA gift to an attesting witness fails, but the will survivesSpouse takes chattels, the statutory legacy, and half the restNarrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.