7 November 2019

Barristers! Did you know that we offer tailored Barrister accounts packages giving you the specific support you need?

Barrister accounts are not straightforward.. they require specialist accountancy skills due to the specific nature of tax requirements.

Read on to discover how our 3 tailored package solutions can help you.. 

Barrister Accounting Packages

RWB Chartered Accountants specialise in giving specific accounting and tax support to Barristers. We are Xero Platinum partners having become the first Xero Platinum practice in Nottinghamshire. Our expert team understands that specialist accounting advice is required in preparing Barrister's accounts, due to the variations and tax requirements.

RWB give you the choice of three easy packages, all of which provide you with:

  1. Preparation of your Annual Income and Expenditure accounts.
  2. Preparation and submission of your Self-Assessment Tax Return.
  3. Ability to file Making Tax Digital compliant VAT returns.
  4. Access to your personal Xero account giving you full visibility of your accounting transactions.
  5. Access to our specialist barrister team.

The packages vary depending on who prepares and submits your VAT return:

Package 1 provides you with the software for you­ to prepare and submit your VAT returns.

Package 1 for £105 plus VAT per month (£1,260 plus VAT per annum)

We give you a Receipt Bank licence to enable you to easily record your purchase invoices and receipts and upload them into your account. Please note you will be responsible for processing these through to the correct nominals and ensuring the VAT rates selected are correct. We give you full access to your Xero account and training and support for preparing and submitting your VAT returns through our tailored help sheets and access to our Xero certified team.

Packages 2 and 3, include a qualified accountant at RWB preparing and submitting your Quarterly MTD VAT returns on your behalf (after you have agreed them).

Package 2 for £110 plus VAT per month (£1,320 plus VAT per annum)

We give you a Receipt Bank licence to enable you to easily record your purchase invoices and receipts and upload them into your account. We review and allocate these to the correct nominals, ensure that VAT is treated correctly and process these into Xero. We also contact your Chambers and process your fees received summaries into Xero accordingly. Having prepared your MTD VAT return it will then be sent to you to review and authorise before we submit it.

Package 3 for £130 plus VAT per month (£1,560 plus VAT per annum)

The easiest of the options. You send all your business expenses to us monthly or quarterly, either by post or email, and we do the rest. Having prepared your VAT return it will then be sent to you to review and authorise before we submit it.

Further advice?

For our full guide on Barrister’s accounts and taxation, you can download our free Barristers’ booklet at https://rwbca.co.uk/our-services/barristers.

OR, contact our Director, Nick Bonnello, who specialises in Barrister accounts and taxation on 0115 964 8860 or nickb@rwbca.co.uk to arrange your free consultation. 

The views provided in this article are for general information purposes only. Nothing in this article represents advice of any nature whatsoever. Accordingly, RWB CA Limited does not accept any liability or responsibility for the information contained in this article or any decision or other action that may be taken in reliance upon the information contained within it. RWB CA Limited accepts no responsibility for any errors of fact or opinion and assumes no obligation to provide you with any changes to its assumptions.