Taxing times: raising standards in the tax advice market

Navigating the complicated world of tax regulation can be daunting and often a hopeless task for those untrained in tax affairs. As a result both businesses and individuals will often seek the advice and expertise of tax professionals – a profession that remains a fundamental pillar in the functioning of a healthy and secure economy. Therefore it is no surprise that tax professionals consistently rank within the top ten most respected professions and highest paid careers in the UK every year. Yet with high reward comes high risk and a sobering truth for tax professionals is the ever-present knowledge that those who give tax advice are just one mistake away from potentially being pursued for professional negligence.

However we can only focus on the dignity and the quality of our own work despite the fact that tax professionals may take on a client that...