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The new format comes into effect for those members due to file a return from September onwards. The first firms are already beginning to receive the new return and revised set of guidance notes, which were piloted by volunteer firms to make sure that they are clear and comprehensive:

• making it more straightforward and easier to complete
• educing the amount of information firms need to provide
• reducing the regulatory burden on member firms

AD Director Paul Simkins said: “We have reduced the information required about clients and turnover and re-assessed the data needed to monitor firms' compliance with legislation, regulations, the Institute's bye-laws and Code of Ethics. If we identify issues when processing returns, we will contact practitioners to offer practical help and support to resolve them rather than waiting until a visit.”

Peter Hollis, former chairman of the General Practitioner Panel believes this is an encouraging move forward, with institute departments working collaboratively to reduce the burden of red tape on members.

"It’s a positive step that has it roots in the Practice Strategy Review and is a perfect example of staff and volunteers working together for the benefit of the membership."

Further information, including a sample return, is available from www.icaew.co.uk/practice; click on Practice Assurance and ‘monitoring and annual return’.

Paul Simkins added: "The business and regulatory environments in which the institute and firms operate are constantly evolving and, consequently, we expect to amend the annual return in 2008. For example, there will be changes caused by the EU’s Statutory Audit Directive which we will be required to make. However we will continue to ensure that we keep things as simple as possible so that our members can get on with doing business with confidence."