What happens if I'm given incorrect tax advice

Is it my fault for choosing a bad advisor and I bear the financial costs of it, or is the advisor obliged to compensate for bad advice?

alwaysonit said:

Is it my fault for choosing a bad advisor and I bear the financial costs of it, or is the advisor obliged to compensate for bad advice?

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You seek compensation from your advisor, that's why they pay Professional Indemnity Insurance and charge €1,500.

Mind you, advisors are only liable where they give negligent advice or recommendations.

Any half-decent advisor will appraise you in advance of the risks and drawbacks of any particular course of action, and the decision as to whether or not to proceed will therefore rest with you.