Engagement

Thank you for entrusting Reigate Business Advisory with helping you to grow your business. We are excited to be working with you.

This page confirms the basis on which we provide services to you, so as to avoid any misunderstandings of our respective responsibilities. These terms and conditions are the only agreement we have with you and supersede all other undertakings or agreements.

Nature of Services

You have engaged Reigate Business Advisory to provide you with one or all of the following services, which have been outlined in an email to you already:

  1. Filing annual statutory accounts for a limited company
  2. Corporation Tax
  3. Filing annual statutory return for a sole traders
  4. Personal/Director/Sole trade tax return
  5. Payroll scheme including PAYE, NI, and CIS returns, where relevant
  6. Management accounting
  7. Bookkeeping
  8. Business advisory
  9. VAT returns

 

Terms and Conditions

Anti-Money Laundering (AML) Legislation

All accountants must comply with onerous duties imposed by the Proceeds of Crime Act 2002, the Terrorism Act 2000 and the Money Laundering Regulations 2007 (the “Anti Money Laundering Legislation”), which are intended to inhibit the activities of terrorists and other criminals by denying them access to technical expertise.  If we fail to perform these duties, WE risk imprisonment.

Before we accept your instructions, we may need to obtain ‘satisfactory evidence’ to confirm your identity. In certain circumstances, we may need to obtain evidence confirming the identities of third parties, the source of any funds or other property, the purpose of any instructions or any other matter. We may also need to obtain such evidence after we have begun to act on your instructions.

We assume that our clients are honest and law abiding. However, if at any time, there appear to be grounds to suspect (even if we do not actually suspect) that your instructions relate to ‘criminal property’, we are obliged to make a report to the National Crime Agency (“NCA”), but we are prohibited from telling you that we have done so.

In such circumstances, we must not act on your instructions without consent from NCA. If NCA do not refuse consent within 7 working days we may continue to act. If NCA issue a refusal within that time, we must not act for a further 31 days from the date of the refusal.

‘Criminal property’ is property in any legal form, whether money, real property, rights or any benefit derived from criminal activity. It does not matter who carried out the criminal activity or how removed the property is from the original crime. Even if you are honest in your dealings, if your property represents a benefit from someone else’s crime, we must still make a report.

Activity is considered ‘criminal’ if it is a crime under UK law, no matter how trivial for example, tax evasion is a criminal offence, but an honest mistake is not. We will assume that all discrepancies are mistakes unless there is contrary evidence.

Client Monies

We may, from time to time, hold money on your behalf.  Such money will be held in trust in a client bank account, which is segregated from the firm’s funds.

If the total sum of money held on your behalf exceeds £2,000 for a period of more than 2 months, or such sum is likely to be held for more than 2 months, then the money may be placed in an interest-bearing client bank account.  All interest earned on such money will be paid to you.  Subject to any tax legislation, interest will be paid gross.

If there are grounds to suspect (even if we do not actually suspect) that any monies held in a client account is derived directly or indirectly from any criminal activity whatsoever, we may not release such monies until we receive permission to do so from the NCA.

Fees

We will have already emailed you the price for our services. By agreeing to these terms you are also agreeing to our fees. If you require additional services, then we will provide you with a quotation for those services before we proceed.

Unless specifically agreed, payment of our invoices are due within 7 days from the date of the invoice. We will stop the services for any invoices more than 10 days late. We accept no liability for any resultant impact of this on you.

It is our normal practice to request that clients make arrangements to pay their fee on a monthly standing order.

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 would be personally, jointly and severally liable in respect of our outstanding fees.

Commissions or Other Benefits

In some circumstances, commissions or other benefits may become payable to us in respect of introductions to other professionals, services or transactions we arrange for you.

Ownership of Records

In the event of non-payment of our fees for services rendered, we may exercise a particular right of lien over the books and records in our possession and withhold the documents until such time as payment of our invoice is received in full.

