The leading professional bodies have all recently published agreed a series of Question & Answers (Q & A) which explain a member's duties in respect of Professional Conduct in Relation to Taxation (PCRT). This is when they provide any service that contributes directly or indirectly to the preparation, submission, agreement of and advice on any or all aspects of a company’s Research & Development (R&D) claim.
The new guidance also provides advice as what to do if you come across a firm providing R&D tax credit advice which is not registered for Anti-Money Laundering (AML) Supervision or does not appear to be meeting the requirements under the AML legislation.
Association of Chartered Certified Accountants ACCA: PCRT guidance on R&D
The Chartered Institute of Taxation CIOT: PCRT guidance on R&D
Institute of Chartered Accountants in England and Wales ICAEW: PCRT guidance on R&D
Institute of Chartered Accountants of Scotland ICAS: PCRT guidance on R&D
PCRT was updated in 2017 and covers principles and the standards for tax planning. Compliance with PCRT is mandatory for all members of the relevant bodies when advising on UK tax matters.
Members of the different bodies must be familiar with and comply with PCRT and a failure to do so may result in disciplinary action.
PCRT: links to the main guidance by the professional accountancy and tax bodies
Professional Conduct in Relation to Taxation (PCRT)
A summary of the requirements of PCRT adopted by the main professional accounting and tax bodies.
Research and Development (R&D): At a glance
What's Research and Development (R&D) relief? How to claim R&D relief? Small company R&D relief explained? Can individuals claim R&D relief?