Kenneth Munn and Richard Rees, who are ICAEW members and former directors of four payroll companies, were disqualified for seven and four years respectively.
The Insolvency Service found that all four companies to failed to pay PAYE and National Insurance contributions totalling £1.24m.
Dormco SCP, S C Personnel, Cotsen Accountants, and Cathedral Road Management went into liquidation in 2013.
Munn was responsible for Dormco SCP failing to file a corporation tax return, which resulted in the payment of an assessed amount of tax that was £168,520 less than the amount which he knew was due. Rees was found to have allowed this to happen, the agency found.
After liquidation, the amount owed HMRC amounted to £1.45m including interest, tax and penalties.
Sue MacLeod, chief investigator at the Insolvency Service, said, “These actions not only gave these companies and others controlled by the directors an unfair advantage over their competitors, but have also left the public purse seriously shortchanged.
“If you run a business in a way that is unfairly detrimental to any of its creditors, including by failing to correctly pay tax, the Insolvency Service will seek to remove you from the business environment.”
The disqualifications started on 19 July 2017.
Last month, the Insolvency Service also disqualified the former accountant to prog rock band Deep Purple for 11 years after misappropriating more than £2m of company funds.