File Destruction

Whilst certain documents may legally belong to you, unless you tell us not to, we intend to destroy correspondence and other papers that we store which are more than seven years old, other than documents which we think may be of continuing significance.  If you require the retention of any document, you must notify us of that fact in writing.

Supervision and Guidelines

We are supervised by HMRC for AML legislation and are not a member of a professional accounting body. However, we do observe the ethical guidelines of the Association of Accounting Technicians and accept instructions to act for you on the basis that we will act in accordance with those guidelines.  A copy of these guidelines can be found at https://www.aat.org.uk/.

Customer Service

We are committed to providing a high standard of customer service.  If you have any ideas as to how our service to you could be improved, or if you are dissatisfied with the service you are receiving, please let us know.  In the event that you have a complaint, we will look into this carefully and promptly and do all we can to explain the position to you or address your concerns.

Third Parties

All accounts, statements and reports prepared by us are for your exclusive use within your business or to meet specific statutory responsibilities.  They should not be shown to any other party without our prior consent.

No third party shall acquire any rights pursuant to our agreement to provide professional services.

Applicable Law

This engagement letter is 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 this engagement letter and any matter arising from it.

Each party irrevocably waives any right it may have to object to any action being brought in those courts, to claim that the action has been brought in an inappropriate forum, or to claim that those courts do not have jurisdiction.

Disclaimer

We will not be liable for any loss suffered by you or any third party as a result of our compliance with the Anti-Money Laundering Legislation or any UK law we must comply with at all.

Privacy

During the course of our engagement, including for the purposes of an initial consultation, you may disclose personal data to us in order that we may provide our services to you.  The processing of personal data is regulated in the UK by the General Data Protection Regulation EU 2016/679 as supplemented by the Data Protection Act 2018 together with other laws which relate to privacy and electronic communications.  In this form, we refer to these laws as “Data Protection Law”.

In providing our services, we act as an independent controller and are, therefore, responsible for complying with Data Protection Law in respect of any personal data we process in providing our services to you.

Our privacy statement (as contained in Appendix 1 to this form and also available https://www.reigate-accounting.co.uk/privacy-and-cookies) explains how we process personal data.

You are also an independent controller responsible for complying with Data Protection Law in respect of the personal data you process and, accordingly, where you disclose personal data to us you confirm that such disclosure is fair and lawful and otherwise does not contravene Data Protection Law.  Terms used in this form bear the same meanings as are ascribed to them in Data Protection Law.

You agree that you understand our Privacy Statement, your obligations and consent to Reigate Business Advisory collecting, storing and processing personal data about you and all your legal entities, relevant agents including employees and contractors, that you ask us to provide services for, as per the Privacy Statement.

How do we collect information from you?

We obtain information about you when you engage us to deliver our services, when you use our website, for example, when you contact us about our services and when we are acting on your behalf.

What type of information do we collect from you?

The personal information we collect from you will vary depending on which services you engage us to deliver.  The personal information we collect might include your name, address, telephone number, email address, your Unique Tax Reference (UTR) number, your National Insurance number, bank account details, confidential business and accounting information and your IP address, which pages you may have visited on our website and when you accessed them.

How is your information used?

In general terms, and depending on which services you engage us to deliver, as part of providing our agreed services we may use your information to:

  • Provide accurate information through our website;
  • Contact you by post, email or telephone;
  • Verify your identity where this is required;
  • Understand your needs and how they may be met;
  • Maintain our records in accordance with applicable legal and regulatory obligations;
  • Process financial transactions;
  • Prevent and detect crime, fraud or corruption; and
  • Deliver the services you have engaged us to deliver, such as preparing and lodging financial statements and tax returns or providing business advisory services.

We will only retain your personal data for as long as necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting, or reporting requirements.

To determine the appropriate retention period for personal data, we consider the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements.

Who has access to your information?

We will not sell or rent your information to third parties.

We will not share your information with third parties for marketing purposes.

Any staff or subcontractors with access to your information have a duty of confidentiality under the ethical standards that this firm is required to follow, in addition to contractual responsibilities.

