The majority of MPs support plans to legislate that anyone providing tax and accountancy services should be professionally qualified
Currently there is no requirement for individuals to have professional qualifications and anyone can set up shop and provide tax services.
The Association of Accounting Technicians (AAT) research shows that 82% of MPs agree that anyone employed to deliver tax and accountancy services should be professionally qualified.
This data comes from new research by YouGov and follows HMRC research published last year which revealed that 82% of unregulated and unaffiliated tax agents are not qualified.
Unregulated high street accountants and tax advisers do not belong to professional bodies and therefore are not required to be properly qualified.
The issue means that these unregulated accountants are providing advice and accountancy services to businesses without having any relevant qualifications – jeopardising the delivery of services such as budgeting, tax returns and payroll for their customers or employers.
Two-thirds of agent related complaints to HMRC are about the one third of agents who are unregulated. There is also a cost to the taxpayer, not just because of poor advice but due to tax evasion, egregious avoidance and money laundering.