Over the past few months we have been working with a steering committee
of chambers representatives, accountants, accounting software vendors
and Bar Stat to discuss the requirement for barristers to keep digital records
and submit VAT returns using compatible software from 1 April 2019.
As you are no doubt aware, the data required by barristers to
complete their VAT returns comes from several sources –
LEX for income, by chambers generating monthly recharge invoices
and by recording items of income and out of pocket expenses
incurred by the barristers themselves.
We are working together to offer solutions that will deliver LEX
payment data in a number of formats that can easily be imported into
compatible accounting software e.g. Xero, SAGE and Quickbooks.
We will be hosting seminars with these partners to demonstrate
the options available over the next couple of months.
These options will not necessitate any change in chambers
accounting software, but barristers will need to consider
which compatible software they wish to use.
We’ll keep you posted!