Third Party Service Providers working on our behalf

We may pass your information to our third-party service providers, agents, subcontractors and other associated organisations for the purposes of completing tasks and providing services to you on our behalf, for example to process payroll or bookkeeping.  However, when we use third party service providers, we disclose only the personal information that is necessary to deliver the service and we have a contract in place that requires them to keep your information secure and not to use it for their own purposes.

Please be assured that we will not release your information to third parties unless you have requested that we do so, or we are required to do so by law, for example, by a court order or for the purposes of prevention and detection of crime, fraud or corruption.

How you can access and update your information

Keeping your information up to date and accurate is important to us.  We commit to regularly review and correct where necessary, the information that we hold about you.  If any of your information changes, please email or write to us, or call us using the ‘Contact information’ noted below.

You have the right to ask for a copy of the information Reigate Business Advisory holds about you.

Security precautions in place to protect the loss, misuse or alteration of your information

Whilst we strive to protect your personal information, we cannot guarantee the security of any information you transmit to us, and you do so at your own risk.

Once we receive your information, we make our best effort to ensure its security on our systems. Where we have given, or where you have chosen, a password which enables you to access information, you are responsible for keeping this password confidential.  We ask you not to share your password with anyone. We will automatically give you access to a client folder that contains all of the information we hold about you and your business, excluding email correspondence. We will give you access to this folder through an email account nominated by you. It is your responsibility to ensure you keep your email account secure in order to keep the information in that folder secure. We accept no liability for unauthorised access to that folder that occurs through the compromise of your email account.

Your data will be processed within the European Economic Area (EEA).  We take the security of your data seriously and so all our systems have appropriate security in place that complies with all applicable legislative and regulatory requirements.

Your choices

We may occasionally contact you by email with details of any changes in legal and regulatory requirements or other developments that may be relevant to your affairs and, where applicable, how we may assist you further.  If you do not wish to receive such information from us, please let us know by contacting us as indicated under ‘Contact information’ below.

Your rights

Access to your information

You have the right to request a copy of the personal information about you that we hold.

Correcting your information

We want to make sure that your personal information is accurate, complete and up to date and you may ask us to correct any personal information about you that you believe does not meet these standards.

Deletion of your information

You have the right to ask us to delete personal information about you where:

  • You consider that we no longer require the information for the purposes for which it was obtained; and/or
  • You have validly objected to our use of your personal information – see ‘Objecting to how we may use your information’ below; and/or
  • Our use of your personal information is contrary to law or our other legal obligations; and/or
  • We are using your information with your consent and you have withdrawn your consent – see ‘withdrawing consent to use your information’ below.

Restricting how we may use your information

In some cases, you may ask us to restrict how we use your personal information.  This right might apply, for example, where we are checking the accuracy of personal information about you that we hold or assessing the validity of any objection you have made to our use of your information.  The right might also apply where there is no longer a basis for using your personal information but you do not want us to delete the data.  Where this right is validly exercised, we may only use the relevant personal information with your consent, for legal claims or where there are other public interest grounds to do so.

Objecting to how we may use your information

Where we use your personal information to perform tasks carried out in the public interest then, if you ask us to, we will stop using that personal information unless there are overriding legitimate grounds to continue.  You have the right at any time to require us to stop using your personal information for direct marketing purposes.

Withdrawing consent to use your information

Where we use your personal information with your consent you may withdraw that consent at any time

and we will stop using your personal information for the purpose(s) for which consent was given.

Please contact us in any of the ways set out in ‘Contact information’ below if you wish to exercise any of these rights.

Changes to our privacy notice

We keep this privacy notice under regular review and will place any updates on https://www.reigate-accounting.co.uk/privacy-and-cookies.  This privacy notice was last updated on 25th May 2018.

