If you’re thinking of using the services of specialist compensation lawyers in Waterlooville as part of your efforts to secure a compensation pay-out, it will be important for you to know how any such payment might affect your general finances. Believe it or not, failure to do so could result in you receiving a fine, or even spending time in prison.
From a tax perspective, any compensation you win would not be taxable. This means it would not affect your income tax position at all, nor would it count toward your personal allowance if you earn below the threshold, which is due to rise to £10,000 in the 2013/2014 tax year. Any pay-out may have an impact on benefits you receive though.
If you were to win compensation you would need to contact the agencies that pay you benefits to find out how your windfall affects your position. If you have claimed money as a consequence of your condition before receiving compensation, you may be asked to pay this back. Failure to notify the relevant agencies of your win could result in you receiving a large fine or even a prison sentence if you were suspected of trying to commit benefit fraud.
Your pay-out could also affect your position if you were an undischarged bankrupt at the time you won compensation. You should inform the official receiver dealing with your case of any money you win immediately if you are an undischarged bankrupt. Again, failure to do so could result in a fine or even prison.
To avoid any potential problems further down the line, you would be well advised to tell every agency and financial institution you have dealings with of your pay-out. If you have payment arrangements in place after racking up debt, you’ll also need to get in touch with your creditors.Open Claim Calculator
Looking for compensation lawyers in Waterlooville? Contact Accident Advice Helpline today
If you’d like to find out more about how a payout might affect your financial position or talk to somebody about securing 100% ‘no win, no fee’ representation, you should call Accident Advice Helpline on 0800 689 0500 from a landline or 0333 500 0993 from a mobile phone. Or try our 30-second test for an estimate on how much you might get.
Although we do not have compensation lawyers in Waterlooville we can still represent you and your claim. This is because we are a national firm that works across the whole of the UK. So if you need injury lawyers in Waterlooville look no further than our expert service.