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 Law Society - the regulatory and representative body for 116,000 solicitors in England & Wales
- The Royal Institute of British Architects (RIBA) - the RIBA has over 30,000 members and is one of the most influential architectural institutions in the world
- The National Association of Estate Agents - the regulatory body for estate agent
- The Association of Residential Lettings Agents (ARLA) - Information on ARLA and its bonding scheme for landlords and tenants
- The National Approved Letting Scheme (NALS) - A professional body designed to promote quality standards to lettings and management agents
- The Bar Council - which represents Barristers in England and Wales
- The Solicitors Regulation Authority - regulates solicitors in England and Wales
- The Royal Institution of Chartered Surveyors - professional body for qualifications and standards in land, property and construction