As you will be all too aware, if you live or work in the Bankside area of the city, the area is currently experiencing significant disruption due to flood defence works being carried out by the Environment Agency (EA). However, some business owners may not be aware that financial compensation may be available for businesses suffering losses arising from the road closure that are ‘particular, direct and substantial’. The EA further defines these losses as;
- “Particular” means that the claimant must suffer losses different to and greater than those suffered by the general public.
- “Direct” means that the losses must arise directly as a result of the closure (i.e. the road closure must be on the direct access route to the business and probably in close proximity).
- “Substantial” will exclude losses that are small in absolute terms, or small in relation to the size of the business.
The compensation may be claimable at the end of the flood defence works, but the EA do have discretion to make interim payments if needed and recommends that you seek the help of an Accountant (and/or Chartered Surveyor) to assist with the submission of the business loss compensation claims. Their reasonable cost can be included in your claim.
We are currently working with clients towards putting in claims, so for further details, please contact Andy Jewitt on 01482 427360 or andyj@360accountants.co.uk.
