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Stop Worrying About Your Taxes With Our Accountants for Barristers

While taking care of clients and negotiating settlements, barristers may not have the time to keep track of their finances.

80% of barristers are self-employed, so you’ll be more likely to look for a technique to make your accounting as smooth and hassle-free as possible.

When you’re a barrister, you’ll have to divide your time between clients and court appearances, making it tough to keep track of your schedule. Regardless of your occupation, staying on top of your finances is critical.

In the same way, your customers seek your legal counsel; you can depend on our contractor accountants to provide you with high-quality barrister accountant services tailored to your professional goals.

Our superb customer service is something we take great pleasure in. Our team of barrister accountants has worked with barristers from around the world in this capacity.

Try Pearl Lemon and see for yourself. Book a call to speak with someone.

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But to successfully manage your restaurant accounting, you need to hire professional restaurant accountants like ours at Pearl Lemon Accounting to do the job for you. In addition to providing traditional tax services, we can consult on personal needs to help scale your concept.

At Pearl Lemon Accounting, we have years of combined experience and can deliver responsive services and insight on your business, tax and regulatory matters that are crucial to your success.

Our team is dedicated to seeing that you succeed. 

Book a call today to get started.

Some Tips We Can Give

Begin Preparing For Your First Taxes

As a new single trader, you must file a personal tax return at the end of the first fiscal year in which you worked. You’ll owe tax on that income at your marginal rate and have to pay it once when your tax return is due.

For your first year as a barrister’s tax bill, you must prepare ahead (for example, by estimating your potential income and the associated tax obligation and then regularly diverting an appropriate amount of funds to a separate bank account).

Be Sure To Deduct All of Your Qualifying Business Costs

Don’t forget to declare all tax-deductible business expenses

Make sure that all of your company’s qualified expenses are claimed. Take a look at the following examples of deductibles:

  • Your phone service plan
  • Home office expenses if you frequently work from home
  • specialised clothing such as wigs, vests, and gowns.
  • Costs related to a professional association
  • Subscription to legal books and periodicals.
  • Insurance premiums for professional liability and income protection.
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Ensure that you keep accurate records

Keeping accurate records has two significant benefits:

  • It will let you easily prepare your quarterly and annual financial statements and tax filings. 
  • It will help you prove your expense claims if you are ever audited. You must keep expense papers (such as invoices and bills) for at least five years after submitting your tax return. Paper receipts might fade over time, so scan them if possible.

Consult with a CPA and a Tax Advisor

One may gain many benefits by hiring a professional accountant and tax advisor, such as:

  • Maintaining compliance with all applicable laws and regulations.
  • Saving money on taxes maximises all of your allowable deductions.
  • Assisting with the adoption of effective record-keeping systems and methods

Enroll in the Right Insurance Plan.

To practise law, you’ll need professional indemnity insurance, but you should also consider purchasing adequate income protection insurance to cover your living expenses. This will safeguard you if you cannot practise law as a barrister due to illness or injury.

You can deduct the cost of business insurance from your taxable income.

Create A Financial Plan

A financial plan is needed if you want to build and safeguard your assets. Financial decisions may be made much more effectively with the help of an independent financial advisor. Your financial future is never too early or late to begin thinking about.

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Our Award-Winning Services

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Tax Planning

Our tax experts know how to get the most out of tax allowances, reliefs, and industry-specific tax benefits. Our skilled tax experts ensure that all business tax returns are HMRC-compliant and filed correctly to avoid fines.

International Tax Planning

Whether you do business worldwide or want to move abroad, our international tax experts can help you save on UK and non-UK taxes.

Setting up your business and personal affairs overseas affects how much tax you have to pay. We’ll make a global tax plan to reduce your tax burden.

Our international tax experts ensure that you and your company are compliant everywhere and save you money on taxes in the UK and other countries.

Personal Tax Services

Our tax experts will advise you on every part of your tax situation to ensure you follow the law. We offer a one-of-a-kind service for filing both simple and complicated UK taxes. With these tax services, we want to help people get more money while lowering their tax bills.

