Raising Standards in the Tax Advice Market – CIPP publish response
21 July 2021
On “Tax Day” in March 2021, HMRC published a consultation on raising standards in the tax advice market. The consultation focused on two key points:
Establishing the definition of tax advice
The impact of a mandatory requirement for all tax advisors to hold Professional Indemnity Insurance
In June 2021, the CIPP responded to this consultation. The CIPP considers that there is potential for fundamental change within the payroll profession, pending the consultation outcome.
The CIPP consultation response discusses the role of the payroll professional in providing information, guidance and advice to employees, employers, and clients, and goes on to consider the differences between in house and outsourced payroll services. Payroll software could also be captured in this change. The response concludes by reflecting on whether or not PII satisfies the core objective, and what alternatives could be considered instead.
Lora Murphy, Content Editor interviewed Samantha Johnson, Policy Lead, to discuss the consultation response and some of the key points it raised.
Find the full consultation response here
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information. Download the CIPP's Payroll: Need to know - your guide to payroll legislation and reporting for the most up to date data.