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KEY POINTS
- Accounting basis.
- Special rules for new barristers.
- Catch-up charge.
- Allowable expenses.
- Tax relationship with barristers’ clerks.
Distinctive taxation issues affect the accounts and tax affairs of some professions. For instance the affairs of GP doctors require specialised treatment. Similarly we have the phenomenon of ‘dental accountants’ who deal with the affairs of NHS and private dentists.
This article deals with another profession that requires expert consideration: the tax affairs of practising barristers.
It is important to note that a barrister cannot normally sue for his fees and clients may be very slow payers. In some instances fees may have to be written off. Work in progress is likely to be substantial.
Because of these factors ...
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