The UK tax authority softened a proposal that would have blocked advisory firms from doing tax-related work if their staff falls behind on personal tax obligations.
Firms or individuals facing suspension of tax agent registration “only because of outstanding tax returns or unpaid tax” could apply for temporary relief and continue with their work, His Majesty’s Revenue and Customs said Thursday in fresh guidance.
The move follows criticism from some law firms, which had warned the rules could amount to regulatory overreach by putting an entire firm’s operations at risk over an individual’s personal tax affairs.
Under a new ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.