Seasoned tax specialists are able to advise on handling contested disputes with HMRC, where they strive to achieve an acceptable result short of litigation. Professional tax barristers advise on administrative judgments in tax matters. Any evidence of a failure to pay taxes or attempts to reduce or mask tax liability could have major consequences. Sanctions from HMRC can include financial or criminal penalties. What worked before may no longer work today. What might have been considered routine tax planning a decade ago may now be labelled unacceptable tax "avoidance" or even "evasion" by tax authorities, and businesses face both changes to tax laws and new criminal law obligations. Appearing regularly in the Tribunals and higher courts, gives the top tax barristers the advantage of having an intimate knowledge of court and tax Tribunal practice and procedure. Converting tax fraud prosecutions to civil proceedings where possible is a matter that a tax barrister can provide counsel on.
Tax experts have in-depth knowledge of all aspects of cross-border investment; the laws of multiple jurisdictions; and the use of offshore trusts and corporate structures for asset protection, privacy, security and how these issues relate to a business. 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. HM Revenue and Customs (HMRC) are one of the most powerful investigating bodies. They have the powers to open and conduct either a civil tax investigation or a HMRC criminal investigation where they suspect that tax or duty has been evaded, under-declared or underpaid, or that a tax fraud has taken place. Quite a few UK tax barristers are able to undertake tax arbitrations either as counsel or arbitrator. All professionals involved with Tax Barrister have a duty to be confidential.
If you have a tax plan, you should review your plan annually to measure your progress. A tax plan should identify your strategies, when you plan to implement the strategies, and what is the tax reduction you expect to achieve over the next year. Most barristers are self-employed and many work from sets of chambers which are simply their offices. Knowledgeable tax barristers advise their clients on complex cross-border compliance issues and work with professionals in other jurisdictions to provide a complete and efficient service. Many barristers will tell you that the Bar is a vocation, not just a job. Being a barrister can be immensely satisfying in that it offers an opportunity to provide the specialist knowledge that can assist a client in obtaining their desired result, and therefore make a real difference to their lives. To navigate the complexities of tax, barristers can work alongside their clients' existing teams of accountants, bankers, asset managers, trustees and family offices, devising and implementing the most robust and appropriate national and international tax strategies, legal structures and operational frameworks. Taking on Domicile Advice can help sort out your financial woes.
In most cases tax havens are better described as secrecy jurisdictions. They are places that intentionally create regulation for the primary benefit and use of those not resident in their geographical domain, that regulation being deliberately designed to undermine the legislation or regulation of another jurisdiction. A tax barrister can assist with tax compliance from the outset or on an ongoing basis with answers to queries in relation to new tax-related developments and tax policies and processes. Barristers give legal advice to clients and solicitors as well as representing people or organisations in court. We have lots of taxes and people don't always tell the truth about tax. Value Added Tax is dealt with by many tax barristers. VAT affects every area of commercial life and the European dimension is of growing significance. Moreover, the application of VAT in the property sector means that appropriate planning is essential Advisory services such as Pensions Advice are a common sight today.
Local And International
Tax barristers are often consulted on a second opinion basis by professional advisers who do not have any real doubt as to the answer to a problem. Some of the foremost tax barristers are highly recommended for their extensive experience of handling tax disputes, especially those involving VAT, PAYE and inheritance tax. Tax barristers handle tax planning for clients, making sure they understand the financial ramifications of purchases. A tax dispute expert will advise a range of domestic and international clients on all areas of potential and active tax disputes, both in the UK and internationally. As well as representing individuals, fiduciaries and corporate entities, they may act in relation to trusts and estates. To make sure tax barristers maintain their independence, they are not allowed to offer, promise or give gifts or referral fees to any client (or intermediary such as a solicitor), or to accept any money from a client or intermediary unless it is as payment for their professional work. As you may be aware, the best Inheritance Tax Advice service can give advice in relation to their area of knowledge.
Instructions delivered under Professional Client Access are accepted, unless otherwise agreed, on the basis of the General Terms and Conditions of Business (which are those agreed between the Commercial Bar Association and the City of London Law Society). Tax issues on corporate restructures or insolvency can be advised upon by a tax barrister. Some tax barristers have a background as a chartered accountant and can specialise in the areas of private client tax, tax investigations and tax disputes. Check out more details appertaining to UK Based Tax Barristers in this entry.