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Becoming a barrister in the UK is no easy task, and while it can be an enormously rewarding career, it's not without its challenges, both intellectual and physical.
Whatever stage you are at in your career as a barrister, you need to manage your time carefully to ensure a healthy balance. And you probably don't have much time to put aside for dealing with your accounts.
We are familiar with this scenario at Auditox Accountancy, which is why we have trained a team of specialist barrister accountants. With an in-depth knowledge of accounting issues relating to the legal profession, our specialist barrister accountants are perfectly placed to help you wherever you need assistance.
Although it's not a legal requirement for barristers to engage an accountant, around 80% of barristers in the UK are self-employed and will need to handle their own tax affairs and accounts.
If you have the time and the inclination, you may wish to manage your own accounts. However, they need to be prepared accurately and on time if you are to avoid any penalties.
While you don't necessarily need one, it's advisable to secure the services of a good accountant. But are standard accountants good enough?
Newly qualified barristers will have spent around five or six years in training, some of it actually in chambers. This is no mean feat, as there are many more people wanting to become barristers than there are places for them. Competition is strong, and the path is not an easy one.
So, when you are choosing an accountant, you expect them to be of an equally professional calibre.
The fact is that anyone can offer accountancy services, regardless of whether they are qualified or not. They don't even need a background in accounting, and they don't even need an A-level, let alone a degree!
However, most of the accountants operating in the UK will be qualified, although they won't have specific knowledge or training relevant to the law profession. This means that when you need advice on a particular issue, they probably won't have a ready answer.
Auditox Accountancy has a specialist team dedicated to accounting and tax affairs for our barrister and solicitor clients. Our professional reputation rests on providing accounting services of the highest standards, and that's exactly what we aim to deliver through our multidisciplinary team.
We will appoint a barrister accountant with specialist knowledge of financial affairs relating to legal firms and the law, whether you run your own practice or work alone as a sole practitioner.
These examples illustrate some of the areas in which we can assist you:
We will handle your annual accounts preparation, bookkeeping, self-assessment tax returns, VAT returns (including preparation and submission), compliance issues, mortgage certificates, and more besides.
We will also advise you on the matter of tax investigation fees insurance* and liaise with HMRC regarding all enquiries.
*HMRC can investigate any self-employed person at any time, which can lead to fees or penalties, even if you are proven to be compliant. Insuring yourself against these fees can be extremely helpful.
Our tax advice covers inheritance tax, tax relief, income tax, capital gains tax accountants and trusts.
If you need advice on any of these issues, your Auditox accountant will guide you through each process.
We can also assist you with personal wealth management, pensions and retirement planning.
The rules as to what you can claim for (such as wigs, gowns, suits, insurance, books, equipment, use of a motor vehicle, stationery, etc.) can be obscure and take time to understand.
We will ensure that you claim what you are entitled to without falling foul of the system or missing out on allowable expenses.
Value Added Tax is another potentially problematic area, as you can claim VAT back on some goods or services but not others. For example, if you have offices at home and purchase computer equipment purely for this, you can claim back the VAT.
However, HMRC doesn't allow VAT recovery for household costs if there is private use, as they assume that you would have paid these costs anyway. As a result, you need to be careful what you apply for.
Our accountants for barristers will resolve any VAT issues and make sure that you claim for any allowable items.
Learn more: How to avoid paying VAT as a business?
Learn more: Being VAT registered is killing my business
The UK government recently implemented changes to the tax system with the intention of eliminating physical paperwork.
Under this new system, all tax returns filed after April 6, 2026, must be submitted online using software compatible with the MTD system.
Our accountants will help you prepare for this to ensure everything runs smoothly.
Your dedicated Auditox accountant will handle most of your accountancy and tax issues, although there may be some areas that you'll need to process yourself for legal reasons. Even then, we'll be there to offer the best accountancy advice.
Our dedicated team of experienced accountants are available to all barristers and legal firms, from those new to the bar right up to Queen's counsel.
As a leading accountancy practice, we understand the need for efficient, cost-effective accounting solutions, especially in the demanding economic climate we are currently facing.
Whatever stage you are in your career in the legal profession, Auditox Accountancy provides expert assistance that lets you get on with your job without the hassle and worry of tax and accounting issues. Our dedicated accountants build a rapport with each client and form a relationship built on mutual trust and understanding. We deal with all your accounting tasks while you focus on your work, safe in the knowledge that everything is being handled in an efficient, accurate and professional manner.
Contact Auditox Accountancy today and switch to an accountant that will boost your peace of mind, enhance your career, and give you more free time for you to devote to other priorities.
As specialist accountants for barristers, we go that extra mile and together, we'll form a winning team.
Accountants for barristers can help you with your tax returns by preparing and filing your annual self-assessment tax return, ensuring that all income is accurately reported and deductions are claimed where applicable. Their expertise in the legal field means they are well-versed in tax considerations unique to barristers, ensuring you pay the right amount of tax while taking advantage of any tax-saving opportunities.
Accountants for barristers can provide financial advice tailored to the specific needs of barristers, including guidance on effective tax planning, cash flow management, and investment strategies. By leveraging their knowledge of the legal industry, they can offer valuable insights into financial decisions that can help optimise your earnings and safeguard your assets.
If you are a barrister considering setting up a new practice, accountants for barristers can assist you in several ways, such as advising on the most appropriate business structure, helping with registration and incorporation, and setting up accounting and financial systems. They can also provide guidance on managing expenses and cash flow, ensuring your practice starts on a solid financial footing.
Accountants for barristers can help with payroll and employee-related matters by handling payroll processing, ensuring the correct deduction of taxes and national insurance contributions, and managing pension contributions and other employee benefits. They can also assist with the preparation of P60 and P11D forms, ensuring compliance with employment and tax regulations in the UK.
Accountants for barristers can help you with your tax returns by preparing and filing your annual self-assessment tax return, ensuring that all income is accurately reported and deductions are claimed where applicable. Their expertise in the legal field means they are well-versed in tax considerations unique to barristers, ensuring you pay the right amount of tax while taking advantage of any tax-saving opportunities.
Accountants for barristers can provide financial advice tailored to the specific needs of barristers, including guidance on effective tax planning, cash flow management, and investment strategies. By leveraging their knowledge of the legal industry, they can offer valuable insights into financial decisions that can help optimise your earnings and safeguard your assets.
If you are a barrister considering setting up a new practice, accountants for barristers can assist you in several ways, such as advising on the most appropriate business structure, helping with registration and incorporation, and setting up accounting and financial systems. They can also provide guidance on managing expenses and cash flow, ensuring your practice starts on a solid financial footing.
Accountants for barristers can help with payroll and employee-related matters by handling payroll processing, ensuring the correct deduction of taxes and national insurance contributions, and managing pension contributions and other employee benefits. They can also assist with the preparation of P60 and P11D forms, ensuring compliance with employment and tax regulations in the UK.