Contact information

Email: Info@Reigate-Accounting.co.uk

Complaints

We seek to resolve directly all complaints about how we handle your personal information but you also have the right to lodge a complaint with the Information Commissioner’s Office at:

Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF

Telephone – 0303 123 1113 (local rate) or 01625 545 745

 

Terms for Specific Services

Annual Accounts – Sole Traders and Partnerships

Your responsibility for the preparation of accounts

  1. You have undertaken to make available to us, as and when required, all the accounting records and related financial information necessary for the compilation of the accounts. You will make full disclosure to us of all relevant information.  The accounts need to be approved by you before we are able to issue our report.
  2. You are responsible for ensuring that, to the best of your knowledge and belief, financial information, whether used by the business or for the accounts, is reliable. You are also responsible for ensuring that the activities of the business are conducted honestly and that its assets are safeguarded, and for establishing arrangements designed to deter fraudulent or other dishonest conduct and to detect any that occur.
  3. You are responsible for ensuring that the business complies with the laws and regulations applicable to its activities, and for establishing arrangements designed to prevent any non-compliance with laws and regulations and to detect any that occur.

Our responsibilities for the preparation of accounts

  1. We will compile your annual accounts based on the accounting records maintained by you and the information and explanations given to us by you. We shall prepare draft annual accounts for your approval.
  2. We will advise you as to the adequacy of your records for preparation of the annual accounts and make recommendations for improvements which we consider necessary. We shall not be responsible if, as a result of you not taking our advice, you incur losses or penalties.
  3. We will use reasonable skill and care in the preparation of your accounts but will not be responsible for errors arising from incorrect information supplied by you.
  4. We will report, with any variations that we consider may be necessary, that in accordance with your instructions and in order to assist you to fulfil your responsibilities, we have compiled, without carrying out an audit, the accounts from your accounting records and from the information and explanations supplied to us.
  5. We have a professional duty to compile accounts which conform with generally accepted accounting principles. Where we identify that the accounts do not conform to accepted accounting principles, or if the accounting policies adopted are not immediately apparent, this will be made clear in our report, if it is not clear in the accounts.
  6. We will advise you as to amounts of tax and National Insurance contributions to be paid and the dates by which you should make the payments, including payments on account and the balancing payment, and if appropriate we will initiate repayment claims when tax and National Insurance contributions appear[s] to have been overpaid.
  7. We will deal with HMRC regarding any amendments required to your return and prepare any amended returns which may be required.
  8. We will advise as to claims and elections arising from the tax return and from information supplied by you and, where instructed by you, we will make such claims and elections in the form and manner required by HMRC.
  9. You have asked us to undertake all correspondence with HM Revenue & Customs on your behalf. To avoid any problems would you please send to us any forms or correspondence received from HM Revenue & Customs as soon as you receive them.  In particular would you please ensure that no payments are made to HM Revenue & Customs without our confirmation that the demands are correct.
  10. HM Revenue & Customs has 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 31st January following the end of the tax year, or if any payments are made after the respective due dates.
  11. 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. If the information is received after that date, we will not accept responsibility for any penalties or surcharges charged by HM Revenue & Customs.
  12. HM Revenue & Customs audits a number of tax returns each year, many of these audits are the result of a random selection. Assistance in respect of such an audit beyond the answering of straightforward queries regarding entries on the tax return is additional work and will result in separate charges.  We will keep you fully informed before undertaking any extra work in respect of such an audit.
  13. 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.
  14. You agree that we can approach such third parties as may be appropriate for information that we consider necessary to deal with your affairs.
  15. We will ask you to sign and return the HM Revenue & Customs form 64-8, which authorises HM Revenue & Customs to send us copies of formal notices. In practice, HM Revenue & Customs 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 HM Revenue & Customs correspondence, and even where it does, HM Revenue & Customs sometimes overlook it.  You should therefore always send us the originals or copies of all communications you receive from HM Revenue & Customs immediately after receiving them.

 

Annual Accounts – Limited Companies

Responsibilities of Directors

As director of the company, under the Companies Acts you are responsible for:

  • ensuring that the company maintains proper accounting records and for preparing accounts
  • determining whether for any reason the exemption is not available in respect of the period.

You will keep records of sales invoices, purchase invoices, receipts and payments, together with any other documents relating to the company’s transactions and activities.  It will also be necessary for you to provide a record of stock at the company’s year-end.

