Following the Budget announcement to crack down on unregulated advisers, the move has been cautiously welcomed by the leading accountancy bodies, with AAT describing the move as a ‘historic win’

At the moment, a third of tax advisers are operating outside the professional institutes, offering paid tax advice to customers, without any oversight of their activities.

Unlike the audit and legal professions, tax advisors can set up shop without any qualifications and only have to register with HMRC if they need to interact with the tax authority.