As you are probably well aware, the Revenue has recently been targeting the legal profession in one of its latest campaigns.
We have seen letters which confirm that a new Barristers Team has been set up in Bradford specifically looking into the taxation of barristers’ profits. With the Revenue’s wider powers to undertake informal checks of all financial records within a single visit or enquiry, there is an even greater risk that such reviews could lead to the reopening of tax years outside the ‘normal’ twelve month review window.
Here at BWMacfarlane, not only do we have considerable expertise in barristers’ tax affairs but also in defending clients under enquiry by HMRC and we aim to settle matters quickly whilst minimising any additional tax liabilities and related penalties.
You should be aware that we are able to offer our clients a Tax Enquiry Fee Protection Service. This service is backed by an insurance policy under which we can claim the costs of assisting clients in tax reviews or enquiries. The professional fees incurred in connection with these reviews for those clients who take advantage of this service are covered under the terms of the policy.
If you or any of your colleagues have received an initial opening letter from HMRC or would like to ensure that all your tax affairs are in order before the Revenue comes calling, please do give me a call.
Sue Stephens, Personal Tax Consultant