Tax repayment agency barred by HMRC
21 February 2023
Tax Credits Ltd (TCL) have been banned from acting as a tax repayment agent by HM Revenue and Customs (HMRC) for breaking anti-money laundering regulations. 11,000 clients of theirs will now receive their tax refunds directly from HMRC, they will be contacted by the end of march and do not need to do anything to initiate refunds.
This comes just weeks after HMRC announced plans to change how tax repayment “assignments” are used to protect taxpayers. This forms part of HMRC’s “raising standards in tax advice” strategy, looking to make things fairer for individuals and provide greater transparency across the sector.
Tax agents should also be aware of the standard for agents published in January 2023, which sets out the minimum standards expected.
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