Raising standards in the tax advisory market

Key points

• What are the problems in the tax advisory market?
• The body implementing any regulation should not be HMRC given the state of its own standards.
• It is proposed that any agent wishing to interact with HMRC completes a registration form to check they are regulated for anti-money laundering purposes and up to date with their own tax affairs.
• Regulation is unlikely to prevent unscrupulous practitioners giving poor advice.
• Perhaps an independent body regulating both HMRC and the private sector is the answer.

HMRC published a consultation on improving standards in the tax advisory market (tinyurl.com/hmrcraisingstandards) as part of the Spring Budget. Improving standards in our industry has been a repeated idea over the last few years. After various ‘scandals’ – including advisers continuing to promote tax avoidance schemes and issues around repayment agents to name a few referenced in the consultation – it is clear...