Terms of Engagement

TERMS OF ENGAGEMENT

1.1             Members in Practice of the Chartered Institute of Management Accountants (CIMA) 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             This form sets 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 form, “we” and “us” and “our” relate to this accountancy practice and “you” and “your” relate

                  to you, the client.

2. Responsibilities

Our responsibilities are to:

2.1             observe the Laws of CIMA;

2.2             keep and maintain records of work completed and make them available to you upon request;

2.3             provide regular reports on the progress of any work being completed on your behalf;

2.4             raise any issues or concerns that may be found during the term of the engagement;

2.5             return any information owned by you within 5 working days upon termination of the engagement 

                  and once payment for work carried out by the practice has been made;

2.6             keep records in compliance with the Data Protection legislation.

Your responsibilities are to:

2.7             provide the following proof of identity, current address and business details as required by anti   

                  money laundering regulations:

                  a. a utility bill dated within the last three months;

                  b. passport or driving licence of client;

2.8             ensure that records of your business activities are correct and maintained to meet the

                  requirements of regulatory authorities;

2.9             disclose all relevant information to enable us to complete the work;

2.10           allow full and free access to financial and other records held by yourselves or third parties.

3. Ethical conduct

3.1             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.

3.2             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.

3.3             The duty of a professional accountant is not exclusively to satisfy the needs of an individual client.

                  In complying with the ethical requirements of the CIMA Code of Ethics the professional   

                  accountant is obliged to act primarily within the public interest.

4. Fees

4.1             For clients who are employed under PAYE and claiming tax relief on the cost of travel to

                  temporary workplaces, our fee is 24% of the tax refunded by HM Revenue & Customs.

4.2             For clients who are self-employed, our fee is £288 per tax year.

4.3             Payment of fees is generally achieved by deducting our fee from the client’s refund when received

                  from HM Revenue & Customs. However, is certain circumstances where no refund is due or the 

                  client receives their refund direct from HM Revenue & Customs our fee will become payable

                  immediately.

4.4             Where payment has not been received we reserve the right to cease work on your account and to

                  terminate the engagement.

5. Holding Client Monies

5.1             Client money is held in an account separate from the practice.

6. Retaining and Accessing Records

6.1             Any information produced or relating to the work we undertake for you will be kept by us or, upon

                  request, 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.

6.2             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.

7. Confidentiality and conflicts

7.1             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. Legislation and compliance

8.1             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.

8.2             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.

9. Liability

9.1             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.

9.2             Where any loss or damage occurs as the result of you providing misleading, incomplete or false

                  information no liability will be accepted.

9.3             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.

10. Complaints and disputes

10.1           We want you to be entirely satisfied with the services provided to you. If, however, you are not,

                  please refer to our Complaints Handling Procedure, a copy of which is available upon request.

11. Continuity Arrangement

11.1           In the event that we become unable to provide the services agreed through incapacity or death, a

                  Continuity Agreement has been made with Deepaman Prabhakar of Virtual Accounting & Taxation

                  Services Limited, 20 Dawley Avenue, Uxbridge, UB8 3BT. 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.

12. Termination

12.1           You or we may terminate our engagement by giving 14 days written notice. All documents and

                  information provided by you will be returned to you within 10 working days of receipt of the notice

                  provided that all outstanding fees have been paid.