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HMRC Updates Minimum Standards For Tax Agents

by Jason Gorringe, Tax-News.com, London

05 January 2018


On January 4, 2018, HM Revenue and Customs updated its "standard for agents," which sets out minimum standards tax agents and advisers are expected to meet when providing services to UK taxpayers.

It is the first update to the standard since its publication in August 2016.

HMRC said that, while many tax agents and advisers meet the standards set by the largest professional bodies, the HMRC standard for agents is intended to ensure a minimum standard is in place for all agents and in particular those that are not affiliated to any professional body. It also makes clear that HMRC expects agents to comply fully with UK money laundering regulations.

The standard sets out HMRC expectations with regards tax agents and advisers' integrity; professional competence; and behavior. As far as tax planning is concerned, HMRC expects tax professionals to offer only lawful arrangements, that are transparent and are not highly artificial or highly contrived, or that seek to exploit shortcomings in the relevant legislation.

The standard also sets out how HMRC monitors tax agents and advisers' behavior and how it challenges breaches.

TAGS: tax | law | United Kingdom | professionals | legislation | tax planning | standards | regulation | services | Tax

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