I have been searching for intelligence about London Tax Barristers for a long time now and have gathered what I have explored in the body of this opinion piece.
The laws surrounding tax residence in the UK and worldwide are complicated and always changing. It’s vital to get effective legal advice in order to stay compliant and benefit from tax planning opportunities. Tax barristers can be sporadically Non-domiciled individuals can potentially enjoy favourable tax treatment through the remittance basis of taxation. Careful planning is essential to ensure that a remittance of funds to the UK is as tax efficient as possible. Problem solving skills are of high importance to a tax barrister. Specialist tax investigation advice and assistance is a matter that a tax barrister can provide counsel on. Fascinatingly, a barrister who is a specialist on tax matters can provide advice on clients tax liabilities with various departments of HMRC including under codes of practice 8 (tax avoidance) and 9 (civil investigation of fraud).
Some tax barristers have experience with structuring fund products, listed and private funds (including venture capital), investments by funds and financial institutions, debt investments, group restructurings, M&A transactions, real estate investments and internationally mobile employees. Some tax barristers are highly regarded for their expertise in international tax matters. The cases that tax barristers are involved in often have international dimensions, jurisdictional issues and reputational risks. Knowledgeable tax barristers may act on behalf of members of the armed forces and the police and be accredited High Cost Case panel advocates. All professionals involved with Domicile Advice have a duty to be confidential.
A tax barrister has significantly more experience, knowledge, and insight that someone not trained in the areas of income taxes and tax reduction. Even accountants who make their living wrestling into submission some of the more arcane rules of HM Revenue & Customs say that the UK tax code is the longest in the world and should be simplified. This is usually when opposing yet another attempt to close a loophole they sell to their clients. It will generally be useful for someone who is seeking tax counsel’s assistance to have a sound level of tax technical knowledge. However, this is not invariably the case. In addition to dispensing incisive advice, accomplished tax barristers can appear in contentious proceedings. Taxpayers should prepare their return each year's return as if they were expecting an audit. Adequate and contemporaneous business documentation is critical. Losing track of basis will eventually result in double taxation. Taking on Tax Barrister can help sort out your financial woes.
Salary Sacrifice is something that a pensions specialist barrister can provide advice on. Appealing penalties and surcharges for individual tax affairs are an area of HMRC tax investigations that tax barristers can assist with. Tax barristers must not only have the ability to translate and implement complex tax legislation, but must also be able to advise on how to structure deals in a legitimate and tax-efficient way to avoid conflict with, and potential penalties imposed by HMRC. Some of the top tax barristers have extensive experience of both direct and indirect taxes and of the related company, securities and trust laws. A seasoned tax barristers expertise may involve the application of multiple dwellings relief to SDLT, in particular with regard to student accommodation. The opinion of a Pensions Advice service should be sort if clarification of the finer issues are required.
Some clients may be of the view that tax counsel should only be instructed when there are very large sums of money at stake. Regardless of training, tax advisors are well-versed and up-to-date in matters of tax law and both IRS and state tax guidelines. A tax barrister advises on rules applying to exempt and zero rated supplies, place of supply of services and goods, place of establishment, the cross-border movement of goods in the EU and third countries, and the recovery of VAT incurred in the EU. A tax advisor is a financial professional who provides advice on strategies to minimize taxes owed while staying within the scope of the law and regulation. Many barristers, solicitors and lawyers advise high net worth individuals, hedge funds, banks, and owner managed businesses, and deal successfully with HM Revenue & Customs enquiries. Professional help by any Inheritance Tax Advice service will provide value for money.
Tax barristers undertake a high proportion of work in relation to tax planning for individuals, trusts and estates, covering all inheritance tax, capital gains tax, income tax and SDLT issues. Some tax barristers have expertise in challenging the most serious HMRC disputes or tax investigations, disclosing fraudulent conduct or negotiating a settlement of a tax liability. A barrister that specialises in property tax can offer support and guidance in reclaiming overpaid SDLT from HMRC, as well as managing all correspondence in HMRC investigations for SDLT evasion and avoidance, and processing appeals against HMRC. Get additional particulars appertaining to London Tax Barristers in this article.