For Gen Z, the internet has always been a core part of their lives.
We have all seen how people now get their information and news differently, as traditional media no longer holds the same sway it once did.
That democratisation of information has benefits, but it also brings risks when people take advice at face value.
When it comes to tax, provisional tips from online content cannot replace a qualified adviser who understands the rules that apply to your specific situation.
As younger generations take on more financial responsibility, more of us are seeing tax tips online.
Some are harmless, while others can lead to mistakes with real consequences.
That’s why getting advice from someone who actually knows the rules matters.
Why be cautious about online tax tips?
Almost anyone with a smartphone can make a video and speak confidently about tax.
Keep in mind that confidence does not equal expertise.
Tax rules are technical and change often, and a casual tip meant for entertainment or thrown out as a joke can be wrong for your situation and lead to serious financial harm.
If you see tax advice on social media, check the source.
Can you verify the person’s professional qualifications by checking if they have an ACCA, ICAEW, CTA, or similar?
Similarly, do they clearly show the firm they work for or link to verifiable guidance?
If not, treat the tip as unverified and be sure that you do not act on it without checking.
Why bad advice matters
Even honest mistakes on tax returns can attract penalties or interest.
With changes such as Making Tax Digital (MTD) being rolled out, the tax landscape is evolving and there is a greater chance of getting things wrong.
If you think you’ve followed incorrect advice and it affected your tax return, do not ignore it.
In many cases, you can correct an error by amending the return or making a voluntary disclosure to HM Revenue & Customs (HMRC).
Being proactive usually reduces the chance of heavier penalties compared with waiting for HMRC to discover the issue.
If you believe advice is misleading, keep a record of screenshots, links and dates.
Be sure to get professional help, as a trusted adviser can tell you whether the matter should be notified to HMRC.
You can use a voluntary disclosure to make HMRC aware of any problem in your tax filings.
In some cases, you can amend the return and face no further action, but there is a chance that you will face a penalty depending on the error made.
However, it is still important to disclose that being proactive will likely lessen the punishment compared to if HMRC found out without you telling them.
They will find out eventually, so it is better to own your mistake and get ahead of it.
This would also present an opportunity to inform them of the influencer who gave you the bad advice in the first place.
Anytime a piece of bad tax advice gets shared online, it is safe to assume someone will believe it and act on it.
Remember, you can always talk to us for dependable tax advice from a registered source.
