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self employed accountant liability

self employed accountant liability

Postby woodchip35 » Sun Feb 21, 2016 12:29 pm

In a scenario where a sole trader instructed to carry out their tax affairs commencing some 20 years ago an accountancy firm, and has not since sign any contract or hold any from original instructing, but the accountant carried out the bookkeeping,advising on tax liability, income and tax return, the whole spectrum, and in more recent years going back say 6 years the trader became quite successful and stressed the need for tax efficient ways to trade and took the accountants advise, but then sought the advise of another leading to the ending of the first relationship as errors and poor accounting where highlighted, with the need to go back and revise self assessments and to a damming report that would show the trader should of formed a Limited company to be more efficient.
Would the trader have any form of claim against the accountant, and what would that claim be for and how would the loss be measured, at the very least that could be fines, additional accountancy work etc?
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Re: self employed accountant liability

Postby atticus » Sun Feb 21, 2016 2:57 pm

Duty; breach; causation; damage.

To pursue a claim, you will need to prove each of the above. See my sticky post at the top of the litiigation forum: viewtopic.php?f=20&t=1157#p13433

And I cannot think of a single instance where the words "should" or "could" or "would" may be followed by "of".
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Re: self employed accountant liability

Postby atticus » Sun Feb 21, 2016 6:43 pm

I am sure that if I were to put my mind to it, I could of course think of an exception to that rule.
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Re: self employed accountant liability

Postby dls » Sun Feb 21, 2016 10:15 pm

The whole point of a company identity is to break the continuity of identity with a sole trader.

Yo would need to be very clear as to the identity and burden of losses.
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