Call us today

Government to crack down on rogue tax advisers

Get in touch today - call Kent on 01634 570 390 or Surrey on 01737 370 493

Book a FREE consultation

If you would like to get some impartial advice, simply book a free consultation and we'll get in touch with you as soon as we can.

Government to crack down on rogue tax advisers

Accountants who provide tax advice may be required to hold professional indemnity insurance (PII) under new laws proposed this week.

The plans come after concerns that rogue tax advisors were often giving incorrect or incomplete advice without a route to redress, resulting in financial loss, and in the worst cases, criminal convictions for clients.

According to the consultation, the Government may introduce a new requirement for tax advisers to hold indemnity insurance with a minimum level of cover.

A minimum level of PII would ensure taxpayers have a method of redress should they receive poor advice.

The consultation will also seek views on the definition of tax advice, proposing that the new definition should be set “as wide as possible” to encompass almost all tax and tax-related work undertaken in the UK.

Commenting on the plans, the Government said there is “a minority of incompetent, unprofessional and malicious advisers whose activities harm their clients, reduce public revenue, and undermine the functioning of the tax advice market”.

Likewise, around 30 per cent of the tax advisory market – around 21,000 tax advisors – are not members of a professional body and, as such, are not required to hold PII.

Get expert tax advice, without the risk

As members of the Institute of Chartered Accountants in England and Wales (ICAEW), we are required by mandate to hold more than £1 million of indemnity cover at all times. This ensures that all of our tax clients are protected no matter what. For expert tax advice without the risk, get in touch with our team today.

Top

Urgent COVID-19 Notice
Working From Home

Our first priority is the health and well-being of our team and our community. Therefore, with a heavy heart we have made the decision to temporarily work from home with immediate effect.

We are listening to the government’s daily updates, taking each day as it comes, and will reopen our offices as soon as it is safe to do so.

If you have any questions or need to discuss any issues at all please do email or call us on our usual number 01634 570 390.

The general email is enquiries@orchardaccountants.co.uk.

We hope everyone is keeping well and staying safe.

This website uses cookies to enhance your browsing experience... moregot it