Thank you for choosing to work with Infologik Limited trading as wedo accounting. We are pleased to accept the appointment as your accountants and are writing to confirm the matters discussed at our meeting.
Please read these terms and conditions carefully, they contain important information about your rights and obligations when using our services. These standard terms apply to all work undertaken by Infologik Limited trading as wedo accounting, and are subject to change from time to time. You will be notified if there is any change.
We follow the Rules of Professional Conduct of the Association of Chartered Certified Accountants, and accept instructions to act for you on the basis that we will act in accordance with those rules.
With regards to this undertaking we will submit form 64-8 and if necessary, form FBI2 to the Inland Revenue. These forms authorise us to deal with the Inland Revenue on your behalf and send us copies of formal notices.
In practice, the Inland Revenue will treat this as authority to correspond with us, in which case they will not correspond with you except to the extent that they are formally required to do so. However, this authority does not apply to all Inland Revenue correspondence, and even where it does apply, the Inland Revenue sometimes overlook it. You should therefore always send us the originals or copies of all communications you receive from the Inland Revenue.
Your fixed price
As part of our “No surprises fixed fee policy” your investment in our Value for money service is just £…+ VAT payable monthly. (Applicable on a business turnover up to £…. Shall the business exceeds this turnover threshold during the course of the agreement an upwards only review of fees chargeable will be triggered, subject to negotiation and agreement by the parties at that time)
The details of services in this Fixed Price Agreement, are including and limited to the fixed fees chargeable, and are as follows:
- Bookkeeping services
- Statutory Annual Accounts (preparation of statutory financial statements and submission to the relevant authorities)
- Dividend and Corporation tax calculation
- Company Payroll 1-2 employees paid monthly on a salary basis
- Self assessment tax returns x 2 directors (Limited to income derived from the company named in the agreement. If your Return includes additional schedules, this service will be priced separately)
- Access to Cloud Accounting Software
- Annual review – Pre year end meeting
Additional services available outside your fixed price
Any additional service(s) not detailed as included within the fixed fee charged will be chargeable separately, as a monthly add on or as a one off payment.
|Service||Monthly add on fee||One off fee|
|VAT Returns||£90+ VAT per quarter|
|Set Up: Company formation, tax registration||£10-£15 +VAT||£100+VAT|
|Minor company registrar maintenance: change of registered office address, change of directors details||£3+VAT||£29.99+VAT|
|Registered Office Address||£10 +VAT||£100+VAT|
|Basic Annual Management Accounts||£10 + VAT||£100+VAT|
|Comprehensive Annual Management Accounts||N/A||£175+VAT|
|Basic personal tax planning||£10-£15 + VAT||from £100+VAT|
|Basic business tax planning||£10-£15 + VAT||from £100+VAT|
|Payroll – additional employee||£5+VAT|
|Monthly CIS Returns – additional subcontractor||£5+VAT|
|CIS repayment claim||5% +VAT from the rebate|
|Tax investigation service||£10-£15 +VAT||Subject to negotiation|
|Tax investigation cover||£10-£15 +VAT|
|Bank Account set up||N/A||£100+VAT|
|IR35 Review||Subject to negotiation|
Workplace pension set up
Declaration of compliance
Monthly admin fee
£5+VAT per employee, £10+VAT per director
Our work actually starts long before we begin work on your accounts. We want to do our level best to help you avoid falling foul of any penalties from non-compliance with tax and company laws.
In order to do so, it is really important to keep reminding you of upcoming deadlines and aspects of compliance at all times. These will include:
- Helping you keep good records and making you aware of the things you should be keeping by providing you with advice and checklists. Keeping fully compliant and good records will help you avoid enquiries and penalties from HM Revenue & Customs.
- Prompting you to provide exactly what we need to complete your accounts. Making you aware of what to submit (and why) will ensure that work (accounts, tax returns etc.) is done as quickly as possible, with as little effort on your part as possible. We want to make it as hassle-free for you as possible.
- Book-keeping: prompting you to provide on a monthly basis all the required information that enables us to keep your book-keeping up-to-date and current. This will aid in the preparation of management accounts or other financial reports that may be requested by banks or other financial institutions.
- We will write to you ahead of the year-end to remind you of some key issues. This will include planning around expenditure and tax reliefs are addressed at the earliest date to ensure the least amount of tax is paid.
- If you have not submitted your information by a pre-agreed date, we will contact you once again to remind you to provide your records.
- When you bring in your records, we will log them and review them to ensure that we have everything we need to complete everything efficiently for you. If, for any reason, they do not match the information type or standard that you committed to provide in our agreement, we will of course contact you immediately to decide on the next steps. (Please note work cannot start on your accounts until all relevant records have been received).
