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. 

RWB Launches Credit Control Services

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‘Small UK business are chasing £14.9bn in late payments, almost a £1bn increase compared to 12 months ago’ confirmed by research from Global Banking & Finance Review, May 2018.

Here at RWB we appreciate that there’s little more important to our clients than having cash in the bank. So why not save time and increase your cash flow by allowing us to alleviate the pressure of getting your invoices paid? Operating great credit control is all about the three P’s…

Tax efficiencies for 2019

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This a good time to start planning your tax affairs before the end of the tax year on 5th April.

Here’s our round up of the latest tax rules for some useful planning points, to make you tax efficient in the year ahead.

Don’t miss the Self Assessment deadline – hire a bookkeeper

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It might seem a simple case of doing a few sums but keeping on top of your paperwork takes time and accuracy. It’s not just about processing receipts, sales invoices and expenses and entering them into an online, cloud-based software package such as Xero, it is also about knowing how. For sole traders and the self-employed, 31 January is forever circled on the calendar, for that is the deadline to file a Self-Assessment tax return. 

Are you prepared?

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