BSB, Regulated, Entities,Barrister,Incorporation

Bar Squared

Tel: +44 (0) 116 272 5000

28 Jan2015

BSB Regulated Entities

Helen Ford

Following a long consultation process, the BSB (Bar Standards Board) has been approved by the LSB (Legal Standards Board) as a regulator of ‘Legal Entities’, as well as Barristers. This change has paved the way for Barristers to incorporate (i.e. register as ‘Companies’) in their own right, or do so with other approved bodies, and enjoy the significant tax/liability limitation advantages that Companies have over those who are Self-Employed.

On the 1st January 2015, the BSB began to take applications from Barristers wishing to ‘incorporate’. It is anticipated that the BSB will begin authorising applications in April this year.

LEX Chambers Management will require some modification in order to meet the requirements of a Limited Company.

  • Fields will be made available in which to store the company name, registration number and the registered address. This information has to be included on all billing documents produced on behalf of the limited company.
  • Amendments will be made to enable each barrister/limited entity to store their own invoice templates (currently templates can be varied by case or funding type only). If a barrister/limited entity template is not found, LEX will continue to use the existing templates.
  • The Payment Summary Report has traditionally been the source from which VAT Returns have been completed as VAT is due on receipt of payment . However, as VAT may become due for payment on the date that a bill is printed, rather than the date upon which payment is received (turnover of the limited entity will determine whether or not this is the case), a VAT Return Report will be introduced in addition for use by incorporated entities.
  • In addition, there will be other administrative tasks required by chambers administrators, e.g. the transfer of outstanding fees to the new incorporated entity, a change in the billing process from generating fee notes to producing invoices and the preparation of HMCE Returns by your accountant on cessation of sole trader status.

We strongly recommend you seek advice from your accountant at the earliest opportunity should any of your barristers be considering incorporation and would ask that you also register with our Helpdesk in order that we are able to estimate resource requirements for training and configuration.

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BSB, Regulated, Entities,Barrister,Incorporation