Too taxing, needs to be simpler

Article Abstract:

The newly formed Tax Faculty of the Institute of Chartered Accountants in England and Wales and the Research Board will be jointly conducting a research project intended to provide a clearer idea of the non-discretionary costs incurred by taxpayers or their agents during the process of tax compliance that are above and beyond the actual tax paid to the Inland Revenue. The project will make use of a survey that will gather the opinions of Faculty members regarding the issue of tax compliance cost, otherwise known as 'hidden costs of taxation,' as derived from a questionnaire that focuses on topics such as direct taxation, National Insurance, and the impact of direct taxation on costs incurred by agents. The results of the survey will be extremely useful in future discussions of companies' Pay and File for 1993 and the new tax system for self-employed to be implemented by the mid-1990s.

Professional organizations, Surveys, Income tax, Regulatory compliance costs, Legislation

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The JMU makes a successful start

Article Abstract:

The Joint Monitoring Unit (JMU) issued a report to the Institutes of Chartered Accountants in England and Wales, in Ireland, and of Scotland delineating its operations for the 15 months ending 31 Mar 90. The 28 member JMU exceeded its target of visits required by the Securities and Investment Board by three percent, completing 2,146 inspections of chartered accountants. The JMU carries out inspections which are a statutory requirement of the Financial Services Act of 1986 which recognized the Institutes as the recognized professional bodies for chartered accountants. The monitoring visits of the JMU are inspections of the firms' investment business.

United Kingdom, Ireland, Great Britain, Institute of Chartered Accountants of Scotland, Institute of Chartered Accountants in Ireland

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A word of advice from the PDD

Article Abstract:

The Practice Development Department presents guidelines and answers commonly asked questions regarding the Financial Services Act 1986. Specifically, many accountants are unsure about whether they fall under the category of investment advisers. The Financial Services Act requires that all investment advisers register with and be authorized by the Securities and Investment Board. As the government's definition of investment advice is broad, any accountant or firm that provides investment advice at any time, in however limited a manner, will need authorization.

Licensing agreements, Investment advisers

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