Time for tax concept

It seems like not a week goes by without more celebrities coming under attack for not paying tax. This week it is the turn of certain Take That band members.

As a solicitor, one of the important things I have learnt is that there can be contexts to the decisions that each of us make. For example, often we rely on others to advise us. I am pretty sure that the Take That members would have.

The busier and more successful we become, the more reliant we are on those around us for advice. Many of us retain professionals to do so. I have an accountant and a financial advisor. Recently, I instructed a private client solicitor in the firm who I had known for many years to update my will. We rely on these professionals to advise us and we trust them and their advice.

But sometimes that advice is wrong and the consequences, including financially, can be truly horrendous. What should we do in that case? 

Over the years I have seen many people that have received negligent advice from professionals they have trusted and relied on. That advice has caused them many difficulties and financial loss. But as the advice was negligent, they have been able to go on and obtain compensation from the professional concerned.

Of course, it is much better to avoid receiving negligent advice from professionals. Here are my three top tips:

  1. Listen to recommendations but still do your ‘due diligence’ on the professional. For example, ask around, consider ratings/recommendations by external bodies, ask for testimonials from the professional and contact them.
  2. Trust your gut reaction/instincts. These are normally right. Is the professional overselling, exaggerating? If it sounds too good to be true, normally that is because it is.
  3. Sound out with others you respect the advice received from the professional.

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This blog is intended only as a synopsis of certain recent developments. If any matter referred to in this blog is sought to be relied upon, further advice should be obtained.