If you’ve spent any time analysing Specialised Tax Barristers in the preceding weeks, you have potentially realised what a minefield the concept can be.
With a long established background in tax litigation, some barristers have established a formidable reputation in cases involving disputes in direct and indirect tax appeals. The disputes span the full spectrum of tax litigation before the First-tier Tribunal (Tax Chamber), Upper Tribunal (Tax and Chancery Chamber) and Court of Appeal. Many tax barristers discuss amongst themselves difficult points of law and thus are able to offer accurate, practical and insightful tax advice. When instructing a barrister, your first point of contact will be a member of a clerking team. Senior Clerks, Senior Practice Manager and Practice Managers usually possess knowledge of the specialist practices of each member of chambers. Residency and domicile tax investigations are an area of HMRC tax investigations that tax barristers can assist with. Tax barristers can provide advice on the rules and changes for claiming capital allowances on second hand properties to optimise relief. There are lots of stereotypes surrounding tax. It sounds very boring, but then again so are lots of things that are difficult to understand. To be clear, this area of law is often reserved for the most analytical of aspiring lawyers.
Tax barristers can assist by providing you with a bespoke tax solution. They can guide you through the minefield of ever-increasingly complex tax legislation, littered with compliance and due diligence traps. Many individuals, from time to time, find themselves in a dispute with the HMRC regarding their tax affairs. This can often be a disagreement about the scope and size of a tax liability, but quite often there will be an issue as to whether or not the liability should exist in the first place. Tax barristers deliver deep knowledge of business tax and statutory requirements as well as a breadth of experience applying them in practice worldwide. Most barristers are self-employed, but work in groups in what are known as "sets" of barristers' chambers, sharing premises and support services. The opinion of a Tax Barrister service should be sort if clarification of the finer issues are required.
When instructing tax counsel, do not be afraid to suggest your own tax analysis. A pension barrister can give opinion on an enhanced transfer value exercise where members are offered the chance to transfer out of the scheme, so that the overall liabilities of the scheme can be reduced. Pension law involves a lot of complicated legislation, especially if you have an international element to your business. Identifying and solving pension issues early can save your business and your pension scheme a great deal of time and money. Professional tax barristers provide assistance during tax audits. Many tax professionals have specific and leading edge practices in finance, private equity, transfer pricing and cross-border planning, investment funds, real estate taxation and dispute resolution. Taking on Domicile Advice can help sort out your financial woes.
Some UK tax barristers are qualified to practice in New York, Canada, South Africa and the Republic of Ireland. Seasoned tax barristers advise on release from seizure. Self-invested personal pensions (SIPPs) and master trusts are areasthat a pension barrister will have experience in. Property funds including land pooling (Jenkins v Brown situations) and segregations is an area of expertise for a tax barrister. Tax barristers are in a position to draft correspondence for their clients with HMRC, but are currently prevented by professional rules from entering into direct correspondence. A Pensions Advice service will represent clients to determine the best fit for their needs.
It really is essential to comply with court orders. Most junior barristers are only too familiar with having to make an application for relief from sanctions imposed due to failure to comply with an order of the court. As tax barristers do not have a continuing relationship with the lay client, they are able to take a detached view; they do not need to feel embarrassed in giving frank, if unpalatable advice, and the client is usually more prepared to accept such advice from a barrister than he is from his own solicitor or accountant. A fundamental principle which has traditionally governed the relationship between a professional and their client is confidentiality. Chambers can draw together teams of barristers who range from experienced silks to the more recently qualified barristers, to offer a comprehensive and cost-effective service, combining strong analytical, advisory and advocacy skills with pragmatism and approachability. Guidance also available on the application of Entrepreneurs’ Relief and other business asset reliefs, such as hold-over relief to ensure that when an asset is disposed of, all relevant reliefs and allowances are claimed. Specialist assistance for Inheritance Tax Advice should be sought whenever required.
Pension focused barristers provide advice and representation to pension administrators on the provisions of Finance Act 2004 and the pension regulations in relation to payments to and from pensions and the tax implications of actions by the trustees and administrators. Experienced are used to working closely with property clients on a wide variety of matters - including acquisitions, disposals, joint ventures and re-organisations. A barrister who is an expert on tax matters can provide advice to clients on the annual tax on enveloped dwellings. One can uncover additional insights regarding Specialised Tax Barristers on this link.