Chapter 11-15 Flashcards
What should be included in the LOE?
Retention policy
what should be considered when deciding retention?
data protection (‘should be held for as long as necessary’),periods of retention required by law (2017 regulations say personal data must be destroyed 5 yrs after end of business relaitonship), if needed as evidence/needed for tax returns/needed to support work.
accounting records for a private company?
3 yrs (CA 06)
accounting records for public company?
6 yrs (CA 06)
payroll records
6 yrs and current yr (TX management act 1970)
income tax records for ee who has left
6 yrs (TX MA)
VAT records
6 yrs (10 if MOSS), VAT act 1994
tax records of person sole trader etc
5 yrs following 31 jan (TMA 1970)
BUT PRPG retention recommendation?
minimum of 7 yrs, for purchase of sale shares records should be 30 yrs, and relating to an option to tax a building should be 20 yrs
What can a lien not exist over?
books or documents that by statute have to be available for public inspection or VAT records of any business (excluding photocopies)
what is a reserved instrument activity?
the drafting of particular legal documents
what must advertisements/promotions not discredit?
services offered by others
what are the principles of the advertising standards authority code
legality, decency, clarity, honesty, truthfulness
what should advertisements be clear of?
that they are advertisements
can CIOT/ATT coats of arms be used in advertisements?
NO-but the logo can be used with the CIOTs permission
are members working in industry within scope of CPD
yes
