PracticeAccounting FirmsFlooding costs firms more than £50,000

Flooding costs firms more than £50,000

Many ICAEW members hit by mega-bills after last year's flooding, knocking their confidence in the future performance of their business

A fifth of businesses affected by last year’s flooding had to fork out more
than £50,000 to repair the damage, according to a survey by the
ICAEW.

The effect of the flooding – which hit worst in Yorkshire, Gloucestershire
and Worcestershire – ranged dramatically, with 38% stating it cost their
business nothing while a similar number paid up to £50,000 for repair damage.

Those affected were also significantly less confident about business
prospects for the coming year, scoring -6.5 on the ICAEW sentiment index
compared with -3.9 for other businesses.

‘What happened over the summer impacted a number of businesses who didn’t
think they would ever be affected by flooding,’ said Clive Lewis, head of medium
issues at the ICAEW.

‘However, it demonstrated the need for any business, no matter how large or
small, to have risk management plan that will allow them to continue to
function, even if their premises are damaged.’

Further reading:

Rugged
Logic – Paul Druckman, ex president of ICAEW gets stuck in

Advisers slam new family business tax
rules

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