SQE1 Prep — The Audio Course

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 end Deliver it to the SRA only if it is qualified Rule 12.5 is two limbs: chartered body, and registered auditor Keep records six years from the record, not from the file Exemption from the report exempts you from nothing else Narrated 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 9 The ledger separates client money, not the bank account Rule 9 leaves statements and the bills record, and nothing else A client's own account is one you operate as signatory Money you do not hold never goes on a client ledger Narrated 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 pay Credits increase the balance, debits reduce it Reconcile at least every five weeks, three ways No transfer to office without a bill delivered first Principal method charges VAT, agency method does not Narrated 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 intended Reporting turns on materiality, not on any fixed deadline Correct a shortage from the firm's own money, promptly Never fix one breach by committing another A debit balance on a client ledger is a shortage Narrated 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 sum The SRA sets no rate, de minimis or minimum period Pooled interest is the firm's; designated account interest is the client's There is no conveyancing exemption, and no £10,000 threshold The fair sum is paid out of office money, not client money Narrated 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 entitlements Withdraw only if sufficient funds are held for that specific client A bill must be delivered before client money pays your costs Every payment must relate to a regulated service you deliver Replace any shortfall from office money immediately Narrated 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 bill Promptly into the client account, promptly back out Bill first, then transfer, and only the billed sum Withdraw only if you hold enough for that specific client Correct breaches at once, from the firm's own money Narrated 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 account The client account is not a banking facility Reconcile at least every five weeks, keep records six years Money in credits the client ledger and debits the client bank How the cash book, client ledger and office ledger fit together Narrated 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 man leaves £50,000 out of a £700,000 estate to the wife he was married to for twenty-five years, and the law measures her by a kinder standard than anyone else who might complain. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Two standards: a spouse is not confined to maintenance, everyone else is Six months from the grant of representation, not from the death The net estate can be widened to reach survivorship property and lifetime gifts A disclaimer refuses a gift; only a variation chooses its destination Beneficiaries absolutely entitled together can end the trust Narrated 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 charity The nil-rate band is £325,000 and transfers between spouses Taper reduces the tax on a failed gift, never the gift itself A gift inside the band attracts no tax but still uses the band Business and agricultural relief share one combined allowance Narrated 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 only A secured creditor stands outside that order altogether Appropriation is at the value on the day it is appropriated A personal representative answers for his own breach, not automatically a co-representative's Section 27 protects against unknown debts, never known ones Narrated 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 otherwise Rule 20 orders a grant with the will; rule 22 orders intestacy Clearing off comes before anyone lower down can apply Excepted estates deliver no account and report on the probate application Tax is due six months from the end of the month of death Narrated 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 fairness Specific gifts adeem; general legacies do not Latent ambiguity lets evidence in, and section 21 widens that Section 33 saves a lapsed gift only for the testator's descendants A class closes when the first member is entitled in possession Narrated 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 will Crossing out is ignored; obliteration that hides the words revokes Destruction needs the act and the intention together Marriage revokes the whole will; divorce revokes nothing Revival is never automatic, and republication is different Narrated 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 together A gift to a witness or their spouse is void Specific gifts adeem, demonstrative gifts get topped up Any number of executors may be appointed, four may prove Power reserved is not the same as renunciation Narrated 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 Act Two witnesses together when he signs, each signing in his presence Witnesses need not sign in the presence of each other A gift to an attesting witness fails, but the will survives Spouse takes chattels, the statutory legacy, and half the rest Narrated 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 £40,000 sitting in the trustee's account, the trust put in £20,000, and the beneficiary can trace neither figure. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Equitable remedies are discretionary; damages are not Specific performance, its limits, and the personal services bar Compensation repairs a loss, an account strips a gain Tracing identifies property; it is not a claim Hallett, Oatway, Foskett and Clayton's Case in a mixed account Narrated 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 trustee sells a field at full value, reinvests every penny properly, leaves the fund no worse off, and is still in breach of trust. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: An innocent breach is still a breach; honesty goes to relief Equitable compensation needs a causal link, assessed with hindsight Exemption clauses cover everything short of actual dishonesty Six years from the breach, not from discovery No limitation at all for fraud, or for property still held Narrated 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.

Six friends are named as trustees of a farm, all six are willing and able, and only four of them are trustees at all. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: Four trustees maximum for land, two minimum for a valid receipt Saunders v Vautier terminates a trust, it does not appoint trustees Duty of care is higher for professionals and for claimed expertise Maintenance is income for minors, advancement is capital for anyone Investment policy is delegable, distribution decisions are not Narrated 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 trustee acted honestly, took an opportunity nobody else could have taken, and equity still made him hand over every penny. Practise this topic with exam-style questions: sqe1prep.co.uk In this episode: The Mothew test for when fiduciary duties arise at all No profit, no conflict, no purchase, and why good faith is no defence Account of profits against equitable compensation Why a constructive trust beats a personal claim on insolvency Fiduciary duties are not the same as a trustee's duty of care Narrated 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.