Professional accountants have to act in as well as considering their or . 'Code of Conduct' requires professional accountants to comply with fundamental principles

One ethical principle of 'Code of Conduct' is . This means to be & in all professional & business relationships

Integrity also involves applying dealing & , so should not be associated with information that: contains materially or statement, contains statements or information furnished & or information required to be included where such or would be misleading

Another ethical principle of 'Code of Conduct' is . This means to comply with relevant & & avoid any action that profession

Professional behaviour also involves actions which & third party, having knowledge of all information, would conclude affects good reputation of profession. Also, professional accountants shall conduct themselves with & towards all with whom they come into contact & shall not: make claims for services they are able to offer, qualifications they possess, or experience they have gained & make references or comparisons to work of others

Third ethical principle of 'Code of Conduct' is or . This means to maintain professional & at level required to ensure or receive competent professional services based on current in practice, legislation & techniques & act & in accordance with applicable technical & professional

Professional competence or due care also involves continuing professional development (CPD) as it is required to & capabilities to perform within professional environment. of accountant's professional services should be made aware of any in those services

Fourth ethical principle of 'Code of Conduct' is . This means to not allow , conflict of or undue of others. Professional accountant shall not perform professional service if circumstance or relationship or unduly accountant's professional with respect to that service

Fourth ethical principle of 'Code of Conduct' is . This means to respect of information acquired as result of professional & business relationships & therefore not any such information to without proper & specific unless there is legal or professional right or duty to , nor use information for advantage of professional accountant or third parties

Confidentiality includes environment, eg, close business or close or immediate , confidentiality of information within , confidentiality of information disclosed by prospective or & confidentiality continues even after end of relationships between & or

One threat to ethical principle is . This means that or other will inappropriately influence professional accountant’s or

Another threat to ethical principle is . This means that professional accountant will not appropriately results of previous made or activity or service performed by professional accountant, or by another within professional accountant’s or employing , on which accountant will when forming judgment as part of performing current or providing current

Third threat to ethical principle is . This means that professional accountant will promote or position to point that professional accountant’s is compromised

Fourth threat to ethical principle is . This means that due to or relationship with or , professional accountant will be too sympathetic to their or too of their work

Fifth threat to ethical principle is . This means that professional accountant will be from acting because of actual or perceived , including attempts to exercise undue over professional accountant

Safeguards are or other that may eliminate or reduce them to an level

Two safeguards created by profession, legislation or regulation are: , & requirements for into profession & continuing requirements

Another two safeguards created by profession, legislation or regulation are: &

Final two safeguards created by profession, legislation or regulation are: professional or regulatory & disciplinary & external by legally empowered third party of , , or produced by professional accountant

Conflict resolution process should take into account: relevant , relevant , involved, that apply to matter in question, established & alternative courses of

Professional accountant may disclose confidential information if: disclosure is permitted by & is authorised by or , disclosure is required by , e.g. under legislation & there is professional or right to disclose, when not prohibited by e.g. to comply with review by professional or , or to protect professional of professional accountant in proceedings

Two factors professional accountants should consider in deciding whether to disclose confidential information are whether of all parties, including third parties whose may be affected, could be if client or employer to disclosure of information by professional accountant & whether all relevant information is & , to extent it is practicable to do so

Another two factors professional accountants should consider in deciding whether to disclose confidential information are type of that is expected & to whom it is & whether parties to whom is addressed are appropriate

Final two factors professional accountants should consider in deciding whether to disclose confidential information are whether information is , for example under legal professional & legal & regulatory & possible of disclosure for professional accountant

Money laundering- Conceal, disguise, convert, transfer or remove or enter into or become concerned in an which they know or suspect facilitates acquisition, retention, use or control of by or on behalf of another person or it is acquiring, using or having possession of

Professional accountants are obliged by law to report of .
Accountancy firms have (MLRO). MLRO must then decide whether to submit (SAR) to (NCA)

Tax avoidance is (but can be considered ) while tax evasion is

Tax evasion is seeking to pay tax than is due by misleading or it is information to which is entitled or it is providing with information

Tax avoidance is not , but it is any method to tax burden. It is not always be at saving tax. legislation is introduced to close legal '' which taxpayers make use of. They have recently introduced certain schemes must be disclosed to HMRC. have struck down some planning schemes by ignoring elements of which have no purpose. Also, (GAAR) has been introduced to enable tax avoidance arrangements to be challenged

Penalties depend upon the taxpayer’s which could be (didn't take ) or but not ( return but taxpayer has done to it) or & ( return & taxpayer has done something to it)

Causes of penalties include: failure to notify of , failure to , , , & failure to keep

For penalty to be charged inaccurate return must have led to: an of taxpayer’s tax or false or increased for taxpayer or false or increased of to taxpayer

HMRC has certain powers to undertake . Therefore, they can certain income tax or corporation tax at random or for particular reason. They can check those returns in . They can also make of tax due within 3 dates of statutory filing date if taxpayer does not send in . This is treated as . Also, HMRC can make if they think taxpayer has not declared amount of income or profit. Reason for discovery assessments is that taxpayer has made an disclosure resulting in of tax. TIme limits are if it wasn't due to carelss or deliberate behaviour, HMRC have years in order to raise discovery assessment but if it is due to careless behaviour that is extended to years & if due to deliberate behaviour they can go back for years to assess tax which has not been declared correctly

Taxpayers can appeal against & . It has to be made in writing within days of relevant & must specify for appeal

HMRC has powers as they can request & either informally from taxpayer or formally via written notice. Third party must have consent of either or . Also, they have powers as they can enter business of taxpayer whose liability is being checked to inspect