Barristers

Income recognition is a critical accounting function that barristers must be confident is being correctly applied to their personal circumstances. Although there is guidance on how to apply the accounting treatment, it is not specific and there is some scope for using differing methods for calculation of taxable income. We have been involved in the technical application of work in progress calculations since the rules changed and have a firm understanding of how this impacts on different types of work that barristers are involved in.

Following on from the issue of income recognition are tax liabilities generated by barristers, which can in some circumstances be significant. Planning for tax mitigation is an important aspect of client service (across all professional practices) but for barristers this can be more problematic due to restrictions on their tax status. Our Professional Practices team work closely with Barristers to ensure they do not incur tax liabilities and other additional costs.

Please contact Karen Hain on 01772 821021 for a free, no obligation meeting.

The Firm