A top south coast tax expert has described the separate financial controversies involving Premier League footballers and former Deputy Prime Minister Angela Rayner as a ‘wake-up call’ for people about the need to take sound, professional advice.

Steven Martin, Senior Tax Manager at Hampshire accountancy and business advice firm HWB, says the two high-profile cases serve to underline why trusted, reliable guidance is more crucial than ever. He said:

“While they differ, as one concerns Stamp Duty only and the other is about wider tax planning and investment strategy, they do serve as stark reminders that inadequate advice can wreak havoc on individual financial well-being and, in the Rayner case, even job security."

“They show that individuals, regardless of status or profession, must seek professional tax and investment advice from trusted, qualified experts."

“Missteps, even unintentional, can have serious financial, legal and reputational consequences. Sound advice isn't just about minimising tax; it's about ensuring compliance, protecting assets and making informed, ethical decisions in an increasingly scrutinised financial environment."

“In the so-called V11 case, a group of former Premier League footballers lost fortunes after investing with persuasive advisors. The schemes, built on tax-avoidance constructs, film-fund investments and US property ventures, failed, leaving the investors saddled with massive tax liabilities."

“Some were pushed to bankruptcy, and all were entangled in long battles with HMRC. By contrast, the Angela Rayner case illustrates the perils of insufficient or inappropriate guidance on a specific area of tax law. Complex legal provisions deemed her liable for the higher, second-home rate of SDLT (Stamp Duty Land Tax), and she ended up underpaying by around £40,000."

“While the two cases are very different in context, they share a clear lesson: unqualified or incomplete advice in areas of complex tax or investments can be perilous. The V11 players relied on advisors without fully understanding the risks while Rayner acted on advice that lacked depth in tax and trust intricacies."

“Both situations highlight how critical it is to seek advisors with appropriate knowledge, integrity and a clear understanding of your personal circumstances. Trusted advisors not only help save money by ensuring correct decisions upfront, they often also protect reputations. Misplaced trust can mean the difference between a secure retirement and financial ruin."

“Ultimately, when managing personal wealth there’s a compelling purpose behind the enduring wisdom: rely on trusted, regulated, qualified advisors and if the situation is complex, seek multiple perspectives."

“It’s the best protection against financial loss, legal missteps and reputational damage.”

Chartered accountants HWB, based at Chandler’s Ford, near Southampton, provides business and tax advice.