Ascot Drummond offers a comprehensive range of accountancy packages
designed to meet the specific needs of the Bar. Ranging from fixed-fee
packages to fully outsourced accounting services. Whether you are
self employed barrister, advocate or clerk or a chambers seeking accountancy
support for your service company, we have a solution for you.
Like most accountants we seek to build long
term relationships with our clients. Unlike other accountants
we put our money where our mouth is, by rewarding client loyalty
with a cumulative discount on our standard fee tariff.
For more information download
the terms & conditions.
Structure and Type of Business
At Ascot Drummond we understand the nature of the business structures
currently operating within the Bar. Our services are therefore focused
on the needs of the self employed and the various sets that are making
use corporate vehicles. We acknowledge that the Bar Standards Board
has recently relaxed the rules prohibiting partnerships; however we
do not believe there is any appetite within the Bar for the establishment
of partnerships. Consequently, whilst we can support partnerships
we have chosen not to include partnerships within our current bar
If you're registered as self-employed, every April HM Revenue Customs
(HMRC) will send you a tax return or a letter telling you to file
online. This relates to the previous tax year, from 6 April to the
following 5 April. If you receive a tax return, HMRC will always send
you the core pages of the tax return - forms SA100 and SA101. You
may also have to fill in some supplementary pages, depending on your
circumstances. For example:
- As a self-employed person you'll need to complete either page
SA103S (if your billing is below £68,000) or SA103F (if your billing
was £68,000 or more).
- You may need page SA102 if you also work as an employee.
It's best to complete and send back your tax return online. Online
filing is secure and accurate and the software automatically calculates
your tax. You also get an immediate acknowledgement when HMRC receives
your tax return and faster repayment.
You must normally keep your business records for five more years after
the normal filing deadline of 31 January. This date applies even if
you've sent in a paper tax return.
You may need to keep them for longer if you send your tax return back
late or if HMRC tell you they are checking your tax return.
Click here for details on our fixed
fee packages for the self-employed.
A limited company is one of the ways that you can structure a business.
In contrast to other types of businesses for example sole traders
or partnerships; a limited company is a legal entity distinct from
its shareholders and directors. A limited company comes into existence
when it is registered at Companies House. It must file certain documents
with Companies House when first established and on an annual basis.
Companies House filing requirements are separate to what your company
needs to do for HMRC Corporation Tax purposes.
When you set up a new company you must advise HMRC whether your company
is liable for Corporation Tax and file a Company Tax Return for each
Corporation Tax accounting period. You must take these steps regardless
of whether your company will actually have any Corporation Tax to
pay. You will need to take these steps whether or not your company
is active or established as a not for profit company.
Click here for details on our
fixed fee packages corporate vehicles,
or find out about our accounts outsourcing