According to the Chartered Institute of Taxation, the bill, introduced to parliament last week, is not clear about the obligations of unregulated tax advisers. For those who are regulated by the Financial Services Authority for providing investment advice, there is a clear ‘failure to disclose offence’.
Experts in the UK fear anti-money-laundering measures in the UK may have ‘disastrous’ effects on people who have made ‘innocent’ errors in paying their taxes.
John Roberts, chairman of CIOT standards committee, said: ‘Our concerns remain that there should be a better definition in the bill to distinguish serious crimes from petty offences.’
The bill is intended to put tax advisers and accountants at the heart of the battle against terror by making it law that they report their suspicions to the National Criminal Intelligence Service.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
The SME community voices concern about the chancellor's measures in the Spring Budget
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory