Category Archives: Financial affairs, accounting and tax for the self-employed Bar

Illness/critical illness insurance

Given that you are self-employed, you may consider it prudent to obtain insurance against the risk of illness.  This is particularly likely to be advisable if you are not supported by another member of your family or you are the main breadwinner.  The purchase of a house with mortgage finance and the birth of a child are often instances which

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State benefits and tax credits for the self-employed

If you really hit hard times you might be able to claim some state help towards housing and living costs. The rules are complicated. A good place to start is the Turn2Us website, which enables you relatively quickly to assess your benefit entitlement. If that doesn’t answer your questions, or you wish to speak to someone in more detail, contact Citizens

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ABSs and entities: dual-practice – employment as a consultant

There is now an increasing variety of ways in which barristers can offer their services. These will have their own accounting and tax treatment. It is important to double check with an accountant that you are dealing with your fees in an appropriate way. Do be aware that you may be considered to be an “employed barrister” for the purpose

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Professional insurance: the BMIF and regulatory requirements

There is a regulatory requirement for you to have adequate insurance (taking into account the nature of your practice): see rule C76(1) of the BSB Handbook. There is guidance at gC114 but it does not really elucidate what is meant by “adequate”. You must obtain insurance from the BMIF in order to practice (rule C77 of the BSB Handbook) so you

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Tax and national insurance

There is extensive guidance on all aspects of tax, capital allowances, the treatment of Chambers’ expenses, VAT and pensions, including a section specifically providing advice to pupils and barristers starting practice, in the Bar Council’s Taxation and Retirement Benefits Guidance. The following are some key points to bear in mind. Always take full advice, or conduct your own research with

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