For financial years beginning on or after 06 April 2008, a private company is usually required to file its accounts at Companies House within 9 months of the year end.  The company will be liable to a fine if it fails to do so.  In order to avoid this, we will produce statutory accounts, suitable for filing, within the required period, provided all your records are complete and presented to us within five months of the year end, and all subsequent queries are promptly and satisfactorily answered.

We have agreed to act as your agent and to:

  1. submit the accounts to the Registrar of Companies;
  2. complete and submit the company’s annual return;
  3. complete and submit any other forms required by law to be filed at Companies House, provided that you keep us fully informed of any relevant changes or events which are required to be notified to Companies House, within one week of the change or event; and
  4. maintain the statutory books.

Responsibility of the accountants

In relation to the accounts, we will prepare the company’s accounts on the basis of the information that is provided to us.  We will also draft the accounts in accordance with the provisions of the Companies Act, and related Accounting Standards for approval by the Board.

Should our work lead us to conclude that the company is not entitled to exemption from an audit of the accounts, or should we be unable to reach a conclusion on this matter, then we will advise you of this.

You have instructed us to prepare your financial statements for the year(s) ended 2019 and subsequent years.  It was agreed that we should carry out the following accounting and other services:

  1. write up the accounting records of the company insofar as they are incomplete when presented to us;
  2. complete the postings to the nominal ledger; and
  3. prepare the accounts for approval by yourselves.

You have agreed that you or your staff will:

  1. keep the records of receipts and balances;
  2. reconcile the balances monthly with the bank statements;
  3. post and balance the purchase and sales ledgers;
  4. extract a detailed list of ledger balances; and
  5. prepare details of the annual stocktaking, suitably priced and extended in a form which will enable us to verify the prices readily by reference to suppliers’ invoices.

And, where relevant

(g)   prepare details of work-in-progress at the accounting date and make available to us the documents and other information from which the statement is compiled.

You/your management are responsible for the detection of irregularities and fraud.  We would emphasise that we cannot undertake to discover any shortcomings in your systems or any irregularities on the part of your employees or others, although we will advise you of any such circumstances that we encounter in preparing your accounts, unless prohibited from doing so by the Anti Money Laundering Legislation.

We will report, with any variations that we consider may be necessary, that in accordance with your instructions and in order to assist you to fulfil your responsibilities, we have compiled, without carrying out an audit, the accounts from your accounting records and from the information and explanations supplied to us.

We have a professional duty to compile accounts which conform with generally accepted accounting principles.  Furthermore, the accounts of a limited company are required to comply with the Companies Acts and applicable accounting standards.  Where we identify that the accounts do not conform to accepted accounting principles, or if the accounting policies adopted are not immediately apparent, this will be made clear in our report, if it is not clear in the accounts.

 

Corporation Tax

We will prepare, in respect of each accounting period of the company, a computation for corporation tax purposes adjusted in accordance with the provisions of the Taxes Acts.  We will also prepare the corporation tax return (form CT600) required under the Corporation Tax Self-Assessment regulations.  The corporation tax return, together with the supporting corporation tax computations, will be sent to you for approval and signature prior to submission to the Inspector of Taxes.

It should be recognised that in law a taxpayer cannot contract out of his fiscal responsibilities and that computations and return forms are prepared by us as agent for the company.  You are legally responsible for making correct returns and for payment of tax on time.  If we ask you for information to complete the tax return and it is not provided within the time-scale requested, so that the preparation and submission of the return are delayed, we accept no responsibility for any penalty or interest that may arise.

We will advise you of the corporation tax payments to which the company will be liable, together with the due date of payment.  You must inform us immediately if the company pays or receives any interest or makes any other payment or transfers any asset to any shareholder.

Where necessary we will deal with any queries raised by the Inspector of Taxes and negotiate with the Revenue on any question of taxation interest or penalties which may arise.

