{"id":673,"date":"2015-03-03T13:23:46","date_gmt":"2015-03-03T13:23:46","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=673"},"modified":"2015-03-03T13:23:46","modified_gmt":"2015-03-03T13:23:46","slug":"barrister-incorporation-change-will-have-major-tax-implications","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/barrister-incorporation-change-will-have-major-tax-implications\/","title":{"rendered":"Barrister incorporation change will have major tax implications"},"content":{"rendered":"<p>In November 2014, the Bar Standards Board (BSB) announced that its application to regulate entities had been approved by the Legal Standards Board.<!--more--><\/p>\n<p>Following the approval, the BSB will be able to regulate organisations owned and managed by barristers and other lawyers.<\/p>\n<p>The authorisation application process for those entities owned and managed by authorised individuals has been open since 5<sup>th<\/sup> January 2015, though authorisation decisions will only be made from April 2015.<\/p>\n<p>Due to the advantages surrounding incorporation \u2013 such as tax benefits and limited liability status that keeps private assets separate from a company and its potential debts \u2013 many businesses have chosen to operate as a limited company.<\/p>\n<p>Barristers and those affected will also be able to maintain the traditional chambers structure by including the limited company as a member of chambers.<\/p>\n<p>However, there are disadvantages to incorporation \u2013 increased costs, specific existing circumstances being affected, increased regulation and tighter deadlines are just some of the major factors that should be considered beforehand.<\/p>\n<p>Tax advantages will appeal to some barristers at a certain income level, but these advantages may be temporary and will be subject to changes in Government policies.<\/p>\n<p>Barristers intending to go through the process of incorporation have been urged to seek further guidance to ensure that the changeover is efficiently managed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In November 2014, the Bar Standards Board (BSB) announced that its application to regulate entities had been approved by the Legal Standards Board.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/673"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=673"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/673\/revisions"}],"predecessor-version":[{"id":674,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/673\/revisions\/674"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}