Chapter 1 & 2 Flashcards
What does PCRT stand for?
Profession Conduct in relation to taxation
What does PRPG stand for?
Professional Rules and Practical Guidelines
What does TDB stand for?
Tax disciplinary board Limited
What does PRPG set out?
The fundamental principles and rules together with related guidance which member must comply with
Provides framework for members to exercise professional judgement
A member must always comply with what 5 fundamental principles?
- Integrity - be straightforward & honest
- Objectivity - not allow any bias / influence
- Professional competence and due care - maintain professional knowledge
- Confidentiality
- Professional behaviour - comply with relevant laws & regulations
Describe the principle integrity
Must be honest with their professional work.
Must not engage in illegal activity
Make sure client’s money = accounted for
Must not obtain professional work in an unprofessional manner
Describe the principle Objectivity
Not allow bias, conflict of interest or undue influence of others to override professional or business judgements
Describe the principle Professional competence and due care
A member must carry out their professional work with proper regard for the technical and professional standards expected
Describe the principle confidentiality
Owes a duty of confidentiality to their client or employer
Describe the principle professional behaviour
A member must:
• Uphold professional standards
• Take due care in their professional conduct & dealings
A member must NOT:
• Performs professional work incorrectly / improperly etc
• Breach laws of CIOT or ATT
• Conduct themselves in an unbefitting, unlawful or illegal manner (including personal, private capacity)
How can a practice protect their clients, their practice and themselves?
By having Professional indemnity insurance (PII)
What does PCRT stand for? and describe
Professional conduct in relation to taxation - a member must conduct their tax work in accordance with PCRT
What does CPD stand for? and describe
Continuing professional development
Important members keep up to date in relation to statute & law cases (doesn’t apply to students)
How long does a member of the CIOT or ATT have to notify CIOT and ATT if arrested in suspicion of / charged with / Convicted of a criminal offence?
2 months
How long does a member have to notify CIOT or ATT if: notified of disciplinary action / misconduct / disqualified as director / received a dishonest tax agent conduct?
2 months
