Starting at the Bar is daunting enough without all the tax and accounting rules that beset all self-employed people. This is some of what you have to do:
- Notify HM Revenue and Customs
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- Class II National Insurance Contributions are due from the date you begin practice
- You should also register for VAT
- You might also need to set up a PAYE scheme
- Choose your accounting reference date
- Use a cash book to record details of income and expenditure
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- Separate out the VAT to make completion of VAT returns easier
- The better your records, the lower your accountancy fees
- Work out your tax deductible expenses
- Consider other important aspects, such as:
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- Pension payments
- Health/income replacement insurance
- Tax planning and provision for payments
- Mortgages and finance
It's a maze, but we can help you with every part of it. We run a fixed fee scheme for new barristers (new to the Bar, that is) which is at present (January 2009) £300 plus VAT for everything in the first year, including accounts and tax return.
E-mail: mark@malthouse.com or steve@malthouse.com
Date:11 July 2006
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