- The Inland Revenue have powers to charge both interest and penalties if there is a delay in submitting a tax return. For self assessment such charges are automatic if the tax return is submitted after 31 January following the end of the tax year, or if any payments are made after the respective due dates. It is therefore important that all details required for the preparation of your tax return are forwarded to us as soon as possible after 5th April each year and by 30th June at the latest.
- At all times, we will endeavour to make you aware of your legal obligations, deadlines and potential penalties. However, responsibility for any penalties or surcharges charged by the Inland Revenue lies with you.
Your statutory accounts
- Prepare your statutory financial statements so that you meet all of your statutory obligations with Companies House.
- Carry out a corporation tax planning annual review endeavouring to make sure that you don’t pay a penny more in corporation tax than you have to. This translates into more retained profit for your company.
- Subject to your authorisation and receipt of your declaration, complete and submit your Corporation Tax Return (CT600).
- We will use reasonable skill and care in the preparation of the accounts but will not be responsible for errors arising from incorrect information supplied by you.
- We will advise you as to the adequacy of your records and make recommendations for improvements which we consider necessary. We shall not be responsible for any losses or penalties that arise if our advice is not taken.
- Whilst we are preparing your statutory financial statements we will also:
o Review your fixed asset register (including a check that the assets still exist, i.e. assets are still owned or if it has been disposed of or scrapped). This helps us to ensure your claim for capital allowances is maximised, which again will ensure that you pay the minimum legal amount of tax.
o Review in-year payments and those for the following year (to get the numbers right and minimise the taxable profit). In other words, it is really important to ensure that expenditure claimed falls into the correct year (the tax rules for this are very complex). Again, we are looking to ensure that you claim every expense you are legally entitled to.
o We will arrange a post year-end review meeting with you to discuss any issues we notice when preparing your accounts and advise you.
- In order for us to complete your accounts, we must have your accounting records within four months of the end of your accounting period, and queries raised on those accounting records must be answered promptly, otherwise we cannot guarantee the completion of the accounts to ensure the tax return’s timely submission.
Paying our fees
Monthly instalments are due on the 1st day of every month. We have a statutory right under the Late Payment of Commercial Debts Regulations 2013 to add interest and late payment compensation on all overdue debts at 8%. This currently stands at 8% above the Bank of England base rate, from the default date until payment is recovered.
Furthermore, should you default on any scheduled or due monthly payment, the total amount for the entire service year becomes due immediately, to be enforced at our discretion.
In the event that the company is unable to meet its liability in respect of our outstanding fees as and when they fall due then the company`s directors accept that they become personally, jointly and severally liable in respect of our outstanding fees and are obliged to make payment to us for them. It is accepted by the parties that failure on behalf the directors to fulfil this obligation would be followed by appropriate debt collection and court proceedings against them, should that action be deemed necessary. We reserve the right to recover all costs incurred whilst attempting to recover our due payments (e.g. claim costs, bailiff charges etc).
In addition to the minimum fees payable, you accept that in the event that we are able to obtain for you a tax rebate or refund, that our fee of 5% plus VAT of the value secured for you in rebate or refund will become immediately payable. It remains at our sole discretion to effect settlement of this debt by deduction from any funds received by us directly from HMRC for you in this regard. These conditions apply to all forms of tax rebate or refund but explicitly include CIS refunds.
Based on the information provided to us at commencement in the planning of your income tax calculations that lead to income tax CIS rebates, in the event that we issue any rebate payment to you in advance, we preserve the right to recover from you the rebate or any part thereof, in case of any revised calculations or repayment requests subsequently made by HMRC.
In some circumstances, commissions or other benefits may become payable to us in respect of introduction to other professionals or transactions we arrange for you.
For agreed Monthly payments
To make your cash flow easy and to help with budgeting we can take your monthly payments by Direct Debit.
For agreed Up-front payment
We have a range of easy payment options including paying by credit card, paying by finance or monthly direct debit payments which help spread the cost.
Unlimited free ad-hoc advice
As a valued Client, your Fixed Price Agreement is fully inclusive of unlimited access to our in-house team for advice on ad-hoc matters.
This means that you can call on us at any time knowing that you will never be charged for our time or advice. So we hope you will feel free to speak to us whenever you need to, without ever having to worry about the cost.
Of course, if the issues raised at any of these unlimited free consultations (or anywhere else) require research or analysis beyond the consultation, we will give you a fixed price quotation for that extra work before any additional work is started. Please refer to additional services at pages 2 and 3 of this Agreement for a list of some of the services you may require. Should you require any further information don’t hesitate to contact us.
Only if you agree to and sign an “Extra Work Order” (or EWO) to confirm that you are happy to pay for the extra work – on the mutually acceptable terms set out in the EWO – will we do anything over and above the work specifically listed above. This means that you will NEVER get an unexpected bill.
