The UK has made agreements with other countries to exchange information between tax authorities as a bid to stop tax avoidance and evasion. The information which is exchanged relates to investments and financial accounts. Financial institutions in the UK such as banks and building societies, insurance and investment companies will provide information on non-UK residents to HMRC through its online system, which will then be shared with the appropriate countries.

Depending on various factors, as a Barrister, you can choose how you would like your accounts and tax to be prepared. You are allowed to change between the basis of accounting relatively freely providing you notify HMRC accordingly and make all the necessary transitional adjustments where appropriate. It might be the case that changing the basis of accounting could make you more tax efficient. Read the latest in our series of Barrister FAQ articles to find out more. 

This article, from our series of blogs on Barrister accounts, looks at expenses incurred and what can be deducted within your accounts. The tax legislation from HMRC states that you can claim: “All expenses incurred wholly and exclusively for the purpose of trade”.

When you make payments on behalf of your customers, for goods or services received and used by them, you might be able to treat these payments as ‘disbursements’ for VAT purposes. This means that you don’t charge VAT on them when you invoice your customer and can’t claim back any VAT on them.  However, it can be confusing to know whether it is a recharge or a disbursement. 

We are thrilled to announce our successful merger with Longleys Chartered Accountants who have offices in West Bridgford and Keyworth.

As a barrister, profits may be calculated in one of three ways; the ‘Old’ Cash Basis, the Earnings Basis and the ‘New’ Cash Basis. In our series of Barrister FAQs, we’ve talked about ‘What is Cash Basis Accounting? In this article we provide a helpful overview of each kind, for you to establish which system is right for you. 

From 1st August 2018, Nottingham City Council introduced a new licensing scheme that will affect landlords in most areas of the city. From that date, landlords will be required to obtain a licence for each property they let, to make sure it meets the required safety and quality standards for tenants.

There are pros and cons of how you set up your business and the way you trade as a barrister. With over 30 years’ experience, acting on behalf of hundreds of barrister clients we often get asked which is the better option - Sole Trader of Limited Company?

As part of our series of Barrister FAQs, we’ve looked at a range of accounting issues that are specific to Barrister accounts. This time we focus on pupils and new Barristers.

Value Added Tax (VAT) can be complicated if you are a Barrister.

We’ve outlined VAT for Barristers as part of our series of blogs on Barrister accounts, to give you an overview of the options and things to consider.