Miscellaneous 3 Flashcards
What are the laws of the CIOT and ATT?
CCAB Anti Money Laundering Guidance
PII and CPD regulations
True or false, members who receive an honorarium of £5000 per annum are always required to hold PII?
True
Which regulations make up part of the Data Protection Legislation in the UK?
Data Protection Act 2018
General Data Protection Regulation
Information Commissioner’s Office Guidelines
How might a member find themselves in a situation that threatens their compliance with PRPG and the fundamental principles?
by discovering matter or being put under pressure to act against professional standards or to act contrary to law/legislation
True or false, the Royal Institution of Chartered Surveyors (RICS) and the Council for Licenced Conveyancers (CLC) are allowed to give advice on regulated investment business activates?
True
True or false, the American Institute of Pubic Accountants (CPA) and the Chartered Institute of Public Finance and Accountancy (CIPFA) are allowed to give advice on regulated investment business activates?
False
What should an employer do if they provide tax return services to their employees which they contract to their tax advisers?
The engagements can be covered in the employer’s EL but the employees must sign the letter
True or false, a separate interest bearing account should be set up for a client for a tax refund which will be paid to the client in 40 days time?
True
True or false, a member must keep records of the number of hours of CPD attained?
False
True or false, documents prepared for the purpose of giving legal advice give rise to legal privilege even though the adviser is not a qualified lawyer?
False
What should a member bear in mind when considering the form in which to present advice to a client on a particular transaction?
The importance of the transaction
The tax sophistication of the client
What factors should be considered when choosing a reasonable notice period to cease to act?
Work currently in progress
Any deadline approaching
Complexity of any necessary handover to a new adviser
Where a conflict of interest arises because it transpires that a tax adviser has indirect financial involvement with a client through a family member, what is the safest course of action for a tax adviser in doubt as to how to proceed?
Cease to act for the client
How should charging contingent fees be dealt with?
- Should be a clause in the EL detailing, if at all, when any part of the fee might become repayable
- The member should check whether any legal or regulatory restrictions apply to any proposed contingent fee
When can disclosure of confidential material in a member’s own interest be made?
Where it is considered adequate, relevant and reasonably necessary and in the administration of justice