Your guarantees and safeguards
To make sure that our arrangement continues to be fair to both parties, if necessary, we will change the scope of the services to be provided and the prices to be charged in light of mutual experience.
To be effective, we believe that professional relationships need to be based on mutual trust, mutual support, mutual respect and mutual integrity. As a result we only work with clients who share our belief in the importance of these four factors.
In practice that means that, with this piece of work as with everything else we do for you, we will always do everything in our power to:
- Keep you fully informed about what’s happening with your affairs, and complete every task on or ahead of time – so that you never have to chase us;
- Maintain the high standards of integrity, honesty, openness, professionalism and confidentiality that you rightly expect from us;
- Refer our contacts to you where we believe they could benefit from your products or services;
- Always be on the lookout for new ideas that could help you to build an even more successful business and achieve your business goals;
- Do what we say we are going to do, when we say we are going to do it.
You are responsible for ensuring that proper accounting and financial activity records are maintained for preparing the accounts and for determining whether or not, in respect of the period, the accounts are true, fair and accurate.
You will keep records of sale invoices, purchase invoices, receipts and payments, income, bank Statements, together with any documents relating to your transactions and activities for a minimum of 7 years.
If you use an accounting system of your own, you are responsible for ensuring that you use a proper accounting system and that accounts system is accurately and regularly updated.
You are solely responsible for any previous accounts or tax returns that have not been completed by us or fall outside of our contractual period. In this case, the filing at HMRC and Companies House of any paperwork necessary to fulfil your accounting duties falls on you.
You are solely responsible for ensuring your activities comply with the laws and regulations applicable to your activities.
The Client shall make all payments due under this agreement in full without any deduction whether by way of set off, counterclaim, discount, abatement or otherwise unless the client has a valid court order requiring an amount equal to such deductions to be paid by Infologik Limited (trading as wedo accounting) to the client.
In regards to payments made, Clients are advised that they will forfeit payments made to us for said services, should they fail to comply with the following performance obligations:
- To provide ALL relevant or requested records or personal information as deemed necessary by Infologik Limited (trading as wedo accounting) to enable it to complete its provision of the services paid for, within 60 days of the date of payment.
In the event that the Client fails to comply with the performance obligation above then all or any payment/monies already received for services ordered will be forfeited and lost by the paying Client. Under the terms of this agreement the Client explicitly accepts that they will not be entitled to a refund of any monies or payments made under this condition, regardless of circumstances or transpired events.
Agreed accountancy works and services will be completed and due returns submitted to the Inland Revenue only once the service invoices are settled or when applicable prepayment for services has been received.
Limitation of liability
The services supplied by Infologik Limited are for your use and does not constitute advice to any 3rd party to whom you may communicate with.
Infologik Limited (trading as wedo accounting) will not be responsible for any interest, penalties, losses or additional tax liabilities that arise due to any omissions of any persons connected to the client or any incomplete, misleading, false or any other information that result in any additional monies being paid.
We will provide our professional services outlined in this letter with reasonable care and skill. However, we will not be responsible for any losses, penalties, surcharges, interest or additional tax liabilities arising from the supply by you or others of incorrect or incomplete information, or from the your failure or failure of others’ to supply any appropriate information or your failure to act on our advice or respond promptly to communications from us or the tax authorities.
Infologik Limited (trading as wedo accounting) will not be liable to you for any delay or failure to perform its obligations if the delay or failure is caused by circumstances outside their control.
Infologik Limited (trading as wedo accounting) will not be responsible or liable for any loss, damage or expense incurred if information relating to the financial affairs of the Client are withheld, concealed or omitted from us during the course of our service. This applies to all parties, including 3rd parties, connected in any way to the client.
You agree to hold harmless and indemnify us against 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 provided to you by the firm against any of our employees on a personal basis.
Money laundering regulations 2003
In accordance with the Proceeds of Crime Act and Money Laundering Regulations 2003 you agree to waive your right to confidentiality to the extent of any report made, document provided or information disclosed to the National Criminal Intelligence Service (NCIS).
You also acknowledge that we have a statutory duty under S.330 of the Proceeds of Crime Act 2002 to report directly to NCIS without prior reference and consent, to you or your representative, we know, or have reasonable cause to suspect, that you, or anyone connected with your business, are or have been involved in money laundering. We would commit the criminal offence of tipping off under section 333 of the Proceeds of Crime Act were we to inform you of any suspicions or that a report had been made. Failure on our part to make a report where we have knowledge or reasonable grounds for suspicion would constitute a criminal offence.
The offence of money laundering is defined by section 340(11) of the Proceeds of Crime Act and includes the acquisition, possession or involvement in arrangements for concealing the benefits of any activity that constitutes a criminal offence in the UK.
