Loss of Dependency
There is often a loss of dependency element in fatal / catastrophic personal injury, clinical negligence and industrial disease cases.
This area is highly complex and we have considerable experience of handling both employed and self employed Claimant scenarios. We are regularly instructed to apply our forensic accounting skills to assist in assessing and quantifying the loss of dependency.
Loss of Dependency Reports - Call Forths on 0113 387 5670
Our forensic accountants assist in calculating the elements of loss in these cases on an Agency / White Label or Expert basis, which can include:
- Loss of income and expenses (e.g. medical / care expenses) incurred post-accident and pre death
- Loss of financial support for the dependant(s)
The nature of such cases are clearly highly sensitive, and our team has considerable experience in dealing with such matters to ensure that they are handled in the best approach.
In cases involving loss of dependency it is essential that there is expert input to ensure that the dependants of the deceased party is compensated by a sustainable amount.
Forensic Accounting Services - Dependency Claims
We provide flexible solutions to meet your requirements and are happy to have an initial discussion about the case in order to establish the level of input required.
We are also happy to assist in collating all information relevant to support the financial loss of the deceased.
To hear more about how Forths can assist you in the complex Loss of Dependency elements in Personal Injury and Clinical Negligence cases, 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.