Legal Services and Barristers Winters Chartered Accountants London UK

Winters Chartered Accountants and Registered Auditors
29 Ludgate Hill
London EC4M 7JE
England, UK

Tel:
+44 (0) 20 7919 9100

Fax:
+44 (0) 20 7919 9019

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Legal Services and Barristers

Notes for Barristers

Accounts and Income Tax
As a practising member of the Bar your tax is assessed directly on your earnings. As a barrister you are treated as self-employed by H M Customs and Revenue. Therefore accounts will be prepared annually and submitted to your Inspector of Taxes.

Accounts for barristers have traditionally been prepared on the basis of fees received less expenditure paid, 'the cash basis'. This is still acceptable for barristers of up to seven years call. For more senior barristers they can continue to prepare accounts on a cash basis, but must make annual adjustments to convert the results to a 'true and fair' profit for tax purposes.

Your clerk will usually provide you with a statement of fees and expenses - normally quarterly to assist with VAT Returns. These statements will form the basis of your accounts but invariably there will be additions to fees and almost certainly to expenses, details of which will be kept by you.

The range of tax-deductible expenditure is surprisingly extensive. We will ensure that you obtain the maximum available tax deductions and advise you how to maintain the necessary records. Tax relief in the form of capital allowances can be claimed on a wide range of business assets which will include cars, computers, home desks and chairs, wigs and gowns.

Winters will deal directly with H M Customs and Revenue on your behalf both in respect of your annual accounts and also your annual Tax Return which gives details of other income and gains.

We regard it as part of our role to keep you advised of your future tax liabilities so you do not receive any unexpected tax demands.