Terms of engagement for accounts, tax and advisory work between Jonathan Loescher & Co Limited, ‘the Firm’ and ‘the clients’

Instructions

The client and the Firm can terminate this engagement at any time by notice in writing to the other party.

Accounts Preparation

Where instructed the Firm will prepare the client’s accounts on an annual basis in compliance with generally accepted accounting practice. 

Where necessary, as is the case with most companies, the Firm shall submit the accounts to Companies House within the required time limit.

The Firm shall review the client’s accounting records in order to complete the accounts. The Firm’s work will not however amount to an audit and cannot be relied upon to disclose errors, fraud or other discrepancies in the records.

The responsibility for the accuracy of the accounting records remains with the client.

It is particularly important that the Firm is advised of any items in the accounts that relate in whole or in part to private non-business matters so that suitable adjustments can be considered.

Tax Returns

The Firm will prepare all personal, partnership, trust and company tax returns where instructed and submit the same to the relevant authorities within the designated time limits provided information is given to the Firm to complete the returns on a timely basis.

The Firm shall conduct all correspondence with the Inland Revenue on the client’s behalf and keep the client informed of any matters of significance.

The Firm shall advise the client of any relevant claims and elections that may be necessary within the required time limits.

The Inland Revenue audit a number of tax returns each year and if this occurs this is likely to involve separate charges which the Firm shall inform the client about at the time.

Under self-assessment it is sometimes necessary for a judgement to be taken about the tax treatment of a particular issue. It is usually not possible to obtain the agreement of the Inland Revenue in advance and consequently there may be times when the view taken in the tax return is challenged by the Inland Revenue under its enquiry procedures. The Firm’s policy is to fully disclose such matters in the tax return but there is sometimes a risk that further tax, interest and possible surcharges and penalties may become due if the view taken cannot be sustained upon enquiry. Where there are matters of doubt these will be brought to the client’s attention before the tax return is submitted and in such cases the client by signing this agreement accepts the Firm will not be liable for any additional tax, interest or penalties that may be found to be due upon enquiry by the Revenue.

The Firm also accepts no responsibility for any losses, charges, penalties, surcharges, interest or additional tax liabilities that arise as a result of the client’s or others failure to provide adequate and appropriate information on a timely basis or on the client’s failure to act promptly upon the Firm’s advice or communications.

The Firm’s work will be as agent for the client and the responsibility for making sure the returns are complete and correct must remain with the client.

Advice given

From time to time the client may require the Firm to advise upon certain matters. In such cases any advice given is to the client and no other person or organisation can rely upon the advice given.

It is expressly agreed that a copy of any written advice given will not be sent to any other person or organisation without the prior written agreement of the Firm.

Any advice given is specifically in respect of the transaction being contemplated or issues specifically addressed in the letter of advice. The advice given is not intended to cover any other matters of the client’s affairs.

The client warrants that they have made available all material facts and information in regard to the advice sought. The client cannot rely on the advice if material facts or information has not been made available to the Firm.

This Firm will not be responsible for any failure of the client or any third party to properly disclose or record relevant transactions or information to the tax authorities when required to do so.

This Firm does not give advice on stamp duty matters. Separate advice would be needed in regard to this tax.

This Firm does not give financial services or investment advice. Separate advice would be needed in this regard.

Unless separately instructed the Firm will not be responsible for any working families or child tax credit, PAYE and VAT returns and compliance matters. The responsibility for these remains with the client.

Legal Documents

In the course of dealing with the client’s affairs, the Firm may suggest that legal documents are drawn up or may be asked to comment on legal documents drawn up by a solicitor. The Firm is not competent to draw up legal documents and whilst it shall give whatever assistance with these that it can, and where appropriate advise you on the Firm’s understanding of the taxation implications of the documents, it shall in giving such advice assume that they have been correctly drawn up. 

The responsibility for ensuring the documents have been drawn in the correct form to achieve their taxation and other objectives must remain with the client and their solicitor.

