Accounting Services Terms and Conditions of Business
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 contained important information about rights and obligations when using our services.
We follow 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.
In regards to this undertaking we will submit form 64-8 and as may be necessary form FBI2 to the Inland Revenue, which authorises the Inland Revenue to deal with us 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.
To avoid any misunderstanding, this is a Fixed Price Agreement and defines the services we will perform for you and your obligations in return.
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.
And so it is really important to keep reminding you of upcoming deadlines and aspects of compliance at all times. These will include:
- Helping you to 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 things. This will include planning around expenditure and ensuring tax relief is given 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 in and review them to ensure that we have everything we need which means we can complete everything quickly 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 so that we can 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. 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 5 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 review to make sure that you don’t pay a penny more in corporation tax than you have to which means you can keep more money in your company. Subject to your authorisation and declaration receipt complete and submit your Corporation Tax Self-Assessment return.
- 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:
- 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.
- 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 everything you are legally entitled to.
- Identify any business expenses that you did not know that you have paid.
- We will arrange a post year-end review meeting with you to discuss any issues we notice when preparing your accounts and advise you.
Paying our fees
Interest will be charged on all overdue debts at 8% above the Bank of England base rate, from the due 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 become personally, jointly and severally liable in respect of our outstanding fees and 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 should that action be deemed necessary.
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 fees of 10% plus Vat of the value secured for you in rebate or refund will become immediately payable and 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. This condition applies to all forms of tax rebate or refund but explicitly includes CIS refunds.
Based on the information provided at commencement in planning of your income tax calculations and CIS rebates if we issue any rebate in advance to you we preserve the right to recover from you the rebate or any part thereof, in case of any revised calculations or repayment request 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, in which case you will be notified in writing of the amount, the terms of payment and receipt of any such commissions or benefits.
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 obligation:
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.
For agreed Monthly payments
To make your cash flow easy and to help with budgeting we can take your monthly investment 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 spreading the payment across Direct Debit payments.
Unlimited free ad hoc advice
Your fixed price agreement is fully inclusive of unlimited access to our entire 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 I hope you will feel free to speak to me 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.
Your guarantees and safeguards
- To make sure that our arrangement continues to be fair to both parties, we will meet regularly throughout the year and, if necessary, 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 on 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 and 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
- 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 your or others’ failure to supply any appropriate information or your failure to act on our advice or respond promptly to communications from us or the tax authorities.
- You agree that we can approach such third parties as may be appropriate for information that we consider necessary to deal with your affairs.
- Whilst certain documents may legally belong to you, we intend to destroy correspondence and other papers that we store which are more than seven years old, other than documents which we consider to be of continuing significance. If you require retention of any document you must notify us of that fact in writing.
- 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.
- 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.
- Your are responsible for any previous accounts or tax returns that have not been completed by us and the filing at HMRC and Companies House of any paperwork necessary to fulfil your accounting duties each year.
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 are required to report directly to NCIS without prior reference to you or your representatives if during the course of undertaking any assignment the person undertaking the role of Money Laundering Reporting Officer becomes suspicious of money laundering
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.
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.
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.
In order for Infologik Limited (trading as wedo accounting) to provide the service it will be necessary to process personal data about the client (including name, addresses and email accounts). Such data will be processed by Infologik Limited (trading as wedo accounting) in accordance with the Data Protection Act 1998.
These terms and conditions are governed by, and construed in accordance with English Law. The courts of England will have exclusive jurisdiction in relation to any claim, dispute or difference concerning these Terms and Conditions and any matters arising from it
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.
A minimum of one month’s notice is required 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.
Remember, as part of this fixed price agreement you have unlimited access to our entire team for advice on ad-hoc matters. This means you can call on us at any time knowing that there will not be any charge for the time or advice.