To enable us to carry out our work you agree:

  1. to make a full disclosure to us of all sources of income, charges, allowances and capital transactions and to provide full information necessary for dealing with the company’s affairs. We will rely on the information and documents being true, correct and complete;
  2. to respond quickly and fully to our requests for information and to other communications from us;
  3. to provide us with information in sufficient time for the company’s self-assessment tax return to be completed and submitted by the due date. In order to do this, we need to receive all relevant information by February 27th each year; and
  4. to forward to us on receipt copies of all statements of account, letters and other communications received from HM Revenue & Customs to enable us to deal with them as may be necessary within the statutory time limits.

You agree that we can approach such third parties as may be appropriate for information that we consider necessary to deal with your affairs and undertake to authorise such third parties to communicate directly with us.

We will ask you to sign and return the HM Revenue & Customs form 64-8, which authorises HM Revenue & Customs to send us copies of formal notices.  In practice, HM Revenue & Customs 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 HM Revenue & Customs correspondence, and even where it does, HM Revenue & Customs sometimes overlook it.  You should therefore always send us the originals or copies of all communications you receive from HM Revenue & Customs.

 

Payroll Preparation, PAYE, NI and CIS

Payroll and year end returns

In order for us to prepare your payroll and year end returns we will require the following information from you:

  1. Personal details of all employees (i.e. name, NI number, home address, and the data required by HMRC to file payroll returns online which is known as Real Time Information (RTI)).
  2. All P45s, or equivalent, received by you.
  3. If any casual labour is taken on, you are required to operate P46, or equivalent, procedures.
  4. Completed forms should be passed to us for processing.
  5. Notification within two weeks of any employee who is ill for four or more calendar days, including weekends, bank holidays etc. This will enable us to operate statutory sick pay for you.
  6. Notification of any employee who adopts, becomes pregnant or whose partner adopts or becomes pregnant. This will enable us to operate statutory adoption, maternity and paternity pay.
  7. Details of any money or benefits made available to employees by you or by a third party through you.
  8. Hours worked, rates of pay, bonuses, the amount of any pension deductions (Automatic Enrolment) etc.
  9. Notification of employees engaged by you or leaving your employment.
  10. Any notice of coding received by you.
  11. Details required to complete monthly submission of Construction Industry Scheme (CIS) returns.

In respect of the “Automatic Enrolment” of pensions you will need to seek the advice of a person who is regulated to provide pension’s advice. We will assist you in processing your payroll based on the pension deductions that you provide.

The end of period payroll returns must be received by HM Revenue & Customs on or before pay day otherwise significant penalties may be levied.  There may also be interest payable if income tax and National Insurance contributions payments, due each month or quarter are late or less than indicated by the return.  Only the information provided for the payroll will be reported to HMRC.

We will assist in the preparation and submission of PAYE returns as required by the authorities concerned.  However, it should be understood that our appointment as your agent does not absolve the company or its directors from their statutory responsibilities.  We would draw your attention to the strict rules and time limits for the submission of such returns and the substantial penalties which may arise if these are not observed.  It is therefore essential that we receive full information from you promptly to enable us to ensure that the returns are made on a timely basis.  Completed returns will be submitted in accordance with HMRC requirements unless you undertake to submit these yourself.

P9D/P11D benefits for directors/officers and employees

You may be required to submit P9D or P11D forms.  To ensure these forms are correctly prepared ad submitted to you for approval, we will require details of all benefits, perks or reimbursed expenses received by the directors/officers/employees.

There are penalties for the late submission of forms P9D/P11D.  In order to avoid these, you must ensure that we receive complete and accurate details of all benefits and expenses for the tax year (NB: not accounts year) within 14 days of the end of the tax year.

Subcontractors

We have agreed to operate the Construction Industry Scheme for the subcontractors you engage.  In order for us to do this, we will require the following information from you on a timely basis:

  1. written confirmation that you have checked or ‘verified’ each new subcontractor with HM Revenue & Customs; and
  2. written confirmation stating whether HM Revenue & Customs has advised that the subcontractor should be paid net or gross.