Fees

Our fees are computed on the basis of the time spent on your affairs by the directors and our staff, and on the levels of skill and responsibility involved. Our fees (will be charged separately for each of the main classes of work described above), will be billed at appropriate intervals during the course of the year and will be due on presentation.

If in any circumstances beyond our control , it becomes necessary for us to withdraw from the engagement, our fees for work performed up to that date will be payable by yourselves.

All fees, including those for specific matters agreed between the Firm and the client from time to time, shall be exclusive of VAT, which shall be chargeable in addition at the standard rate in force at the time. 

The Firm reserve the right to add interest from presentation to payment at the rate of 1.5% per calendar month on a compound basis on fees outstanding more than 2 weeks after their issue.

Records

During the course of our work the Firm will collect information from the client and others in the form of original documents and the Firm will return this documentation to the client after our work has been completed.

Whilst certain documents may legally belong to the client the Firm will destroy correspondence and other papers in its possession which are more than 6 years old other than documents that the Firm considers have a continuing significance. If the client does not wish us to destroy such records then this should be indicated to us in good time.

Communications

The firm has the facility to use internet e-mail communications and will do so where appropriate unless the client advises otherwise. 

The Firm does not accept responsibility for any errors or problems that may arise through the use of internet communications. It will be the responsibility of the recipient to virus check any e-mail communications received.

Ethical and practice guidelines

In accepting the terms of this letter you recognise that we shall comply with our Institute's ethical and practice guidelines to correct any Inland Revenue errors.

Contracts (Rights of Third Parties) Act 1999

Persons who are not party to this agreement shall have no rights under the above act or otherwise to enforce any term of this agreement.

Data Protection Act 1998

We may obtain, use, process and disclose personal data about the client in order to discharge our services under this agreement and other purposes as required. The client has the right of access under the data protection legislation to the personal data we hold about the client.

Complaints

The Firm is required by the Institute of Chartered Accountants in England and Wales to advise the client of the procedure should you be dissatisfied with the service we provide. 

If at any time the client would like to discuss with the Firm how the service could be improved, or if the client is dissatisfied with the service being received, then please telephone or write to the Firm. 

The Firm undertakes to look into any complaint carefully and promptly and to do all it can to explain the position to you. 

If you feel that a complaint is not properly addressed or if you consider that the person responsible for your affairs is not appropriate for the initial contact please contact our alternate, Christopher Dean and Co (Tel - 01295 788 104   Address -Ivy Cottage, Bakers Lane, Tadmarten, Nr Banbury, Oxon). 

If agreement cannot be reached the client has the right to complain to the Institute of Chartered Accountants in England and Wales.

Duration

Once agreed these terms will remain effective until replaced. 

Either party may terminate this agreement with immediate effect by notice in writing sent to the other at their usual address.

Proceeds of Crime Act 2002 and Money Laundering Regulations 2007

In common with all accountancy and legal practices, we are required by the Proceeds of Crime Act and the Money Laundering Regulations to:

·         have due diligence procedures for the identification of all clients;

·         maintain appropriate records of evidence to support customer due diligence; and

·         report in accordance with the relevant legislation and regulations.

External review

As part of our ongoing commitment to providing a quality service, our files are periodically subject to an independent quality review. Our reviewers are highly experienced and professional people and are bound by the same requirements of confidentiality as our principals and staff.

Limitation of liability

We undertake that we will exercise due care in the performance of our work in accordance with applicable professional standards. You however agree that any claim made against this firm and or it’s officers will be limited to a maximum of £500,000 in any event, whether for damages, negligence or whatever.

 Agreement

The parties agree to accept the above terms and conditions


  

About us  

Jonathan Loescher and Co Ltd is small firm of Chartered Accountants based in Weeford Nr Lichfield Staffs specialising in farmers and smaller businesses. The firm was formed in 1994 and  offers a comprehensive range of services, covering accountancy and business advice through to taxation and VAT advice.

Contact Us

Jonathan Loescher & Co. ltd
The Steading, Jerrys Lane
Packington, Nr Lichfield
Staffordshire
WS14 9QA


01543 480772
info@loescheraccounts.co.uk

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