AAT cautions against unregulated accountants

T

he Association of Accounting Technicians AAT has warned SMEs against the use of unregulated high street accountants and tax advisers and has urged the government to go further to tackle this issue.

The warning comes as AAT publishes the findings of a new survey of its members, with 77% of those surveyed saying they had experienced examples or seen evidence of lower standards of service from unregulated accountants.

The government is currently consulting on proposals to require unregulated accountants to hold professional indemnity insurance, which AAT has previously described as ‘inadequate’. AAT has responded to the latest HMRC consultation on raising standards in the tax market, arguing that the most effective, simple and fair means of addressing the problem of unregulated advisors is to oblige anyone giving paid for tax advice to be a member of a relevant professional body.