Self employed – accident compensation

I often act for self employed people. Running my own business gives me an understanding of the self employed, and the particular pressures and issues cases for compensation by the self employed involve. Someone on a salary may not be too concerned by a period off work, but for the self employed this can mean immediate loss of cash flow, and a drop in profit at the year end.

We need to look quickly at rehabilitation in cooperation with the third party insurer. We need to look at any insurance you may have. Policies such as permanent health insurance do not usually kick in until you have been off work for some months. Do you need to hire someone to keep business ticking over? Are State benefits available to you? These are all good questions, not necessarily the relevant to a personal injury case, but questions an experienced adviser will raise, and have answers.

I have acted for pension and financial advisers, company directors, welders and fabricators, taxi drivers, option traders, actresses, lorry drivers, and solicitors. I have also acted for the families of such individuals when the accident has proved fatal. Advice in each case comes from the same pool of experience, but advice is bespoke in each case. The case is yours and needs individual attention, and it should not be squeezed into the computer programs of some of the large legal outfits.

Accounts are always important. How can you prove your financial loss? It is not just a question of saying I am down one year in relation to the previous year. There are many factors which affect business, the financial crisis of 2008/09 being a good recent example. We must get under the skin of your business, understand where income and profit comes from, and then identify the loss caused by the accident. You might be surprised that your VAT records can be a great help.

It has to be said that for many self employed business people that income and profit may not be the same thing. Accounts are sometimes drawn with an eye on tax. An understanding of all these issues is vital if you are to be helped from the point of the accident right up to the conclusion of the case, and beyond.

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