Our 7 guiding tax principles on advising clients on UK tax laws
We support a relationship with HM Revenue & Customs (HMRC) and regulatory bodies that is transparent and is based on mutual trust and respect, enabling constructive dialogue and engagement by all.
All our tax services are provided according to the following 7 tax principles.
1 Compliance with the relevant legal and regulatory requirements.
Building a vibrant economy requires compliance with legal and regulatory requirements. We act lawfully and honestly in our professional and business relationships and we expect the same behaviours from our people and clients.
2 Consideration of the potential reputational risk to our clients and/or ABS Accountancy Ltd when providing tax services.
We recognise that our reputation is as important to our clients as it is to us. When providing tax services, we act in a way that will not bring the tax profession or our brand into disrepute.
3 Strict adherences to the International Federation of Accountants and CIOT ‘Professional Conduct in Relation to Taxation’ (PCRT).
We strictly adhere to PCRT guidelines, particularly its fundamental principles: integrity, objectivity, professional competence and due care, confidentiality and professional behaviours.
4 In line with our purpose of building a vibrant economy, our clients are not advised to enter into arrangements that evade tax or that rely on an inability of any taxing authorities to collect tax.
We do not advise clients on tax arrangements which seek to evade tax, contain a dishonest intention not to pay the tax lawfully due or possess the elements of tax fraud. We are engaged with HMRC, professional bodies and other stakeholders to curb these sorts of behaviours, benefitting society as a result.
5 Compliance with the requirements of the General Anti-Abuse Rule (GAAR) and the Disclosure of Tax Avoidance Schemes’ (DOTAS) rules.
We comply with all applicable disclosure requirements, particularly the GAAR and DOTAS. We do not encourage or promote tax planning arrangements or structures that are contrary to Parliament’s intent or are artificial or contrived and seek to exploit shortcomings in the relevant legislation.
6 Clients are made aware that, although in their view (and ours) transactions or structures have both substance and commercial purpose, HMRC, or other taxing authorities, may form a contrary view which may result in an increased risk of challenge and failure.
As a purpose led business, we recognise that transactions or structures can have a commercial basis but still be open to challenge by HMRC. Keeping our clients informed of any increased risks allows us to support our clients in their purpose and their decision-making process in tax matters.
7 ABS Accountancy Ltd operate an ethical policy of full disclosure with HMRC in connection with any tax services that it is engaged to perform. We also expects that its clients follow the same principle.
A relationship of mutual trust and transparency is only possible if we take an ethical approach to our work. A policy of full disclosure means that we earn and maintain the trust of our clients and HMRC. We adhere to the HMRC Standard for Agents so that our work meets the expectations of HMRC as well as our clients.