TERMS OF BUSINESS
We have engagement letters in place with all clients setting out the work we have agreed to do and clarifying our responsibilities and theirs. Whilst that agreement is specific to each client, our general terms of business apply identically in every case. Those terms are as follows:
1.0 Professional rules and practice guidelines
1.1 We will observe and act in accordance with the bye-
2.0 Investment advice
2.1 If during the provision of professional services to you, you need advice on investments, we may have to refer you to someone who is authorised by the Financial Services Authority as we are not. However, as we are licensed by the Institute of Chartered Accountants in England and Wales, we may be able to provide certain investment services that are complementary to, or arise out of, the professional services we are providing to you (known as exempt regulated activities). In the unlikely event that liabilities arise from any such work and that we cannot meet our liabilities to you, you may be able to claim compensation under the Chartered Accountants’ Compensation Scheme in respect of exempt regulated activities undertaken.
3.0 Commissions or other benefits
3.1 In some circumstances we may receive commissions or other benefits for introductions to other professionals such as authorised third parties for investment business. In this case, we will notify you in writing of the amount and the terms of payment. You agree that we can retain the commission or other benefits without being liable to account for them to you. These are not connected with and have no bearing on any fees we may charge you for work we carry out at your request.
4.0 Clients’ money regulations
4.1 We may, from time to time, hold money on your behalf. The money will be held in trust in a client bank account, which is segregated from the firm’s funds. The account will be operated, and all funds dealt with, in accordance with the Clients’ Money Regulations of the Institute of Chartered Accountants in England and Wales.
5.0 Retention of records
5.1 During our work we will collect information from you and others acting on your behalf and will return any original documents to you following their use. You should retain them for 6 years from the end of the company accounting period or, for personal tax returns, from the 31 January following the end of the tax year. You should retain them for longer if HM Revenue & Customs have begun an enquiry into your tax return. Certain records, such as in connection with the purchase of property or other assets relevant for capital Gain Tax purposes, should be retained throughout the period of their ownership and, in general you may wish to retain other records for longer.
5.2 Whilst certain documents may legally belong to you, unless you tell us not to, we intend to destroy correspondence and other papers that are more than seven years old, except documents we think may be of continuing significance. You must tell us if you wish us to keep any document for any longer period.
6.0 Conflicts of interest and independence
6.1 We reserve the right during our engagement with you to deliver services to other clients whose interests might compete with yours or are or may be adverse to yours, subject to 7 below. We confirm that we will notify you immediately should we become aware of any conflict of interest involving us and affecting you.
7.0 Confidentiality
7.1 We confirm that where you give us confidential information, we shall at all times keep it confidential, except as required by law or as provided for in regulatory, ethical or other professional statements relevant to our engagement.
8.0 Data Privacy & Data Protection Legislation
8.1 To enable us to discharge the services agreed under our engagement, and for other related purposes including updating and enhancing client records, analysis for management purposes and statutory returns, crime prevention and legal and regulatory compliance, we may obtain, use, process and disclose personal data about you or your business and any staff. We confirm when processing data on your behalf that we will comply with best practice and the relevant provisions of current Data Protection legislation.
8.2 Our Data Privacy Policy is displayed on this website from the link at the foot on the home page.
9.0 Proceeds of Crime Act 2002 and Money Laundering Regulations 2007
9.1 In common with all accountancy and legal practices, the firm is required by the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007 to:
- have due diligence procedures for the identification of all clients;
- maintain appropriate records of evidence to support customer due diligence;
- report in accordance with the relevant legislation and regulations.
10.0 Quality control
10.1 As part of our ongoing commitment to providing a quality service, our files are periodically reviewed by an independent regulatory or quality control body. These reviewers are highly experienced and professional people and, of course, are bound by the same rules for confidentiality as ourselves.
11.0 Contracts (Rights of Third Parties) Act 1999
11.1 Only someone who is a party to this agreement has the right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms. This clause does not affect any right or remedy that exists independently of the Act.
11.2 The advice we give you is for your sole use and is confidential to you and will not constitute advice for any third party to whom you may communicate it. We will accept no responsibility to third parties for any aspect of our professional services or work that is made available to them.
12.0 Fees
12.1 Our fees are calculated on the basis of the time spent on your affairs by us and on the levels of skill or responsibility involved. Our fees will be billed annually on completion of annual accounts although interim bills may be issued at certain stages, and monthly or quarterly as agreed from time to time in respect of payroll or management accounting or other routine or ad hoc work. Our bills will show any outlays incurred specifically on your behalf and at your request and all fees are subject to VAT. Our invoices will be due for payment when issued.
12.2 If we need to do work outside the responsibilities outlined in our engagement letter, we will advise you in advance and will provide a fees quote.
12.3 We reserve the right to charge interest on overdue accounts at the current rate under the Late Payment of Commercial Debts (Interest) Act 1998. We also reserve the right to terminate our engagement and cease acting if payment of any fees billed is unduly delayed.
13.0 Applicable law
13.1 Our engagement with you is governed by, and interpreted in accordance with, English law. The Courts of England shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning our engagement letter and terms of business and any matter arising from or under them. Each party irrevocably waives any right it may have to object to any action being brought in those courts, to claim that the action has been brought in an inconvenient forum, or to claim that those courts do not have jurisdiction.
14.0 Provision of Services Regulations
14.1 In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurer is Aviva Insurance Ltd of Pitheavlis, Perth, PH2 0NH. The territorial coverage is worldwide excluding any action for a claim brought in any court in the United States of America or Canada.
15.0 Communicating with us
15.1 In relation to the work we do, you should be aware that many aspects of your affairs are subject to time limits – most notably in dealings with HM Revenue & Customs and, for limited companies, dealings with Companies House. The effect of failing to take action within any given time limits is frequently the imposition of a penalty but can also be the loss of an opportunity to make an appeal or to make a tax claim and you or your business are at risk of incurring these costs or losses. We can carry out our work on your behalf effectively only if matters are brought to our attention promptly.
15.2 It is your responsibility to ensure that any communications you receive that are connected with the work we do for you, and with which you are not competent to deal immediately and fully, are brought to our attention immediately. In case of loss in transit it is advisable for you to follow up such matters with us verbally if we have not responded to you in a reasonable time.
16.0 Communicating with you
16.1 We may communicate with you by email. As with other means of delivery this
carries with it the risk of inadvertent misdirection or non-
16.2 We do not accept responsibility for any errors or problems that may arise through the use of the internet, and you must accept all risks connected with sending commercially sensitive information relating to you or your business. If you do not accept this risk, you should notify us in writing that email is not acceptable to you.
17.0 Help us give you the best service
17.1 We wish to provide a high quality of service at all times. If at any time you would like to discuss with us how our service to you could be improved, or if you are dissatisfied with the service you are receiving, let us know by contacting Barry Warner.
17.2 We undertake to look into any complaint carefully and promptly and do all we can to explain the position to you. If we do not answer your complaint to your satisfaction you may of course take up the matter with the Institute.
Terms of business