You may know but anyone can set themselves up as an accountant with no qualifications or regulation.
HMRC has withdrawn its plans to introduce the mandatory requirement for tax advisers to have professional indemnity insurance (PII)
Adam Harper, director of professional standards and policy, Association of Accounting Technicians (AAT) said: ‘Unregulated tax advisers account for the majority of agent-related complaints to HMRC as well as contributing to tax evasion and money laundering activities. Additionally, their mistakes and errors leave many taxpayers facing large and unnecessary fines and penalties, whilst also costing the Exchequer hundreds of millions of pounds a year through overclaiming or wrongly claiming various tax reliefs.
‘If the government is serious about tackling these problems, then it should make membership of a professional body mandatory for anyone offering paid-for tax and accountancy services. AAT has been campaigning on this issue for many years and is supported by the public and our members on this, as well as by over three-quarters of MPs.
‘We are disappointed that time has been wasted considering the inadequate proposals in the 2021 consultation when a ready-made solution exists. In the meantime, especially ahead of the self-assessment deadline in January, we would encourage everyone to ensure that they get paid-for tax advice from a member of a relevant professional body, to ensure they receive the most up-to-date and accurate advice for them.’