BUSINESS owners are being urged to look beyond flashy social media adverts and bold promises of tax savings before deciding who to trust with their financial affairs.
Paul Hornby, managing director of JF Hornby & Co, says businesses are increasingly being targeted online by accountants and tax advisers making eye-catching claims about the money they could save.
And he believes the old warning to “beware of strangers bearing gifts” has rarely been more relevant – especially considering startling government statistics which reveal one in three tax practitioners operate without the oversight of a professional accountancy or tax body.
Paul said: “There are people all over social media presenting themselves as experts, making outrageous promises about how much tax they can save you and telling you that your existing accountant has somehow been getting it wrong for years.
“The uncomfortable truth is that some of them aren’t even professionally qualified. They may have a great advert, a clever video and a convincing sales pitch, but that doesn’t make them someone you should trust with your business and your money.
“If someone you’ve never heard of is promising to save you thousands before they’ve even seen your accounts, I’d be asking what qualifies them to make that promise in the first place.”
According to Government figures, there are around 85,000 tax advice firms assisting 12 million taxpayers in the UK. But roughly one third of tax practitioners are not affiliated to a professional body.
A Government review of the sector went further, warning that almost anyone can start providing tax advice and services and, without membership of a professional body, can do so with limited or no oversight.
HMRC’s own figures also demonstrate that poor practice is far from a theoretical concern. According to its 2024/25 annual report, HMRC suspended or blocked advisers’ access to its services 1,285 times, made 43 disclosures concerning misconduct to professional bodies and investigated the tax affairs of 183 advisers.
The warning comes as increasing numbers of people turn to social media for financial information. According to research published by TSB in August 2026, 32% of people surveyed
had acted on financial advice seen on social media in the previous 12 months. Of those, 56% said they lost money and 59% regretted acting on it.
Paul added: “Good accountancy isn’t about finding a clever loophole or making the biggest promise. It’s about understanding your business, giving sound advice and being accountable for that advice.
“Check qualifications. Check professional memberships. Check reputation and track record. And ask yourself whether the people giving you the advice will still be there if something goes wrong.
“At JF Hornby, we’ve spent years building a trusted local brand and reputation. You can’t manufacture that overnight with a flashy social media campaign.
“Beware of strangers bearing gifts. Particularly when the gift sounds too good to be true.”
