Mark Lee explains what the professional bodies have done with their latest guidance on engagement letters for tax work and advice.
At the end of May a collaborative working party comprising ACCA, ATT, CIOT, ICAEW Tax Faculty, ICAS and IIT published fresh guidance relating to engagement letters for tax related work. The guidance has been approved by leading counsel.
The latest guidance updates that which was published in March 2009 and which I described in an article on AccountingWEB as ‘Letters of engagement for the 21st century’. Back then I chaired the working party and was very proud of the guidance that we subsequently published. It was clear even in 2009 that the guidance would need to be updated. Although I am no longer involved I am pleased that the new working party has simply updated the 2009 guidance and sample letters.
The rest of the article includes the following sections:
- Key changes
- Enforceability of engagement letters
About Mark Lee
Mark Lee works almost exclusively with savvy sole practitioners who want more out of their practice. More clients, more money, more time, more satisfaction - or everything!
An accountant by profession, Mark moved away from the provision of professional advice in 2006. He is now a professional speaker, mentor, facilitator, author and debunker.
Mark Lee is a realist and regularly debunks myths and hype related to his areas of interest and expertise. His keynote talk for audiences of accountants is How to STAND OUT and be more than 'just another accountant'.
Mark is passionate about helping accountants generally so is a keen blogger and commentator in the accounting and tax press. He is consultant practice editor of AccountingWEB and has written hudnreds of articles here that have been viewed over a million times.
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Mark stopped giving tax advice himself despite being a past Chairman of the Chartered Accountants’ Tax Faculty. He is however Chairman of the Tax Advice Network - the UK's highest ranked lead generation website for tax advisers and accountants. The network also publishes a weekly practical tax update for accountants in general practice and full tax support, on demand too. You can also use it as a lead generation resource for local people seeking tax advice from an accountant.