The IP Regulator (IPReg ) charges its fees for the calender year and the requests for payment are just going out. For an individual on both registers the fee was £250. There is also an entity fee. See the Practice Fee Regulations which is a £100 for a SOLO entity but if you paid before the rules were established was £500.
Legal Professional Privilege is the only point. If you are happy that communications between you and your client can be disclosed in any subsequent litigation then it does not matter. Howver if your practice is likely to involve giving frank advice as to infringment risks and freedom to operate you might want to keep your privilege. One solution that some members have employed is to act as a consultant to a law firm when working on anything contentious.
The image is in the public domain and has the tag "privilege" which could well be the name of a club in Ibiza. It is quite definitely NOT an image of the IP Regulator.