This definition is very wide and would include:
(a) tax evasion through deliberate understatement of income or overstatement of expenses or stocks; or
(b) deliberate failure to inform the tax authorities of known underpayments.
We are not required to undertake work for the sole purpose of identifying suspicions of money laundering. We shall fulfil our obligations under the Proceeds of Crime Act 2002.
Data Protection and Data Processing
It is the duty of the “Data Controller” to comply with the (UK) General Data Protection Regulation 2016/679. For the purposes of the Data Protection Act 1998, the ‘Data Controller’ in relation to the processing of personal information about you is Infologik Limited, 11 Churchill Court, 58 Station Road, Harrow, HA2 7SA.
In order for Infologik Limited (trading as wedo accounting) to discharge the said services under this engagement and for the related purposes, it will be necessary to obtain, process, store, and disclose personal data about you strictly for purposes connect with the performance of this Agreement, including but not limited to:
- Updating and enhancing client records
- Analysis for management purposes and statutory returns
- Complying with our legal and regulatory compliance and crime prevention
- Any other legitimate interests relating to protection against potential claims
Infologik Limited is licensed to process data on your behalf, and shall do so in compliance with all applicable laws, enactments, regulations, orders, standards and other similar instruments governed by the applicable Data Protection legislation.
In regard to our professional obligations we are a member firm of the Association of Chartered Certified Accountants (ACCA). Under ethical and regulatory rules of ACCA we are required to allow access to client files and records for the purpose of maintaining our membership of this body.
You agree that we can approach such third parties as may be appropriate for information that we consider necessary to deal with your affairs.
Communication between you and Infologik Ltd is confidential and we shall continue to take all reasonable steps necessary to keep confidential your personal information, except where we are required to disclose it by law to a court of competent jurisdiction, by regulatory bodies, by our insurers or as part of an external peer review. Unless we are authorised by you to disclose information on your behalf, this undertaking will apply during and after this engagement.
Infologik shall comply, at all times, with the minimum security requires pursuant to the (UK) General Data Protection Regulation 2016/679 to ensure the safe transmission, storing, updating and deletion of your personal information in accordance to its retention period.
Under the applicable Data Protection legislation, you have the right to make a Subject Access Request to Infologik Ltd to retrieve any personal information we may hold about you. Any request must be made in writing to Infologik Ltd. This is subject to a fee of £10 to enable us to respond to your request promptly, within the prescribed 30 days from the date of validation of your request. Infologik Ltd shall take the reasonable steps necessary to verify your identity to ensure that your personal information is disclosed directly to you and not any other 3rd party in accordance with the (UK) General Data Protection Regulation 2016/679.
Retention of Records
You have a legal responsibility to retain documents and records relevant to your tax affairs.
During the course of our work we may collect information from you and others relevant to your affairs. We will retain any original documents to you, if requested.
When we cease to act for you we will seek to agree to the position to access to cloud-accounting records to ensure continuity of service. This may require you to enter into direct engagements with the software providers and pay for that service separately.
Documents and records relevant to your affairs are required by law to be retained as follows:
Individuals, trustees and partnerships:
– with trading or rental income: 5 years and 10 months after the end of the tax year;
– otherwise: 22 months after the end of the tax year;
Companies, LLPs and other corporate entities:
– 6 years from the end of the accounting period
These periods may be extended if HMRC enquires into any accounts or returns.
Whilst certain documents may legally belong to you, we intend to destroy correspondence and other papers that we store which are older than 7 years, other than documents which we consider to be of continuing significance.
Applicable Law and jurisdiction
These terms and conditions of this Fixed Price Agreement shall be governed by, and construed in accordance with the law of England and Wales. Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction in relation to any claim, dispute or difference, or in connection with it or its subject matter or formation concerning these Terms and Conditions and any matters arising from it. Each irrevocably waives any right it may have to object to claim that the action has been brought in an inconvenient forum, or to claim that those Courts do not have jurisdiction.
Contracts (Rights of Third Parties) Act 1999
A person who is not party to this agreement shall have no right under the contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act.
Without affecting any right or remedy available, you may terminate this Fixed Price Agreement by providing Infologik Limited a minimum of one month’s notice in writing, in advance of cessation. If you would like to cancel the contract during the year of contract, you will be immediately liable to pay all the money for the remainder of the service year, until the date of contract expiry.
Agreement of terms
Once it has been agreed, this contract and its terms and conditions will remain effective until we give consent to it being replaced. We shall be grateful if you could confirm your agreement to these terms by signing the enclosed copy of this letter and returning it to us immediately. This contract commences on the [date], it is valid until [date] and it will renew automatically month on month after its expiry date.