Terms and Conditions for Accountancy and Business Management Services
Updated 27 September 2017
1.1 Members in Practice of the Chartered Institute of Management Accountants (“CIMA” or “the Institute”) subscribe to the promotion of high standards, ethical awareness and best practice. As part of those standards, engagement terms are issued and agreed prior to any work being undertaken.
1.2 Our letter of engagement will be or will have been prepared following discussions with you and together with Annex 1 in the letter, will set out the terms on which our services will be provided. Please read all the information carefully and contact us if you have any concerns or require clarification.
1.3 In this letter, “we” and “us” and “our” relate to this accountancy practice Caseron Cloud Accounting Limited, Registered Office: 7 Swallow Drive, Stowmarket, Suffolk, IP14 5BY. Registered in England and Wales No. 7786420] and “you” and “your” relate to you, the client.
2. Scope of Services
2.1 Our services will be provided by a team headed up by Lisa Dickson, ACMA MBA and we will advise you of any proposed change. The services to be provided, timescales and fees and are or will be listed in Annex 1 of our letter of engagement.
Our responsibilities are to:
3.1 observe the Laws of CIMA.
3.2 keep and maintain records of work completed and make them available to you upon request.
3.3 provide regular reports on the progress of any work being completed on your behalf.
3.4 raise any issues or concerns that may be found during the term of the engagement.
3.5 return any information owned by you within 30 working days upon termination of the engagement and once payment for work carried out by the practice has been made.
3.6 keep records in compliance with the Data Protection legislation.
Your responsibilities as the client are to:
3.7 provide your current address, business details, and the following proofs of identity, as required by money laundering regulations:
a. A utility bill for your current address dated within the last three months
b. Valid passport or current photo driving licence of all named directors/partners/principles.
c. Certificate of Incorporation (if a Ltd company)
d. VAT Registration Certificate (if VAT registered)
3.8 ensure that records of your business activities are correct and maintained to meet the requirements of regulatory authorities.
3.9 disclose all relevant information to enable us to complete the work within agreed timescales in order to meet regulatory deadlines
3.10 allow full and free access to financial and other records relevant and necessary to providing the services in Annex 1, held by yourselves or third parties.
4. Ethical conduct
4.1 All CIMA management accountants work within the framework of the CIMA Code of Ethics (www.cimaglobal.com). The code requires accountants to comply with the principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
4.2 As a CIMA management accountant, I have a duty to observe the highest standards of conduct and integrity, and to uphold the good standing and reputation of the profession.
4.3 The duty of a professional accountant is not exclusively to satisfy the needs of an individual client or employer. In complying with the ethical requirements of the CIMA Code of Ethics the professional accountant is obliged to act primarily within the public interest.
5.1 Our fees may be based on a time / complexity / employee skill level / regular fixed monthly basis depending on the services you require. Annex 1 lists the services we agree to supply on the basis we agreed to supply them on. Any additional work required which is not covered by these terms will be agreed with you and will result in a new Annex 1 being issued.
5.2 Payment of regular fixed monthly fees are due in advance and by direct debit on the first of each month, for the month that the service is being supplied.
5.3 Payment of fees rendered by invoice are due within 7 working days from the bill date. Compensation and interest may be applied to any overdue accounts as set out below:
a) Late payment compensation is applied once per invoice, when the account goes into arrears
- Up to £999.99 — £40.00
- £1,000.00 to £9,999.99 — £70.00
- £10,000.00 or more — £100.00
b) Late payment interest using the Bank of England Base Rate plus 8% as set out in the Late Payment of Commercial Debts (Interest ) Act 1998. https://www.gov.uk/late-commercial-payments-interest-debt-recovery .
5.4 Late payment compensation and late payment interest will be calculated and charged to your account as at the last day of the month of late payment. Where payment has not been received we reserve the right to withhold services, documents and information and to cease to work on your account. We reserve the right to terminate the engagement if payments are unduly delayed. Where we provide your Xero account, we reserve the right to downgrade your Xero plan to a smaller plan (with less functionality) to reduce our costs maintaining your overdue account.
5.5 If fees and disbursements are provided for in Annex 1, any expenses incurred whilst working on your behalf will be charged and appropriate records will be kept and will be available for inspection. Such expenses may include software subscriptions, the use of meeting rooms and other facilities, internal printing, courier charges, and international but not national telephone calls.
5.6 Payment is preferred by Direct Debit, BACS or Standing Order to the account detailed below:
|Account Name||Caseron Cloud Accounting Limited|
6. Holding Client Monies
6.1 Where holding client monies is provided for in Annex 1 – we will ensure Client money is held in an account separate from the practice. Interest will only be paid once it exceeds [£10.00] to avoid disproportionate administration costs. We recommend that you also view CIMA’s Client Money Regulations which can be found on the Institute’s website.
7. Retaining and Accessing Records
7.1 Any information produced or relating to the work we undertake for you will be returned to you and should be kept for a period of no less than 6 years from the end of the tax year in question.
7.2 You agree that any work completed and work in progress for which payment is outstanding will be held by us until all fees relating to it have been paid.
8. Confidentiality and conflicts
8.1 We agree never to share information relating to your business with any third party without prior consent, unless required to do so by law or to comply with regulations or quality control reviews. Likewise you agree not to use or copy or allow use of the output of the work we do for you with a third party without our prior permission.
8.2 You recognise that we may have to stop providing services to you in the event that a conflict arises between our duties to you and to another client. You will notify us if you have any reason to believe that such a conflict has arisen or may arise.
8.3 We may communicate with you electronically and you accept the risks associated with such communications, except anything arising through our negligence or wilful default.
9. Legislation and compliance
9.1 We are obliged by law and by CIMA to undertake checks to ensure that you and your business are operating lawfully. By agreeing to our terms of engagement you accept that we are authorised to complete such checks as necessary.
9.2 Under Money Laundering Regulations it is a criminal offence if we do not report suspicious transactions or if we inform a client that a report has been made against them.
10.1 As Chartered Management Accountants, we have a duty of care to you and we must observe the highest standards of conduct and integrity. Our services to you will only be completed by an accountant fully competent to perform such work and who holds current Professional Indemnity Insurance.
10.2 Where any loss or damage occurs as the result of you providing misleading, incomplete or false information no liability will be accepted.
10.3 The advice we give you is not to be used by a third party without written consent. The practice also accepts no legal responsibility from third party use of the financial information provided by us.
11. Complaints and disputes
11.1 We want you to be entirely satisfied with the services provided to you. If, however, you are not, please refer to the Complaints Handling Procedure at Annex 3 of this letter. Any disputes arising from our engagement by you will, subject to the procedure at Annex 3, be governed by English law.
12. Continuity Arrangement
12.1 In the event that we become unable to provide the services agreed through incapacity or death, a Continuity Arrangement has been made with Patricia Watson, Accountants for Business (UK) LTD, 77 Fountain Hall Road, Aberdeen, AB15 4EA. The purpose of this agreement is to look after your interests by providing continuity of services. You will be contacted in the event of such circumstances arising and you will have the option to decline to be covered by these arrangements.
13.1 You or we may terminate our engagement by giving 30 days written notice. All documents and information provided by you will be returned to you within 30 working days of receipt of the notice provided that all outstanding fees have been paid.
13.2 We reserve the right to terminate the contract immediately if our monthly fee exceeds 30 days in arrears.