The Tax Practitioners Board (‘TPB’) warns that the number of ‘finfluencers’ is on the rise. These are influencers who offer financial advice, including tax advice, on various social media platforms such as Instagram and TikTok.
Unfortunately, they do not always have the necessary qualifications to give out this advice or provide all the information taxpayers need to make a fully informed decision. This can result in taxpayers suffering serious financial harm.
The main way ‘finfluencers’ make their money is by getting paid by companies that want to promote their financial products through the ‘finfluencers’ social media platform.
Therefore, taxpayers who are going to use someone to help them manage their tax affairs should make sure they are registered with the TPB by checking the TPB Register.