Professional Conduct in Relation to Taxation (PCRT) and Research and Development
By Charlotte Barbour, Director of Taxation
12 June 2020
Charlotte Barbour reports that the PCRT bodies (AAT, ACCA, ATT, CIOT, ICAS, ICAEW and STEP) have issued topical guidance covering the application of professional standards to the provision of R&D tax credit services.
PCRT sets out the principles and standards of behaviour that all members and students must follow in their tax work. The latest version came into effect on 1 March 2019 and is supported by supplementary help sheets.
On 1st June the PCRT bodies issued topical guidance covering the application of professional standards to the provision of R&D tax credit services. This project arose initially through the impetus of a group of specialists in the area of R&D who felt it important to make the application of the standards clear to their area of work. The guidance produced was then considered and adopted by all of the PCRT bodies.
The new guidance is available on the ICAS website.
Topical Guidance is designed to offer targeted support around the application of the PCRT principles but of a temporary nature because it relates to a particular current issue. Its aimed at members of the PCRT bodies, but it also offers a guide should members’ clients ask about what should and shouldn’t be claimed.
In addition, there is a new help sheet entitled ‘C2 dealing with errors – members in business’. This includes guidance for employees attending to the tax affairs of their employer, and members in practice dealing with their own business’s tax affairs.
Please send us any feedback and comments by emailing tax@icas.com.