Last week, HMRC launched one of two expected consultations as part of its project on raising standards in the tax advisers’ market. The current consultation “Raising standards in tax advice: protecting customers claiming tax repayments” aims to address concerns previously raised by taxpayers and stakeholders, including Chartered Accountants Ireland, about repayment agents.
Views are being sought on how HMRC can protect and inform people who use specialist repayment agents to claim a tax refund. The consultation will run for 12 weeks to 14 September 2022. You can share your views by emailing repaymentsconsultation@hmrc.gov.uk or completing a survey.
Specifically, views are being sought on:-
- Restricting the use of assignments, where the legal right to a repayment transfer from a taxpayer to an agent;
- Introducing measures designed to ensure taxpayers see material information about a repayment agent’s service before entering into a contractual agreement; and
- Requiring repayment agents to formally register with HMRC.