Accountant negligence - do you have a claim?
At Taylor Rose we have a dedicated team of Professional Negligence lawyers. They are members of the Professional Negligence Lawyers Association (PNLA) and have many years handling all types of professional negligence claims.
Accountants owe a duty of care when undertaking the work. If they make a mistake and are negligent, this may give rise to a substantial loss and sometimes damage to your business which means you could have a claim for professional negligence against them.
It is important to appreciate that a claim for negligence is different from being unhappy with the service you received.
In England and Wales, accountants will be regulated by either the Association of Certified Chartered Accountants (ACCA) include www link or the Institute of Chartered Accountants in England and Wales (ICAEW) include www link. If you are unhappy with the service you are receiving you can make a complaint direct to the accountants or their governing body.
Common types of accountant negligence
- Providing incorrect or misleading advice.
- Missing important dates for filing or submissions of Tax Returns.
- Failing to advise on Tax benefits or liabilities
- Overlooking tax issues in various parts of a business
- Failing to advise and consider specific entitlements such as Research and Development tax allowances.
- Failing to accurately draw up and submit accounts.
- Negligence with employee share schemes
- Not advising properly on insolvency
- Negligence when advising on funding including loans, corporate finance or private equity investment
These are just a few of the more common types. Each case will turn on its own facts.
It is important on each case to understand what the duty owed by the accountant was and being able to prove they have breached that duty and consequently you have suffered a loss. It is important to look at the retainer or letter of engagement between you and the accountant.
At Taylor Rose we understand that these situations can lead to worry and stress, especially if there are financial demands being made as a consequence. We understand the concerns and the issues and will provide you with an honest view on your case. We will tell it as it is.
How To Claim
First get in touch for a free discussion about the facts of your claim.
If you have some paperwork including the retainer/letter of engagement it is useful for us to see this. If we believe from what you tell us there is a claim to advance, we will need to review the papers which the accountant may have (unless they have been sent to your new accountant) and will arrange for them to be sent to us.
When looking at what should have been done and what was done, it is important, to obtain the professional opinion of another accountant who will review the papers and provide us with a view on what the duty was and the breach and explain what the overall loss is to you.
Once we can, we will set out your claim to the accountants and will attempt to settle your claim without the need for court proceedings.
We will advise you throughout of any offers and will recommend settlement on terms which are to your advantage along with a recovery of the legal costs involved in bringing the claim.
There are strict time periods within which a claim must be presented to the court (The Limitation Period). This is 6 years from the date of the negligence or 3 years from when you knew or ought to have known you have suffered a loss. The earlier you contact us the better.