Tax planning to minimise the High Income Child Benefit Charge

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RWChildbenefit_taxplanning

The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child Benefit Charge was introduced in 2013/14.

Are you maximising your child benefit entitlement?

Barristers - How do you handle your accounts when you retire or cease trading?

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Barrister Retirement

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.

Can Barristers change their accounting basis to become more tax efficient?

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Barrister Chambers

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. 

Understanding Cash Accounting for Barristers

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Barrister Chambers

 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. 

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