Two new measures to raise standards in the tax advice market were announced in the Budget:
- strengthening the regulatory framework, exploring a proposal to require tax advisers to join a professional body
- requiring tax advisers to register with HMRC if they wish to interact with HMRC on a client’s behalf.
You can read the consultation, which highlights three possible approaches to strengthening the framework:
- mandatory membership of a recognised professional body
- joint HMRC and industry enforcement
- regulation by a separate statutory government body.
The consultation also explores approaches to strengthen the controls on access to HMRC’s services for tax practitioners.
Over the coming weeks we will be gathering further feedback so we can respond on your behalf. You can read our initial comments on the proposal.
Commentary invited on other consultations announced at Spring Budget
ACCA would be keen to hear from members’ and their clients views on these further consultations announced at Budget day.
- UK ISA consultation – at Spring Budget 2024, the government announced the introduction of the UK ISA. The new £5,000 allowance, in addition to the existing ISA allowance, will provide a new tax-free savings opportunity for people to invest in the UK, while supporting UK companies. The consultation invites views on how to design and implement the UK ISA and will run from 6 March 2024 to 6 June 2024.
- Cryptoasset reporting framework – the subject of this consultation is the UK’s implementation of the OECD’s Cryptoasset Reporting Framework and Amendments to the Common Reporting Standard package, announced by the government in an International Joint Statement on 10 November 2023.
- Tax administration framework review – the tax administration framework is the broad system of instructions, guidelines and obligations underpinning the tax system. The consultation focuses on HMRC’s enquiry and assessment powers, penalties and safeguards. These underpin HMRC’s ability to respond robustly to non-compliance, while also promoting compliance and ensuring taxpayer rights are protected. The consultation is open from 15 February to 9 May 2024.
Members can send in their comments to ACCA Policy team at ukpolicy@accaglobal.com.
