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The government is consulting on options to raise standards in the tax advice market. The document presents three options:
- Mandatory professional body membership: this would require advisers to hold membership of a recognised professional body.
- A hybrid joint HMRC-industry enforcement model: members of the professional bodies would continue to be supervised by those organisations while unaffiliated practitioners would be under HMRC supervision.
- Regulation of the industry by a government body: this would in effect be independent regulation of the tax advice market.
As well as generating greater trust in the tax advice market regulation would the government believes result in ‘improved quality of service to clients and therefore tax compliance from higher quality tax advice and tax services’. It could also lead to a reduction in the tax gap and improve HMRC efficiency by reducing work needed to correct errors.
The documents also states...
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