VAT Accounting

VAT is one of the most complicated and frustrating parts of running a business regarding accounting. Since 1973, it has been up to business owners to figure out and pay VAT instead of the consumer.

Registration, choosing a VAT scheme to register for, calculating VAT, and balancing VAT accounts are all part-time jobs in and of themselves. Hiring a professional VAT accountant can relieve a lot of the stress that comes with this complicated tax system.

HRMC Tax Investigations

Random HMRC Tax investigations used to be rare, but now the tax authorities have a lot of sophisticated and effective tools at their disposal. Consultants who do risky things are most likely to be investigated and are more likely to be caught.

HMRC investigations aim to determine if correct information has been given and if correct tax amounts have been paid.

We can help you if you are having trouble paying HMRC or if HMRC threatens you about VAT, PAYE, self-assessment, or corporation tax issues. Better yet, we can help make sure you never have to deal with an HMRC tax investigation in the first place.

These are just a few of the things we can do for you. Want something that’s not on the list? Give us a call.

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Market Your Legal Practice

Pearl Lemon Accountants is a subsidiary of the broader Pearl Lemon Group, a digital growth and SEO firm in London.

As accountants, we operate in a dynamic and competitive field. To that end, we have a small firm mentality with big firm skills since we know how important marketing is to your company’s success. One thing that sets us apart from other London accounting businesses is our background in marketing.

Most lawyers and barristers rely on word-of-mouth and personal recommendations to grow their practice. To be successful in today’s digital world, you must shift your marketing efforts to the internet rather than only print. A potential new customer’s initial point of contact is likely to be your website, thanks to the rise in popularity of local searches.

An excellent first impression in business can’t be earned more than once, which is why your website works as a 24-hour, silent salesperson and a virtual storefront for your firm.

If you’re looking to build a high-quality, low-cost lead-generating website, we’ve helped hundreds of companies over the past several years. Your website’s design, development, and optimisation for Google and other search engines are all areas we can help you with. 

Video production and digital publication are some areas we may assist you in. Think about what would happen if your website didn’t include things like lead magnets or landing pages.

That being the case, we’ll work with you to develop them and introduce you to traffic-driving strategies like re-marketing and SEO.

We can help you design your company name, logo, and tagline, create your corporate brochure, even author blogs and newsletters, and harness the power of social media to obtain more referrals for your firm. Without these marketing techniques, your organisation will most likely fail to realise its full earning potential.

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FAQs

An accountant can do financial accounting and reporting, auditing, cash management, preparing periodic financial statements, tax documents, cash management, finance consultations, and financial analysis. Here at Pearl Lemon Accountants, our experts can do all these tasks, so you don’t have to worry.

An auditor is a person who is authorised to check that financial documents are correct and make sure that businesses follow tax laws. They protect companies from fraud, point out problems with the way accounting is done, and sometimes work as consultants to help companies find ways to improve operational efficiency.

An accountant helps your business meet its legal obligations and file its tax returns on time. Accountants can help you plan for your business.

Tax and VAT return laws aren’t always clear. Many business costs don’t get deducted from your taxes. If you file your taxes wrong, you may have to pay penalties. It is highly recommendable to hire an accountant.

Our accountants have a combined experience of 100 years. This work experience includes dealing with the more traditional parts of taxation, such as tax returns, self-assessment, end-of-year accounts, and VAT submissions. Payroll and financial audits are just two of the more complicated accounting tasks our team is good at.

Also, Pearl Lemon Accountants is a part of the Pearl Lemon Group, a more prominent company. Because of this, we can use things that other businesses can’t. We are an international company because we have offices in Asia, Africa, North America, and Europe.

Our clients include sole proprietors, multi-national corporations, and seven-figure businesses.

Pearl Lemon Accountants knows a general service provider can’t give a business all the benefits of using our accounting services. Every service you choose for your business or account is made to fit your needs. Your financial statements won’t be the same as our other clients because we value diversity and uniqueness. The services you choose will affect the final price of your order from us. We suggest you contact us to discuss this further.

When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients. It's a win-win situation for everyone. Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.

So let our experts work for you, and you won't regret it even a bit.

Book a call today to get started.