Financial affairs, accounting and tax for the self-employed Bar
The Bar Council has published a Taxation Handbook entitled ‘Taxation and retirement benefits guidance’. The Handbook, now in its 8th edition, aims to provide “guidance for Barristers and Clerks to support the efficient management of their practices”.
It provides a wealth of detail, with chapters on – amongst other things – income tax, advice to pupils and barristers starting practice, chambers expenses, VAT, self-assessment, and making a will. Access the Handbook here: http://www.barcouncil.org.uk/media/301386/taxation_guidance_8th_edition__for_website_.pdf
This section of the Toolkit touches on some of the key issues we think are relevant to barristers in their early years of practice, based on the experience of YBC members.
The site is being continually updated and added to. If there are things you would like us to cover in future updates, or if you would like to comment on the material that is here, please let us know at YBC@BarCouncil.org.uk.
- Income expectations at the Bar
- Chambers financial administration: what do or should your clerks do for you?
- Terms of payment
- How long do you have to wait?
- Outstanding fees: fee chasing and collection
- Study loans and pupillage awards
- Financial institutions used to dealing with barristers
- Overdrafts, practice loans, mortgages and credit
- Accountancy services
- Pensions and pension options
- Record keeping: regulatory requirements and HMRC
- Tax and national insurance
- Professional insurance: the BMIF and regulatory requirements
- Sole practitioners
- ABSs and entities: dual-practice – employment as a consultant
- State benefits and tax credits for the self-employed
- Illness/critical illness insurance