David Truman – Private Client Partner
Providing tax solutions for accountancy and tax issues for barristers and solicitors
The legal profession is one of the oldest in the UK with its own unique requirements and tax rules. At Menzies, we have a specialist team dedicated to providing solutions for accountancy and tax issues for our barrister and solicitor clients, who range from those new to the bar up to Queen’s Counsel. In the demanding economic climate, we are conscious that we need to make dealing with your accounting and tax affairs as simple as possible so that you can concentrate on building and maintaining your own practice.
The difficulties in dealing with the intricate tax rules applying to barristers, mean that it is essential to get specialist advice in connection with your tax affairs.
In addition to looking after our clients, our tax team also assist in the training of newly qualified barristers on the management of their professional finances as part of their advocacy training course.
We can help you with the following services:
We can advise on the best way to maintain your records, together with a guide setting out the various categories of expenses which can be claimed. We are happy to liaise with chambers to obtain the information we need.
We will assist in the preparation of these on either the cash or true and fair basis and provide advice on the rules which affect you.
We can help you with the completion of your annual tax return and in calculating the amount of tax and any payments on account you owe. We have also dealt with a number of cases where barristers have fallen behind with their tax returns and have helped bring them up to date and liaise with HMRC.
We can assist in both the basic compliance involved in filing quarterly returns provide you with advice on VAT queries which may arise.
Making Tax Digital
Since April 2019, all barristers with a turnover over the VAT threshold (currently £85,000), are required to maintain digital records as part of Making Tax Digital. As a Xero Platinum Partner, we can provide you with support to ensure compliance with the new MTD requirements.
In addition to the usual compliance services we offer we also have the expertise and knowledge to assist you with any HMRC enquiries which may raise.
We can offer expertise in a number of areas including income tax, capital gains tax and inheritance tax and will assist you in maximising available tax relief. We can also advise you on trusts.
International tax aspects
We offer tax advice in respect of both non-resident and non-domicile issues and can provide local assistance in foreign jurisdictions through our international network.
We can help enhance your personal wealth including giving advice on pensions and retirement planning, other investments, life cover, permanent health insurance and long-term estate and inheritance tax planning.
Useful resources for barristers
How to set up as a self-employed Barrister
Contact Menzies specialist barrister services team
To speak to a partner or for more information about the accountancy, tax and advisory services we offer to barristers, please contact one of the Menzies LLP offices or complete our contact form below.