Getting tax or financial advice from influencers? Think twice.
The Tax Practitioners Board (TPB) has recently released an article warning taxpayers against taking advice from financial influencers, or “finfluencers”.
Social media platforms such as TikTok and Instagram are intertwined in many of our lives - so much so as they often act as a source of news and information.
The problem with taking in tax and financial information on these platforms, isn’t that there is not good information out there - but rather, to be able to establish whether or not the information that is put forward is actually correct requires a certain level of education in that particular area.
Tax law is complex. For many people, their eyes glaze over just at the thought of talking about it. And the fact is, most of the time, the rules are more complex than can be explained in a 10 second Instagram reel. Advice put forward on social media platforms is often too simplistic, tells half truths, or is just plain wrong. That isn’t to say that there isn’t plenty of fantastic information available online, but just that you need to be very careful in taking anything you see or hear on social media at face value.
Read the TPB article here
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Author: Jared Byrne CPA