.png)
.png)
Raising the bar
Key points
- According to HMRC poor tax advice and professional negligence are growing issues within the UK.
- £6.7bn of the theoretical tax gap can be attributed to a ‘failure to take reasonable care’.
- The closest definition in the UK for ‘tax advice’ is the definition of ‘tax adviser’ in the anti-money laundering legislation.
- An HMRC consultation provides 20 examples of activities that could constitute tax advice.
- If the adviser has a duty of care towards the client and breaches it causing loss a negligence action can follow.
- The government has committed to establishing criteria tax advisers must meet.
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...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
