Chapter 16&17 Flashcards
is CPD for pro bono work needed?
if they are using their designations (e.g CTA), if they dont want to use these then dont need to do the CPD BUT should still think about whether it is a good idea
do retired members need to do CPD?
No
what does CPD seek to ensure?
protection of the public, protection of reputation of CIOT, ATT, ADIT and tax professions, protection of the member’s professional standing
what does the CPD yea r run from?
1 Jan to 31 December. records must be kept from the current year plus a minimum of the 3 previous complete calendar years
failure to meet cpd requirements could be referred to?
TDB
who does not need to do cpd?
honorary members
3 steps to CPD?
planning, undertaking CPD, outcome of CPD
as a minimum, the CPD record must show?
the date the CPD was undertaken, details of learning or activity and why the level of CPD undertaken is appropriate
does a member have to undertake CPD when they are temporarily not working?
they may suspend it BUT the CIOT and ATT encourage them to keep up to date
is CPD level reduced if someone is only working part time?
No-might even need to do more (!)
for work to be pro bono ….
a ‘gift in kind’ associated with the work must be less than £100
what does pro bono work not include?
services provided by a firm at no charge as part of business development or other commercial initiative
what is the territorial scope of the PII regulations?
members in practice based in the UK and members in practice based in any other country providing services to clients based in the UK
who must hold PII
the firm
pro bono and pii
dont have to have it but should consider if it will be beneficial
pii and members working as subcontractors?
ensure firm holds PII unless written confirmation that:
it has named the subcontractor on its own PII and the insurer has waived its right to subrogation in relation to the subcontractor
if a firm is outside uk and cant get cover for their UK based clients?
must obtain the nearest equivalent cover in the place they are situated and be transparent with their clients about the level of PII in place
annual minimum limit of liability for each and every claim?
1million
where firms gross fee income is less than 400,000?
annual minimum limit for each and every claim is the greater of: 2.5 x gross fee income and 100,000
can the insurance policy include and excess?
yes provided that it does not exceed 30k per principal (may be calculated on a group basis)
if a member in practice is unable to get cover?
should notify ATT/CIOT as soon as possible
how long should pii be in place for after ceasing to be in practice?
not less than 6 years
failure to comply with pii stuff may lead to referral to?
TDB
how is gross fee income calculated for p11 purposes?
professional fees (net of VAT), disbursements and all other income earned in respect of and in question of business during the accounting year immediately preceding the year in question
