"Rick Schofield, a tax partner at Azets, warned that 'costly errors are likely to occur among unsuspecting organisations or individual sole traders who help others manage their tax affairs.'"
"'This compliance shake-up is going to catch many people off guard, regardless of whether they are operating aboveboard. This includes situations related to stamp duty returns or inquiries about a PAYE code.'"
"'All tax advisers in London who interact with HMRC on behalf of their clients will be affected. Tax advisers include those who provide professional tax advice and services, such as conveyancing solicitors.'"
"'To ensure compliance, partnerships may choose to have each partner register with HMRC, even if they do not typically submit paperwork in the usual course of their responsibilities.'"
Starting in May, local tax advisers are required to register with HMRC if they submit documents on behalf of clients. This includes conveyancing solicitors and payroll teams, with penalties for non-compliance reaching £10,000. The definition of 'tax adviser' is broad, encompassing anyone who interacts with HMRC for clients. This new mandatory registration replaces a voluntary system. Confusion exists among professional partnerships regarding accountability for breaches, prompting suggestions for individual partner registrations to ensure compliance.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]