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Self employed claim


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Hi,

 

I had a car accident which was non fault

have settled all claims for injuries

 

 

made a claim for lost earnings as I could not earn for six weeks,

 

 

despite knowing that I have been self-employed since February this year the insurance company has requested business accounts and bank statements from 2014 which seems a bit weird.

 

 

I can prove my business income for the past eight months

but have not made any drawn up accounts as I do not need to yet.

 

 

What paper work of mine do I have to produce under insurance law, surely my payments statements from my customer less costs proves that I have earned what I declared.

 

Any advice welcome.

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Unfortunately payments alone prove nothing. Say someone get payments of £3000 a month, if their cost of doing business is £3100 a month they have no loss to claim from the insurers. Obviously that's an unlikely scenario but hopefully you see the point - it's not about what you get paid, its about net income after all possible variable expenses, tax and NI.

 

Things like accounts & tax returns show income AND expenditure as well as tax/NI paid. Since you don't have any for your current occupation then you may struggle to evidence a loss. Suggest you provide them (or equivalent) for your previous job and if you feel your new net earnings are higher than you will need a well drafted argument to show exactly why, explaining not just your income but also your projected expenditure and estimated tax/NI bill.

 

If you didn't have earnings before 8 months ago things get more complicated and you are pretty much down to what you think you can convince a Judge you earn after expenses/tax/NI.

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