Chapter 21-23 Flashcards
what should firms have policies on?
cyber security, AML and GDPR
what should a member do with suspicious emails?
forward to phishing@hmrc.gsi.gov.uk and then delete them
what should a member act in good faith with regards to?
in their dealings with hmrc (in line with the principle of integrity)
what should a member take reasonable care to ensure?
that info provided to hmrc is not misleading nor incorrect
is there a concept of materiality for tax
no
what should fuller disclosure only be made with?
the clients consent
when should additional disclosure be considered?
there is inherent doubt as to the correct treatment of an item, client proposes to adopt a different view to HMRC
when might an attachment be made to a tax filing?
where they need to supply more details but cant utilise the whitespace
what will the tribunal and courts apply?
the law-even if it conflicts with hmrc guidance
when is a judical review claim possible?
if HMRC guidance has been relied on and HMRC then disagrees
what should be drawn to clients attention?
any judegemental areas or positions before mkaing the filing
what should be considered when submitting a return on behalf of a client?
do they have legal authority to do so, do they need power of attorney, legal implications, what is the process for client reviewing and taking responsibility for the return
what should there be if they hold client monies?
an alternate to ensure a minimum amount of disruption in the event of the incapacity or death of the sole practitioner
What should members draw their clients attention to?
where law is material uncertain-e.g because hmrc take different views
what must a disclosure not rely on?
HMRC having less than the relevant facts-any disclosure must fairly represent all relevant facts
where there is uncertainty as to whether tax planning is in breach of the standard?
the member should document enough to be able to demonstrate why they took a view they were not in breach, include in their client advice an assessment of risks and uncertainties and assessment of disclosures to be made in case of hmrc enquireis.
most convincing way of demonstrating compliance with the principles after the event?
notes taken on timely basis
when should you NOT introduce an arrangement to a client?
if the promoter is subject to a monitoring notice within the POTAS regime
what should u consider very carefully
introducing a client to a planning scheme if you are unsure of its effectiveness
must you disclose commission received for referring to a tax planning arrangement?
yes
can you get commission if asked to give a second opintion on another adviser’s tax planning arrangement?
NO-it would compromise objectivity
what is including in the helpsheet on errors?
establishing the errors, whether client authorisation is needed to disclose an error and actions where a client refuses to disclose
what does errors include
made by client, the member, HMRC or any other party involved
when should a client be informed of an error
as soon as they are identified
