In a survey by Alexander Forbes International, claims and notifications
against professionals rose sharply, climbing to 603 in 2005-06, from 452 a year
Taxation claims were the highest in proportion to others, up to 27.2% from
25.6%, while audit negligence claims also rose, from 1.9% to 3.8%. Tax and audit
claims together increased by 50%, from 124 to 187.
Despite the growth in claims in audit and tax, the biggest surge was for
incorrect endowment advice, which rose to 20% from 12.3%.
‘An increasing number of home owners are finding that their endowment
policies will fail to pay off their mortgages and they are seeking recompense
from their accountants for negligent advice. This has been compounded by a
number of specialised claims farmers who have made a business of encouraging
home owners to seek compensation from their advisers,’ said executive director
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
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals
Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory