Business Interruption
Claims arising in respect of Business Interruption stem from an event or action (often an insurable event) that results in a business suffering a cessation or reduction in trade with a resultant reduction in net profits.
Business Interruption claims can be relatively small in nature, for example the closure of a small cafe for a period of a couple of weeks as a result of a burst pipe, or indeed much more substantial, for example the total destruction of a factory as a result of a major fire.
Regardless of the size of claim, our experienced team of Forensic Accountants are able to provide a range of cost effective services to parties involved in Business Interruption claims, assisting both with the presentation of claims and also the detailed consideration of claims presented.
We are able to work on one off discrete instructions and also on a volume basis to assist on events that result in a quantity of claims (such as floods).
We work on both a formal Expert basis and also on an Advisory footing, providing more informal advice to businesses and claims teams.
Forensic Accounting Services - Call 0113 387 5670
If you instruct us to assist on a Business Interruption claim we will:
- fully consider the nature of the event.
- get a full understanding of the background to the business, its different strands of trade and the impact of the event on the same.
- fully consider the impact of any underlying insurance policy on the presentation of the claim (from a financial not coverage perspective).
- analyse the pre-event trading trends and patterns of the business
- fully consider any and all business plans and projections
- prepare a detailed and reasoned assessment of losses (to include additional costs of working).
We are conversant in the assessment of losses resulting from Business Interruption in a wide range of industries and sectors.
Business Interruption Claims - Covid 19 Update
On 15th January 2021 the Supreme Court delivered its hotly anticipated judgement in the FCA business interruption test case.
In summary, the result is widely viewed as a landslide victory for policyholders and now insurers will have to contend with a substantial number of claims from their customers who have purchased business interruption cover and will want compensation in respect of their Covid 19 related losses.
Throughout the period that Covid 19 has been a feature of everyday life in the UK the team at Forths have been actively engaged in assisting an array of different clients in quantifying damages resulting from the impact of Covid 19, as before the aforementioned judgement a number of different policies were already viewed to be liable and claims were being paid.
We are fully conversant with all of the relevant approaches that are now being adopted in terms of quantum assessment and the relevant arguments linked to each.
In the event that you require assistance then please do not hesitate to contact us.
To hear more about how Forths can assist in quantifying financial losses in Business Interruption Claims, call us on 0113 387 5670
Alternatively you can send an email to enquiries@forthsonline.co.uk or fill out an Enquiry Form and a member of our team will contact you at the earliest possible convenience.
Recent tax changes announced by Chancellor Jeremy Hunt may mean that any future loss calculations may require review. If you have an ongoing case that we have assisted with, we would be happy to discuss this with you. Likewise, for any potential new instructions we are always happy to have an initial chat. National Insurance Cuts On 6th January 2024 cuts to National Insurance rates will come into effect for employed Claimants: The main NI rate is being cut from 12% to 10%. From April 2024 for self employed Claimants: Class 4 NI rate will reduce from 9% to 8%, and; Class 2 NI contributions will be scrapped. The changes will affect future Loss of Earnings calculations. State Pension Changes There will also be a rise in State Pension of 8.5% from April 2024. Losses to State Pension are considered on a case by case basis. How We Can Assist Our experienced team assist with Loss of Earnings, Pension Loss and Loss of Dependency elements in all types of PI, Clinical Negligence and Fatal cases. Our approach is to ensure that your client’s Special Damages are optimised. We offer flexible solutions and reporting styles depending on the case requirements, and can assist you in the information discovery process. We are also happy to liaise directly with clients to assist in the progress of the case. For more information about our hourly rates for Expert CPR or White Label / Agency Services, and deferred payment terms, talk to our team. Contact us here Call us on 0113 387 5670 Email - enquiries@forthsonline.co.uk
In the 2023 budget, Chancellor Jeremy Hunt announced fundamental changes to the Annual Allowance and Life Time Allowance charges for pensions savers. What are The Allowances? The Annual Allowance is the amount that an individual can pay into their pension scheme (both their own and their employer contributions) each year before paying Tax on the contributions made. The Life Time Allowance is the total amount an individual’s pension fund can be before they pay additional Taxes on their pension benefits. What Has Changed? The Annual Allowance has increased from £40,000 per annum to £60,000 per annum. The Lifetime Allowance, which was £1,073,100, has been abolished. What Does This Mean for Your Client? If you have a high earning client (often in the public sector where employer contributions are more generous), then your current calculation of lost pension benefits may include deductions for tax under both the Annual and Lifetime Allowance schemes and so may now be materially understated. How Can We Help? Our team have vast experience in assessing pension loss claims for all types of occupations and are fully au fait with the changes to the Tax rules from April. We would be happy to carry out a review of your pension loss calculations either on a stand alone basis or in conjunction with other relevant heads of claim.
Contact us today to find out how we can assist you...
To hear more about our Forensic Accounting Services or to discuss a potential case with a member of our team, call us on 0113 387 5670.
Alternatively, you can email us at enquiries@forthsonline.co.uk or fill out an Enquiry Form and we will contact you directly.