The legal sector, together with the accountancy sector, has contributed £15.5bn in tax last year, which represents 2.5 per cent of all UK tax receipts. According to the new report by TheCityUK, the total contribution is the equivalent to annual government spending on policing services.
Miles Celic, chief executive officer at TheCityUK, says: “Factors such as the vote to leave the EU, the accelerating pace of technological and demographic change are transforming the financial and related professional services ecosystem. In this context, the data generated by this study, which highlights the contribution made by the legal and accounting activities sector to the UK public finances, will be an important contribution to informing public policy decisions.”
Whether you are in business as an individual or as a corporate, you will want to ensure that you pay no more tax than you are legally bound to do.
Our experts at Beavis Morgan work closely with solicitors and barristers, assisting sole practitioners, through to large London-based firms and chambers. Our services are tailored according to each specific requirement and objective, always seeking opportunities to enhance wealth accumulation and succession planning, and ultimately reduce the tax bill. In addition, we can look ahead to retirement and inheritance tax planning.
Our partners are readily available and committed to supporting fellow professionals.
If you would like to discuss any aspect of your tax affairs, please get in touch with us. Our experts at Beavis Morgan will guide you through the tax maze and help you with bespoke solutions.
For personal or corporate tax planning advice, please contact Alan Ford. Alternatively, please get in touch with your usual Beavis Morgan Partner.
We are also regular contributors to Barrister Magazine and the Barrister Lifestyle Blog, providing expert commentary on topical issues relevant to barristers and the legal profession as a whole.