Do you rely on the advice and services of a financial professional in your business? If so, you could be at risk of financial negligence.
Even the best professionals can get things wrong sometimes. The trouble is any mistakes made by a financial expert can have devastating consequences on your business.
Here, you’ll discover some of the signs to look out for that your business has been impacted by financial negligence.
An Unexplained Loss of Money
One of the most worrying signs something could be wrong is if you notice an unexplained loss of money. Your sales figures simply don’t match up with your overall accounts. While it could be a simple error, there’s also the possibility it could be down to fraud. This is one of the more serious signs the business has been impacted by financial negligence.
You’ll have to do your research to discover where the money has gone. This will help you to determine whether you have a case against your advisor or accountant. It’s extremely important to have proof if you suspect fraud or theft has occurred.
Missed Tax Returns
Tax returns can be a real pain to deal with. So, it makes sense you’d pass this responsibility onto an accountant. Usually, financial experts can make the tax process a lot less stressful. They are also trained to save your business money in taxes. However, if the return is filed late, you could end up paying a financial penalty.
You need to make sure all tax returns are made on time. If they aren’t, you’ll be hit with an initial £100 fine. After three months, you’ll start to incur £10 per day fines until the return is submitted. If you’ve incurred penalties because your financial advisor didn’t make the return on time, that could be classed as financial negligence.
You Have Been Mis-Sold Unsuitable Services
You rely upon your financial advisor to tell you the best ways to invest and grow the company financially. So, when they make recommendations you automatically trust them. However, it’s possible you could have been mis-sold unsuitable services.
If the products or services you were sold aren’t suitable for your business, you’re going to lose money. In some cases, you could make substantial losses from using the wrong products. So, it’s important to make sure your advisor understands your business and the products that can complement it.
These are some of the most common signs your business has been impacted by financial negligence. If you think you are a victim, it’s important to file a negligence claim. This can help you to get the justice you deserve and gain back any losses incurred.