As many as 42% of businesses say that they have lost money due to the actions of an unqualified accountant or tax adviser, finds a new survey.
The research, compiled by AAT, also found that 45% of those surveyed said they had had a negative experience with their accountant or tax advisor – 25% said they’ve overpaid on tax before and 17% say they’ve missed a tax deadline.
Over half (51%) admit that they’ve had to hire a qualified accountant to correct the mistakes of a previous unqualified accountant’s work.
Adam Harper, Director of Professional Standards & Policy at AAT, commented, “These findings underline the risks and higher costs businesses can face when appointing unqualified and unregulated advisers, with over half of respondents having to hire a qualified accountant to correct the mistakes made by their unqualified predecessor.
“Our survey has also shown that small businesses in particular are losing money through accounting errors.
“This is why AAT has repeatedly said the Government should legally require anyone offering paid for tax or accountancy services to be a member of a professional body, as happens in other professions.
“This would provide much needed assurance to business owners that their accountant or tax adviser is suitably qualified and required to maintain their commitment to the highest standards of professionalism and ethical behaviour.”
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