HMRC have published a new third-party research report on "The Role of Professional Bodies in the regulation of Tax Agents".

Around 75% of business use a tax agent to help deal with business taxes. Anyone can set themselves up as a tax agent: the tax profession is is self-regulating and not currently regulated by HMRC. 

According to the report, 67% of tax agents are members of professional bodies which set standards for the behaviour expected of their members, such as Professional Conduct in Relation to Taxation (PCRT)

This research, which involved 45 minute interviews with senior officials of 15 professional bodies, was undertaken to provide a better understanding of:

The conclusions reached by the report were that:

Overall it was felt that the current system of self-regulation worked well and that current statuory supervision was sufficient but that improvement could be made by:

Comment

The conclusions drawn in the report are made by the third party research based on the opinions of the professional bodies consulted; HMRC has yet to comment on the findings. 

Links to our guides:

Professional Conduct in Relation to Taxation

Money Laundering Checks: know your client 

External links:

HM Revenue & Customs Research Report 539: Role of professional bodies in the regulation of tax agents