inquesta-forensic-accounting

PERSONAL INJURY CLAIMS

Losses caused by personal injury can often be difficult to quantify. This is where Inquesta’s personal injury claims service can help.

Book a Consultation
Contact Us

Why Use a Forensic Accountant For Personal Injury

The calculation of damages for personal injury claims will revolve around estimated loss of earnings and/or pension. It is up to the claimant to quantify their loss if they want to be returned to the same financial position before the incident occurred. A forensic accountant will analyse the ins and outs of a case and provide an expert opinion. 

Specialist forensic accountants can act as an expert witness, with a view to giving evidence in court. Their aim will be to assess the true value of the loss suffered. When assessing a personal injury claim, there are a few things that a forensic accountant will analyse. These include whether the injury suffered will impact the amount of money the claimant is likely to receive in their pension, if any time away from work as a result of the injury will impact their chances of promotion and/or salary increases, and if the claimant will miss out on any performance-based benefits they would have achieved if the incident had not taken place. 

To go into this level of detail takes time, effort, and skill. A forensic accountant is adept at dealing with complicated and far-reaching investigations and achieving the best possible result for their client.

Forensic accounting can also be extremely important if the personal injury suffered is particularly severe. Should the event be likely to, or has already caused, a lifelong impact on the claimant and their family, a forensic accountant will be essential to ensuring all avenues are explored and all necessary calculations are made. Examples of additional costs include care costs, changes to housing, and loss of potential earnings.

If the incident resulted in a fatality, the deceased’s family would also need to be taken into account. Estimates will need to be made on the deceased’s expected earnings (taking into account future wage increases and promotions), as well as the impact on the family due to a lack of pension.

Who Can Hire a Forensic Accountant

When it comes to personal injury claims, a specialist forensic accountant can be instructed by either a claimant’s or defendant’s solicitors, either on a single or joint basis. They will be called upon to act as an expert witness and quantify any damages that may have occurred as a result of the incident. 

A forensic accountant will be experienced in handling personal injury claims from a wide range of scenarios, such as road traffic accidents, incidents at work, and professional and clinical negligence. To assist their client, they will carry out an in-depth investigation into the incident, produce a thorough report, and be on hand to appear during litigation under cross-examination. 

Due to the level of skill possessed by a forensic accountant, they will usually be instrumental in securing a positive result for their client.

Types of Personal Injury Claims

Forensic accountants will act on a wide variety of personal injury claims, including:

  • Loss of earnings
  • Loss of profit
  • Loss of pension rights
  • Loss of dependency 

When assessing the validity of personal injury claims and quantifying losses, a forensic accountant must also take into account any costs that were saved as a result of the incident. While this may not be particularly pleasant to think about, it is important to factor these into any calculations to obtain a true valuation.

Examples of these costs include transportation or commuting expenses, professional license fees (unless these have already been reimbursed), and income tax charges.

Need Our Assistance?

If you are looking for an expert opinion on personal injury claims, contact our specialist forensic accountants today.

Contact Us

The Forensic Accounting Process for Personal Injury

When assessing and quantifying personal injury claims, there are a number of important steps that a forensic accountant will take. These range from an initial review of available documentation, to carrying out an in-depth investigation into the incident and its impact. The process involved may vary depending on if they are acting on behalf of the claimant or defendant. 

The process will generally be as follows:

Free eBook: The Complete Guide to Forensic Accounting

Whether you’re in the middle of a divorce, are having a disagreement with a fellow shareholder, you’re accused of/have been victim to financial crime, or are the subject of a POCA order, there is a huge variety of ways a forensic accountant can assist and support you through any situation, no matter how complicated. 

Whatever your situation, our free guide to forensic accounting is designed to help you to better understand the work done by our team of experts. We cover how the process works, when a forensic accountant’s skill set can help you, their specific areas of expertise, and much more.

Download Now

How Inquesta Can Act as a Personal Injury Expert Witness

Inquesta has decades of experience in acting as a personal injury expert witness, either as a representative of the claimant or defendant. We are completely comfortable on a single or joint basis to assess the value of the loss sustained by the claimant in order to put them back in the same position they were before the incident occurred. 

Once instructed on personal injury claims, we will carry out an in-depth review of any initial documentation, and issue a letter of advice that sets out our thoughts on the value of any losses incurred and any further information we require. Subject to the requested information being provided, our next step is to provide the instructing solicitor with a fixed-fee quote to provide an expert report that quantifies the claimant’s losses.

The Inquesta team prides itself on providing an independent and impartial viewpoint. As well as having a duty to the Court, we believe this is the best way to achieve a successful outcome for our client.

Get In Touch

Our Specialist Team

Our team of dedicated forensic accountants have amassed years of experience in providing expert support for personal injury claims.

rob-miller-inquesta-black-and-white

Rob Miller

Director of Forensic Accounting

A co-founder of Inquesta, Rob Miller is a chartered accountant, a member of the Institute of Chartered Accountants in England and Wales (ICAEW), and a Practising Member of The Academy of Experts.

With decades of experience in providing specialist forensic accounting services, Rob has been instructed to assist with numerous cases — such as financial investigations, criminal defence and confiscation proceedings, commercial and contractual disputes, valuation matters, and much more besides. He has acted on behalf of claimants, defendants, and as a single joint expert.

Contact
LinkedIn

FAQs

No, a forensic accountant will only act as an expert witness with a view to giving evidence in court. They will not act as a claims management company, nor manage a personal injury claim.

When calculating and quantifying damages relating to personal injury cases, there is a lot more than may initially meet the eye. With so many figures to take into account, only a specialist will have the in-depth level of knowledge and skill needed to obtain the best possible result for a client.

Also in Forensic Accounting

Commercial Dispute Resolution

Divorce & Matrimonial Disputes

Financial Crime

Financial Loss & Business Interruption

Forensic Insolvency

Forensic Technology

Financial Investigations

Proceeds of Crime Act

Latest Articles

  • sale-price-tags-red-background-valuation-of-a-business-for-sale-FEATURE

What Goes into the Valuation of a Business for Sale?

By |December 28th, 2023|

The journey of conducting the valuation of a business for sale will bring you through financial intricacies, market dynamics, regulatory compliance, and much more. As prospective sellers or investors in the dynamic UK business landscape, [...]

  • businessman-looking-through-binoculars-representing-market-approach-business-valuation-FEATURE

Market Approach Business Valuation: A Guide

By |December 15th, 2023|

As director of a company, it is very possible that, at some point, you will be required to conduct a business valuation. While this process may be common, it can also be highly complicated for [...]

  • money-travel-car-house-assets-asset-based-business-valuation-FEATURE

Asset Based Business Valuation: How Does it Work?

By |December 6th, 2023|

In business, when you need to ascertain exactly what your company is worth, working out the best method can be difficult.  In this blog we discuss the intricacies that come with an asset based business [...]