By Ed Towner

He might have won the FA cup and been touted as Fabio Capello's successor, but it doesn't mean Harry Redknapp is any good with his money, if recent developments are anything to go by.

As news from the Tottenham manager's tax evasion court hearing keeps coming in, we can all learn a valuable lesson about offshore accounts and the importance of remembering to declare your interest.

Redknapp's infamous offshore account in Monaco is the topic of an HM Revenue and Customs investigation. But the favourite for the England job after this summer's European Championship continues to deny the charges of cheating the public revenue.

The Tottenham manager is said to have avoided tax on bungs and offshore bonuses as he kept the account secret.

There is nothing illegal about investing your money in an overseas account, in fact you can get some really good interest rates but it is essential to declare how much interest you are earning.

Taking out an offshore account can be risky as you are not covered by the UK's Financial Services Compensation Scheme. But what is not commonly known is that saving offshore could also mean you are taxed twice, although this is unusual.

Depending on which country you are saving in, it is possible that you may be liable for overseas tax as well as UK tax on the interest earned.

Also something to bear in mind is that saving offshore doesn't always mean you'll get a better return on your money, some market-leading savings accounts in the UK are very competitive.