Claims Against Accountants
Claims against accountants are a type of professional negligence claim and arise when the negligent advice has caused a client to suffer financial loss. Claims against accountants and other financial professionals can be brought if the accountant provides advice which falls below the standard that a client is entitled to expect.
Has my accountant been negligent?
If your accountant has made a mistake which has caused you loss, then the chances are that they have breached their duty of care to you, and you would be able to bring a claim against them for damages.
Examples of the types of negligent mistakes which accountants can make are:
- providing incorrect advice about tax schemes;
- failing to advise about tax reliefs which you might be entitled to;
- valuing a company incorrectly;
- wrongly advising about investments; and
- mistakes with preparing accounts for you or your company.
There are lots of other errors which can be made by accountants, and it is necessary to consider each case on it's own facts.
What can I do if my accountant has made a mistake?
Mistakes by accountants can be extremely serious and can cause significant losses for an individual or a company. It is important to act quickly and take legal advice straight away.
Often, expert advice will be necessary to establish that your accountant has made a mistake. We have a network of specialists who we use to prepare this type of expert report.
Once we have been able to establish that your accountant has made an error, we would send a letter of claim to your accountant, pointing out what they have done wrong and the damage it has caused you. Once they respond, we can advise you how to take your claim forward, which can include mediation or court proceedings.
What about the costs of bringing a claim against an accountant?
If you have already suffered losses because of a mistake by your accountant, we appreciate that it may be difficult for you to fund a claim up front. This is why we have designed a range of flexible funding options to help you with legal fees. In some cases this can include conditional (no win no fee) agreements, but we will discuss all of the options with you at the outset and find the best solution for your personal circumstances.
The good news is that your accountant will almost certainly be insured, so that if your claim is successful, you will receive your damages and usually a large proportion of your legal costs.
We will be happy to have an initial discussion with you about your case, at no cost to you.
What should I do next?
Samuels Solicitors has been dealing with professional negligence claims for decades and has successfully claimed damages against negligent accountants for many clients. We are based in Devon and act for clients all over the country.
If you have suffered because of a mistake by an accountant or another financial professional, contact us today for a free, no obligation discussion about how we can help you.