John Taylor, a tax consultant, charges his clients a fee based on the percentage of the...

 

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John Taylor, a tax consultant, charges his clients a fee based on the percentage of the tax he saves a client. John received a payment from a client, but he realised that Angela didn't declare income. Therefore, the income tax return that John's prepared understated income tax liability. 1. Taking into consideration the Accounting Professional Code of Conduct explain the Tax Penalties and actions John should take following his discovery. (10%) John Taylor, a tax consultant, charges his clients a fee based on the percentage of the tax he saves a client. John received a payment from a client, but he realised that Angela didn't declare income. Therefore, the income tax return that John's prepared understated income tax liability. 1. Taking into consideration the Accounting Professional Code of Conduct explain the Tax Penalties and actions John should take following his discovery. (10%)