ACCA supports HMRC’s new requirement for tax agents to join professional bodies

TLDR:

• ACCA welcomes HMRC move to require tax agents to belong to professional body.
• HMRC’s move aims to work only with agents who are members of recognized professional bodies.

Global accountancy body ACCA has welcomed HMRC’s step to require tax agents to belong to a recognized professional body. This move is designed to improve the quality of tax advice, increase trust in the tax system, and reduce pressure on HMRC services. ACCA will work closely with HMRC and other professional bodies to ensure this regulatory move is applied fairly and at pace.

Key Elements of the Article:

ACCA has long advocated for HMRC to work with agents who are members of recognized professional bodies to address unprofessional behavior.
HMRC’s move is seen as a way to increase the quality of tax advice, provide assurance to HMRC, and protect taxpayers.
ACCA emphasizes the importance of the cost-effective implementation of this move to avoid increased financial burden on taxpayers.
This regulatory move is expected to improve trust and confidence in the tax system and lessen the workload on HMRC.
ACCA will collaborate with HMRC and other professional bodies to ensure a fair and prompt application of this requirement for tax agents.
The definition of a professional body by HMRC needs to be clear and include bodies with clear accountability, public benefit remit, and transparent standards.
The aim of this move is to enhance the regulation and monitoring of tax advice across different professional bodies like ACCA.
Taxpayers should not experience a rise in the cost of tax advice amidst economic challenges.