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Some tax barristers act on behalf of clients in resolving disputes with HM Revenue & Customs. Time-served barristers work with businesses to implement robust governance structures to manage risk and prevent disputes across the taxes. Tax planning and strategy roles traditionally have been among the most esteemed in the profession. These roles typically are led by tax barristers who are experts in particular areas of tax and are able to navigate complex rules in creating elaborate tax entity structures that result in financial benefit. Tax barristers advise in relation to all aspects of disguised remuneration challenge and settlement. They have an in-depth knowledge of so called disguised remuneration schemes and can assist clients with achieving substantially better settlement outcomes. A well-rounded tax barristers expertise may include giving stamp duty reserve tax advice. Tax lawyers who act for companies often work with other teams of lawyers as one aspect of a larger deal, as virtually all commercial transactions will include tax ramifications. Typical deals might include advising on the tax implications of a mergers and acquisitions, property deals, restructurings and all manner of finance such as funds, equity and debt.
Public interest in supposedly aggressive tax planning has led to political pressure on tax authorities to tackle perceived abuse and tax authorities utilise an increasingly wide range of artillery to pursue taxpayers and to plug the perceived "tax gap" wherever possible. Advice to both contractors and local authorities in relation to outsourcing and participation in the Local Government Pension Scheme is something that a pensions specialist barrister can do. Some tax barristers cut their teeth in-house with HM Customs & Excise and HM Revenue & Customs before moving to successful independent practice. Experienced barristers defend clients before the Tax Commissions, focusing particularly on the merit and legitimacy of the action. They assess possible alternatives and identify the best strategy for the litigation, including its impact on subsequent financial periods, the choices already made and any criminal aspects. Specialist assistance for Pensions Advice should be sought whenever required.
The advisory side of a tax barrister's practice can include giving opinion on property taxation and SDLT. Most of barristers are ‘members’ of Chambers. Members pay a levy to practise out of Chambers with a central staff team who provide administrative, IT and marketing support and manage their diaries. A barrister may sometimes appear, or be instructed to appear, in the courts or tribunals of a foreign jurisdiction as an expert witness. Many parts of the UK tax system seem to lack a rational base. Conflicting objectives are pursued at random; and even particular objectives are pursued in contradictory ways. Should there be a dispute between HMRC and a taxpayer, a tax barrister will have significant experience in managing and litigating tax appeals and can provide strategic, technical and procedural assistance from the moment an assessment or decision is received through to the final appeal hearing or settlement negotiations. Any Domicile Advice service will not reveal what he or she has been told to anyone else.
Barristers can act for personal representatives and others in relation to post-death variations, and on issues such as domicile, agricultural and business property relief, and the valuation of assets. 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. Whatever the size of your business, you'll know that managing your corporate tax compliance obligations is becoming increasingly difficult and costly. Specialists can advise international business owners on how to achieve the most efficient use of their businesses to return value to shareholders wherever they are resident. Converting tax fraud prosecutions to civil proceedings where possible is a matter that a tax barrister can provide counsel on. As you may be aware, the best Tax Barrister service can give advice in relation to their area of knowledge.
Some tax barristers working at the cutting edge of technology are involved in projects concerning the taxation of cryptocurrencies and NFTs. A tax barrister may assist global companies with the extension of their share plan arrangements into multiple jurisdictions. To be a barrister it is necessary to be a member of one of the four Inns of Court (Inner Temple, Middle Temple, Lincoln’s Inn, and Gray’s Inn). Barristers are a specialist “referral” profession, meaning that they are usually engaged through a solicitor or accountant (like a consultant or surgeon is engaged through a GP). It is usually the case that members of the public must instruct a barrister through a solicitor or accountant but some specially qualified barristers can take instructions direct from members of the public. This is known as “Public Access” . A few United Kingdom tax barristers provide advice on all aspects of UK corporate and private taxation, including offshore trusts/structures, estate planning and back-duty claims. A Inheritance Tax Advice service will represent clients to determine the best fit for their needs.
In some common law countries, such as New Zealand and some regions of Australia, lawyers are entitled to practise both as barristers and solicitors, but it remains a separate system of qualification to practise exclusively as a barrister. In others, such as the United States, the barrister–solicitor distinction does not exist at all. From corporation taxes and value-added tax to transfer taxes, tax professionals have the knowledge and experience to deliver the tax solution their clients need to ensure their business operates efficiently and compliantly. For businesses, there are corporation taxes, employment tax and business rates to local authorities. A tax barrister can advise you on the sales of taxes and duties such as council tax and give you the relevant information to sort your finances. Find extra info on the topic of Expert UK Tax Barristers in this page.