| 1.0 |
Professional
rules and practice guidelines |
| 1.1 |
We will observe
and act in accordance with the bye-laws, regulations and code of ethics
of the Institute of Chartered Accountants in England and Wales and
accept instructions to act for you on this basis. In particular you
give us the authority to correct errors made by HMRC where we become
aware of them. We will not be liable for any loss, damage or cost
arising from our compliance with statutory or regulatory obligations.
You can see copies of these requirements in our offices. The
requirements are also available by clicking here.
We
confirm that we are Registered
Auditors eligible to conduct audits under the Companies Act 2006. |
| 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. Such advice may include valuation of small
businesses, presentations to banks or investors for funding, advice on
business acquisitions etc. In the unlikely event 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. |
| 2.2 |
We are not
authorised by the Financial Services Authority. However, we are
included on the Register maintained by the Financial Services Authority
so that we can carry on insurance mediation activity, which is broadly
the advising on, selling, and administration of insurance contracts.
This part of our business, including arrangements for complaints or
redress if something goes wrong, is regulated by the Institute of
Chartered Accountants in England and Wales. The register can be
accessed via the Financial Services Authority website.
Under this
umbrella we offer insurance which
covers our fees if HMRC open a tax investigation into your affairs.
Please ask if you are interested in this type of insurance. |
| 3.0 |
Commissions
or other benefits |
| 3.1 |
In some
circumstances we may receive commissions or other benefits for
introductions to other professionals or transactions we arrange for
you. In this case, we will notify you in writing of the amount, the
terms of payment and receipt of any such commissions or benefits. The
fees you would otherwise pay as described below will not be reduced by
such amounts. You agree that we can retain the commission or other
benefits without being liable to account to you for any such amounts. |
| 4.0 |
Clients’
money regulations |
| 4.1 |
In very unusual
circumstances we may 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. |
| 4.2 |
We will return
monies held on your behalf promptly as soon as there is no longer any
reason to retain those funds. If any funds remain in our client account
that are unclaimed and the client to which they relate has remained
untraced for five years or we as a firm cease to practise then we may
pay those monies to a registered charity. |
| 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 completion of
our work. You should retain them for six years from the 31 January
following the end of the accounting or tax year. You should retain them
for longer if HM Revenue & Customs enquire into your tax return. |
| 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 / the company / partnership. |
| 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
Protection Act 1998 |
| 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 / your business / company
/ partnership / its officers and employees. We confirm when processing
data on your behalf that we will comply with the relevant provisions of
the Data Protection Act 1998. |
| 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; and
- report to the Serious Organised Crime
Agency 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 our
principals and staff. |
| 11.0 |
Help us
give you the best service |
| 11.1 |
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 please
let us know by contacting Phil Needham or Andrew Bloy on 01603 720424.
|
| 11.2 |
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 our professional
body, the Institute of Chartered Accountants in England and Wales. |
| 12.0 |
Contracts
(Rights of Third Parties) Act 1999 |
| 12.1 |
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. |
| 12.2 |
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. |
| 13.0 |
Fees |
| 13.1 |
If we have
quoted you a fixed fee we will honour it. In subsequent years our fees
will be monitored on the basis of the time spent on your affairs by the
principals and staff and on the levels of skill or responsibility
involved, and will be varied to reflect the changes in your business
and the costs incurred by us. We will seek to avoid unexpected
increases in our fees for our services. Our fees will be billed at
appropriate periods, together with outlays and VAT, and our invoices
will be due for payment when issued. |
| 13.2 |
If you instruct
us to do work outside the responsibilities outlined in our engagement
letter, this will involve additional fees. |
| 13.3 |
Unless a fixed
fee is agreed in advance our fees will be calculated on the basis of
the time spent on your affairs by the principals and staff and on the
levels of skill or responsibility involved. |
| 13.4 |
We normally ask
clients to pay a proportion of their fee on a monthly standing order or
direct debit. These payments will be applied to fees for work performed
under our engagement letter for the current and ensuing years. |
| 13.5 |
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 charge up to £25 per month plus VAT at the
standard rate to cover our credit control costs where your payment has
not been received more than 60 days after date of invoice. Finally, we
reserve the right to terminate our engagement and cease acting if
payment of any fees billed is unduly delayed. |
| 14.0 |
Applicable
law |
| 14.1 |
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. |
| 15.0 |
The
Provision of Services Regulations 2009 |
| 15.1 |
We are
registered to carry on audit work in the UK by the Institute of
Chartered Accountants in England and Wales. Details of our audit
registration can be viewed at here
under
reference
number C009194769. |
| 15.2 |
Our
professional indemnity insurer is Royal and Sun Alliance, of Epic
Underwriting, Castlemead, Lower Castle Street, Bristol, BS1. The
territorial coverage is worldwide excluding professional business
carried out from an office in the United States of America or Canada
and excludes any action for a claim brought in any court in the United
States or Canada. |
| 16.0 |
Limitation
of liability |
| 16.1 |
We will provide
services as outlined in the engagement letter with reasonable care and
skill. However, to the fullest extent permitted by law, we will not be
responsible for any losses, penalties, surcharges, interest or
additional tax liabilities where you or others supply incorrect or
incomplete information, or fail to supply any appropriate information
or where you fail to act on our advice or respond promptly to
communications from us or the tax authorities. |
| 16.2 |
You will not
hold us, our partners and staff responsible, to the fullest extent
permitted by law, for any loss suffered by you arising from any
misrepresentation (intentional or unintentional) supplied to us orally
or in writing in connection with this agreement. You have agreed that
you will not bring any claim in connection with services we provide to
you against any of our partners or employees personally. |
| 16.3 |
Our work is
not, unless there is a legal or regulatory requirement, to be made
available to third parties without our written permission and we will
accept no responsibility to third parties for any aspect of our
professional services or work that is made available to them. |
| 17.0 |
Changes
to our Terms of Business |
| 17.1 |
From time to
time our terms of business will need to be changed to accommodate
changes to legislation, new insurers or such like. If this does not
constitute a material change to our contract with yourselves, we will
post the revised terms and conditions on our website and this will be
deemed notice to you. |