Advising on tax? You have duties to the HMRC too!
Information given to HMRC must be complete and accurate
Not declaring taxable income
Claiming unentitled reliefs
Not notifying HMRC of their mistakes re under payment of tax etc
If the client commits an offence - you need to decide if it was an error or fraud
You then explain to the client that they should disclose the error to the HMRC
If the client won't disclose still - then you must stop representing the client and disclose matters to HMRC if it's in the public interest or you think there might be money laundering
Professional and ethical guidance
Accountants often act for taxpayers in dealings with HMRC.
Their duties and responsibilities should be towards both clients and HMRC
The accountant must uphold standards of the ACCA that is
To adopt an ethical approach to work, employers and clients
Acknowledge the professional duty to society as a whole
Maintain an objective outlook
Provided professional high standards of service, conduct and performance at all times.
The ACCA “Code of Ethics and Conduct”
The ACCA “Code of Ethics and Conduct” sets out five fundamental principles which members should adhere to meet these expectations, namely:
Professional competence and due care