Taxpayers have the right to select their own year end and this is no different for barristers. However, which year end you choose can have implications for the amount of tax you are liable for. 

In the latest article from our series of FAQs on Barrister accounts, we look at how your choice of year end could impact you later in your career. 

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.

We understand that when you are new to the Bar, accounting options can be daunting and decisions you make in your early career can have significant implications later on, such as choosing your year end. Our specialist barrister teamcan talk you through your options.

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?

In this, the latest article in our series of FAQs on barrister accounts, we look at the key considerations and which might be the right route for you.

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”.

As a Barrister, what does this mean in practice?

Put simply, cash basis accounting is a straightforward way of working out the tax you pay through self assessment based on income and expenses received. 

It means that you pay tax on what you have actually received, excluding debtors invoiced and work in progress.

By using the cash basis you will not need to calculate your debtors and creditors at the year-end, nor estimate accruals and prepayments. Barristers have a concession to use the cash basis for their first 7 years.

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. 

If you’re like many barristers, you probably have a fair few questions about your accounts and general financial arrangements. Not surprising really, as financial accounting for barristers is often complex with numerous matters which relate solely to your profession.

When a barrister ceases trading, either through retirement, appointment or election to become a judge or a change in vocation or profession, the profits accessible in the final tax year (whether calculated under a Cash Basis or Earnings Basis) of practice will be those arising in the period beginning immediately after the end of the basis period for the preceding year and ending on the date of cessation.

In the latest in our series of articles on barrister accounts, we take a look at the different ways to handle your accounts when you are due to retire or choose stop trading as a barrister for any reason.

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.. 

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 thebasis 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. 

Some business owners see bookkeeping as a necessary evil but hiring a good accountant can make a huge difference to the bottom line of any company. It can often mean the difference between the success and failure of an organisation.

So, as the end of the April tax year looms on the horizon, let's look at just three accounting-based activities any successful entrepreneur should be doing before the year-end deadline.

In less than a year, HMRC will be introducing the Making Tax Digital (MTD) scheme to modernise the tax system, making it “more effective, more efficient and easier for customers to comply”.

The first phase will require businesses over the VAT threshold to keep digital records for VAT purposes and submit quarterly submissions from 2019. As barristers qualify as businesses they will be expected to comply with the new scheme.

Businesses under the VAT threshold will not be asked to make the switch to MTD and update HMRC quarterly for any other taxes, until at least 2020. 

Find out how this will affect your accounts and taxation.

 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.