{"id":2600,"date":"2016-03-10T21:41:29","date_gmt":"2016-03-10T21:41:29","guid":{"rendered":"http:\/\/lawyerinthemaking.co.uk\/?p=2600"},"modified":"2016-04-24T21:47:57","modified_gmt":"2016-04-24T21:47:57","slug":"top10taxtipsforbarristers","status":"publish","type":"post","link":"https:\/\/lawyerinthemaking.co.uk\/index.php\/2016\/03\/10\/top10taxtipsforbarristers\/","title":{"rendered":"Top 10 Tax Tips For Barristers"},"content":{"rendered":"

As promised on twitter here is the list of tax tips for barristers from Silver Levene<\/a>.<\/p>\n

This isn’t a sponsored post, I had a meeting with Silver Levene myself (as I met them at the Pupillage Fair last year) and during my meeting we got talking about my blog and how I wanted to share with you all some top tips for those who have just started at the Bar, just about to start, or those considering a career at the Bar.<\/p>\n

I also then had the pleasure of being sat on a Panel at the Pupillage Fair by Target Jobs this March to chat about studying the BPTC and life as a Barrister – they definitely know their stuff, so do get in touch, whatever stage you are at!<\/p>\n

Do check out their website above and get in touch if you need any more information from them!<\/p>\n

Rebecca x<\/p>\n

Top 10 tax tips when commencing at the Bar<\/strong><\/p>\n

    \n
  1. Pupillage awards<\/strong><\/li>\n<\/ol>\n

    Your pupillage award received during your 1st six are not taxable, the 2nd<\/sup> six is taxable. Try and arrange for your award to be weighted so that you receive a higher proportion of the award during your 1st<\/sup> six pupillage.<\/p>\n

      \n
    1. Keeping receipts<\/strong><\/li>\n<\/ol>\n

      This will ensure that expenses are not missed and will help reduce your tax liability. This will also substantiate any business expenses in the unfortunate event of an HMRC enquiry.<\/p>\n

        \n
      1. Make sure you don\u2019t miss the threshold to register for VAT<\/strong><\/li>\n<\/ol>\n

        Registration for VAT is compulsory when your fees received exceed \u00a382,000. You must register prior to exceeding this threshold.<\/p>\n

          \n
        1. Ensure you register for self-assessment<\/strong><\/li>\n<\/ol>\n

          As a self-employed Barrister you need to register for self-assessment. You are deemed to commence trading at the start of your 2nd<\/sup> six pupillage.<\/p>\n

            \n
          1. Choose the correct accounting year end. 30th April is generally advantageous<\/strong><\/li>\n<\/ol>\n

            By extending your first period of account by slightly longer than a year, you can obtain a significant ongoing cash flow advantage throughout the course of your career. This will delay when you pay tax on your profits.<\/p>\n

              \n
            1. Keep receipts for business expenses incurred during your Pupillage<\/strong><\/li>\n<\/ol>\n

              When you register for VAT, you can reclaim the VAT on capital expenditure including laptops, home office desk, chair, wig and gown that you purchased up to 4 years before you registered for VAT. These capital items can also be claimed in your account to reduce your income tax.<\/p>\n

                \n
              1. Download the Silver Levene App<\/strong><\/li>\n<\/ol>\n

                This has lots of useful functions; a receipt management tool, mileage tracker and tax calculators to assist you.<\/p>\n

                  \n
                1. Saving for Tax<\/strong><\/li>\n<\/ol>\n

                  You must put money aside for tax while you earn it. The golden rule is at least 25% of your fees received (excl. VAT) in the first year.<\/p>\n

                    \n
                  1. Do not file your Tax Return or VAT returns late<\/strong><\/li>\n<\/ol>\n

                    This will incur penalties, interest and surcharges and may trigger an HMRC enquiry.<\/p>\n

                      \n
                    1. Appoint a specialist Barrister Accountant<\/strong><\/li>\n<\/ol>\n

                      With over 30 years of experience, Silver Levene\u2019s specialist Barrister unit acts for over 1500 Barristers, we also prepare the first year accounts and tax return for free.<\/p>\n

                      If you require any further information or advice please contact Mason Bloom or Peter Grossmark on 0207 383 3200 or mason.bloom@silverlevene.co.uk<\/a> , peter.grossmark@silverlevene.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

                      As promised on twitter here is the list of tax tips for barristers from Silver Levene. This isn’t a sponsored post, I had a meeting with Silver Levene myself (as I met them at the Pupillage Fair last year) and during my meeting we got talking about my blog and how I wanted to share with you all some top tips for those who have just started at the Bar, just about to start, or those considering a career at […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[24,25,29,30],"tags":[17,36,38,18,37,33],"nelio_content":{"isAutoShareEnabled":true,"autoShareEndMode":"default","automationSources":{"useContentSentences":true,"useSocialTemplates":true,"useCustomSentences":false,"customSentences":[]},"followers":[],"suggestedReferences":[],"includedReferences":[],"efiUrl":"","efiAlt":"","highlights":[]},"_links":{"self":[{"href":"https:\/\/lawyerinthemaking.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/2600"}],"collection":[{"href":"https:\/\/lawyerinthemaking.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lawyerinthemaking.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lawyerinthemaking.co.uk\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lawyerinthemaking.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=2600"}],"version-history":[{"count":2,"href":"https:\/\/lawyerinthemaking.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/2600\/revisions"}],"predecessor-version":[{"id":2602,"href":"https:\/\/lawyerinthemaking.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/2600\/revisions\/2602"}],"wp:attachment":[{"href":"https:\/\/lawyerinthemaking.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=2600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lawyerinthemaking.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=2600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lawyerinthemaking.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=2600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}