news | 7 months ago | Andreea Dulgheru

Less Tax 4 Landlords director has ICAEW membership revoked

The director of Less Tax 4 Landlords, Chris Bailey, has had his membership ceased from The Institute of Chartered Accountants in England and Wales (ICAEW).


Bailey’s membership was officially revoked on 6th March 2024 due to failing to pay outstanding fines and costs received on 20th December 2022 from ICAEW’s investigation committee.

In 2022, the Less Tax 4 Landlords director was accused of submitting self-assessment tax returns to HMRC for a client for four years without her authority and/or approval.

The ICAEW made an order for Bailey to be reprimanded, fined £10,000, and ordered to pay costs of £4,285 in relation to the complaints.

In a statement sent to Dan Neidle, founder of Tax Policy Associates — who has been investigating and reporting on the controversy surrounding Less Tax 4 Landlords’ hybrid partnerships arrangements — Bailey claimed he was paying the fine monthly until his Barclays accounts used to pay the ICAEW was “erroneously restricted”, explaining his outstanding payments.

Bailey also claimed he had kept the ICAEW appraised of this issue at all times, and that he was currently in the process of rejoining the institute and restarting the monthly fine payments.

In October last year, HMRC warned landlords against hybrid business models marketed to individual or joint property landlords to avoid paying tax on their property income.

Following the guidance, the NRLA suspended its partnership activity with Less Tax 4 Landlords, which used the hybrid scheme.

According to a statement made on the firm’s website, Less Tax 4 Landlords is currently in contact with HMRC regarding its guidance for hybrid partnership arrangements — a type of structure that the firm used with some of its clients.

“As a company, we are committed to providing the best possible service and we are doing everything we can to obtain the full picture, at which point we will advise further,” said the statement.

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