Accountants perform a very wide range of functions to both individuals and businesses. While the historical core of those activities is the compilation and review of accounts, the services today provided include a wide range of activities encompassing auditing, financial reporting, taxation and personal finance advice, financial management, and advice as to corporate finance and information technology as well as acting as liquidators, administrators and receivers. Their advice and expertise in all these areas is crucial and heavily replied upon. Therefore when a mistake is made by an accountant, the consequences can be serious and extremely costly.
We specialise in the following areas of accountant negligence;
- Failure to set losses incurred in one year against other income for tax purposes;
- Failure to advise a sole trader to set up as a limited company in order to claim tax relief against the payment made for goodwill;
- Failure to correctly complete a tax return or failure to file the return on time thereby incurring penalties imposed by H M Revenue & Customs;
- Overvalued company assets;
- Mis-sold / misrepresented schemes designed to defer income or Capital Gains Tax;
- Failure to advise that dividends are only payable out of realisable profit thereby exposing shareholders to indefensible claims from Insolvency Practitioners following insolvency;
- Incorrect or negligent tax advice;
- Failure to detect a fraud or misappropriation of funds
- Failure to detect fraud after an audit
- Incorrect share sale valuations
- Insolvency liabilities
- Incorrect t advice given on capital gains tax and entrepreneur’s relief tax
- Negligent tax advice on double taxation treaties, enterprise investments, associated companies corporation tax and taper relief
Professional Negligence claims against accountants can be complex. We have handled such cases for over 25 years and have the necessary specialised and expert knowledge to represent you.