It is your sole responsibility to establish the employment status of each and every one of your subcontractors. In respect of the employment status of subcontractors we cannot advise therefore we accept no liability in the event that HM Revenue & Customs challenges the employment status of one or more of your subcontractors.

Under the new rules, CIS registration will be lost if returns are made late or tax is paid late. HM Revenue & Customs no longer has discretion regarding whether or not to cancel registration.  I/We cannot be held responsible or liable for financial loss or consequential financial loss if your CIS registration is cancelled for late submission where we have not received the necessary information on a timely basis or for any late payment occurring as a result.

 

VAT Returns

You have asked us to undertake the completion of your VAT returns.  We cannot be held responsible for any penalties or default surcharges arising from the late submission of VAT returns.  However, we will endeavour to meet the relevant deadlines if we receive all the company’s VAT records within 14 days of the end of the VAT return period.  You have undertaken that you/your staff will ensure that:

  1. all relevant VAT records are forwarded to us within 14 days of the end of the VAT return period;
  2. valid VAT invoices are received for all payments where VAT is being reclaimed;
  3. the VAT rating of supplies is correctly dealt with, i.e. between positive and zero rates and exempt supplies;
  4. we are notified in writing of any positive-rated own consumption;
  5. any input VAT on non-business expenditure is clearly marked on supporting invoices;
  6. we are notified each quarter of any payments to or for the benefit of directors or staff for fuel used for private mileage, together with the business mileage for each such person, for each quarter;
  7. all supplies made by the business are shown in the records made available to us.

 

Management Accounts

We understand that you require us to prepare the quarterly management accounts of your company for the quarter ended June 2019 onwards.

This involves us in completing the writing up of your books and records, insofar as they are incomplete when presented to us, from the information and explanations supplied to us and preparing draft accounts therefrom for your approval.

We understand that you have agreed that your staff will be responsible for:

  1. maintaining records of all receipts and payments of cash;
  2. reconciling cash book balances monthly/quarterly* with the bank statements;
  3. posting and balancing the purchase and sales ledgers; and
  4. extracting a detailed list of ledger balances.

You will also provide estimates of any stocks at the end of each period.

You understand that we will not be carrying out an audit and accordingly will not verify the assets and liabilities of the business, nor the items of expenditure and income.  To carry out an audit would require additional work to comply with generally accepted auditing standards which we are not authorised to carry out.

We would emphasise that we cannot undertake to discover any shortcomings in your systems or any irregularities on the part of your employees or others, although we will advise you of any such circumstances that we encounter in preparing your accounts.

As we are not a member of a professional accounting body, there may be certain certifications requested from time to time that we are not able to provide, for example for some types of bank loans or immigration requirements.

The accounts are prepared for your exclusive use within your business.  They should not be shown to any other party without our prior consent.  To ensure that anyone reading the accounts is aware that we have not carried out an audit, we will annex to the accounts a short report.  This report must remain attached to any accounts shown to any other parties.

 

Business Advisory

It is agreed that we will support you to grow your business. This involves sharing our experiences in various business processes and/or providing training to you.

Business advisory is provided on the basis that you need to assess whether the advice provided is right for your business and implement it accordingly. We assume no liability for any losses or negative impacts to your business that arise from our business advisory service.

The form of our business advisory service could be in any of the following and the format is decided purely at the discretion of Reigate Business Advisory:

  1. Trainings with the directors or staff of your company
  2. Group workshops with other businesses on a specific topic
  3. Ad-hoc or scheduled telephone or email advice

Business advisory is usually an additional cost and will be agreed with you before we deliver our services. We may offer services from time to time, that are completely at your discretion whether you attend, that are in addition to this agreed business advisory time.

Agreement of terms

Either party may vary or terminate our authority to act on your behalf at any time after the first twelve months without penalty, provided three months’ notice of termination is given in writing.

We cannot act for you without your agreement to these terms and conditions which must be provided by email by saying ‘I agree to the Engagement Terms and Conditions on your website.’

If anything is unclear to you or you require any further information please contact us.