Business management

Tax for sole practitioners

The SRA Handbook (version 21) was replaced by the SRA Standards and Regulations on, and with effect from, 25 November 2019.

This practice note will shortly be updated to reflect the introduction of the SRA Standards and Regulations. Until then, you are advised to check any references in the practice note to the current Handbook against the new Standards and Regulations to ensure that you are aware of the up-to-date position on all issues to which the practice note refers.

This practice note aims to provide general guidance on tax matters to help solicitors keep their tax affairs in order.

It explains some recently introduced schemes, such as cash basis accounting and simplified expenses, which are intended to simplify tax returns for the self-employed.

This practice note is the Law Society’s view of good practice in this area, and is not legal advice. For more information see the legal status.