Market leading insight for tax experts
View online issue

Tax on barristers

Andy Maxfield examines the recent tax changes affecting barristers in light of an upsurge in HMRC enquiries

The end of cash accounting

FA 1998 s 42 brought about the end of cash accounting for a whole host of businesses including barristers.

The impact was that for the first period of account commencing after 6 April 1999 barristers were obliged to account for their fees on an earnings basis including debtors in their balance sheet unless they were in the early years of advocacy.

A barrister with an April year-end would have to adopt an earnings basis in his 30 April 2000 accounts including re-evaluation of the opening figures at 1 May 1999.

The opening figures on the new basis would be different to the opening figures on the old basis and this difference was subject to a ‘catch-up’ tax charge.

However there was a...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
EDITOR'S PICKstar
Top