What do I need to know about the legal aspects of taxation?
“In this world, nothing can be said to be certain except death and taxes.” So said Benjamin Franklin in 1789, and more than 225 years later, taxes are still part of everyone’s lives. What is certain is that taxes are complicated and becoming more so as governments look for ever more ways of taxing their citizens and corporations.
If you have any questions about your tax position, whether as an individual or in your corporate business, we can connect you with a barrister who is an expert on tax matters. Your barrister will help make sure you are paying the correct amount of tax and will advise you on any legal issues to do with your tax affairs.
Your barrister can also advise you on:
- how best to manage your tax position following a divorce
- issues of tax residence for immigrants and on domicile matters
- tax enquiries, tax appeals and representation at tax hearings
- how best to structure a sale or purchase of a business (e.g. whether a sale benefits from entrepreneurs’ relief)
- setting up trusts to minimise tax, as well as providing for your children and successors
What are the different taxes?
Individuals have to pay the following taxes:
- Income tax, which includes applicable levels of personal allowances and National Insurance Contributions (NICs)
- Capital Gains Tax (CGT), payable on profits made on the sale of property (except your main home), your business and investments
- Stamp Duty Land Tax (SDLT), payable when selling a property
- Inheritance tax (IHT), the tax charged on your estate when you die.
There are certain exemptions from paying tax, such as income and interest earned from UK government bonds, National Savings and Investments and Premium Bonds, Individual Savings Accounts (“ISAs”), and contributions towards pensions.
For businesses, the principal taxes payable are:
- Corporation tax
- Employment-related tax, including Pay As You Earn (PAYE) and National Insurance Contributions (NICs)
- Business rates, payable to Local Authorities
Your barrister can also advise on sales taxes and duties, such as Council Tax, Value Added Tax (VAT), Excise Duty and other taxes such as Road Tax.
If you have a dispute with HMRC over how much tax you have paid, or they claim you owe, your barrister will be able to advised you in any investigation and represent you at the First-tier Tax Tribunal or Upper Tribunal.
Why should I choose a barrister?
Whether you are an individual needing advice on the legal aspects of your taxes, or a business requiring legal expertise on taxation, a barrister expert in taxation is your best adviser. Barristers are experts in the law, are best placed to advise on the right course of action should you be in dispute over the tax you pay and will argue your case to the highest standard in any tribunal or court.
Who is the best barrister for me?
If you need expert advice on your taxation, choose a barrister on myBarrister. Barristers will provide you with guidance so you that you know where you stand and can take the right decisions about what to do next. We can put you in touch with a barrister who can advise you on any proceedings that you need to take or defend.