Abacus Tax Advisors Terms and Conditions

  1. 1Our responsibility to you
  2. 1.1 We will set out the agreed scope and objectives of your instructions within a letter of engagement. Any subsequent changes will be discussed with you and where appropriate a new letter of engagement will be agreed. We shall proceed on the basis of the instructions we have received from you and will rely on you to tell us as soon as possible if anything occurs which renders any information previously given to us as incorrect or inaccurate. We shall not be responsible for any failure to advise or comment on any matter which falls outside the specific scope of your instructions. We cannot accept any responsibility for any event, loss or situation unless it is one against which it is the expressed purpose of these instructions to provide protection.
  3. 2Your responsibility to us
  4. 2.1The advice that we give can only be as good as the information upon which it is based. Insofar as that information is provided by you, or by third parties with your permission, your responsibility arises as soon as possible if any circumstances or facts alter as any alteration may have a significant impact on the advice given. If the circumstances change therefore or your needs alter, advise us of the alteration as soon as possible in writing.
  5. 3Responsibilities
  6. 3.1As director of the company, you are required by statute to prepare accounts (financial statements) for each financial year which give a true and fair view of the state of affairs of the company and of its profit or loss for that period. In preparing those accounts you must:
  7. (a)Select suitable accounting policies and then apply them consistently;
  8. (b)Make judgements and estimates that are reasonable and prudent; and
  9. (c)Prepare the accounts on the going concern basis unless it is not appropriate to presume that the company will continue in business.
  10. 3.2It is your responsibility to keep proper accounting records which disclose with reasonable accuracy at any particular time the financial position of the company. It is also your responsibility to safeguard the assets of the company and for taking reasonable steps for the prevention of and detection of fraud and other irregularities with an appropriate system of internal controls.
  11. 3.3You are responsible for determining whether, in respect of the year concerned, the company meets the conditions for exemption from an audit set out in section 477 of the Companies Act 2006, and for determining whether, in respect of the year, the exemption is not available for any of the reasons set out in Section 478 of the Companies Act 2006.
  12. 3.4You are also responsible for making available to us, as and when required, all the company’s accounting records and all other relevant records and related information, including minutes of management and shareholders’ meetings.
  13. 3.5You will also be responsible for:
    1. (a) Maintaining records of all receipts and payments of cash;
    2. (b) Maintaining records of invoices issued and received;
    3. (c)Preparing details of the following at the year end:
      1. 1)stocks and work in progress;
      2. 2)fixed assets;
      3. 3)amounts owing to suppliers;
      4. 4)amounts owing by customers.
  14. 3.6Our work will not be an audit of the accounts in accordance with International Auditing Standards. Accordingly we shall not seek any independent evidence to support the entries in the accounting records, or to prove the existence, ownership or valuation of assets or completeness of income, liabilities or disclosure in the accounts. Nor shall we assess the reasonableness of any estimates or judgements made in the preparation of the accounts. Consequently our work will not provide any assurance that the accounting records are free from material misstatement, irregularities or error.
  15. 3.7As part of our normal procedures we may request you to provide written confirmation of any oral information and explanations given to us during the course of our work.
  16. 3.8We have a professional duty to compile accounts that conform with generally accepted accounting principles. The accounts of a limited company are required to comply with the disclosure requirements of the Companies Act 2006 and Applicable Accounting Standards. Where we identify that the accounts do not conform to accepted accounting principles or standards we will inform you and suggest amendments be put through the accounts before being published. We have a professional responsibility not to allow our name to be associated with accounts that may be misleading. In extreme cases, where this matter cannot be resolved, we will withdraw from the engagement and notify you in writing of the reasons.
  17. 3.9Should you instruct us to carry out any alternative report it will be necessary for us to issue a separate letter of engagement.
  18. 4Our service to you
  19. 4.1We will not be carrying out any audit work as part of this assignment and accordingly will not verify the assets and liabilities of the company, nor the items of expenditure and income. To carry out an audit would entail additional work to comply with International Auditing Standards so that we could report on the truth and fairness of the financial statements. We would also like to emphasise that we cannot undertake to discover any shortcomings in your systems or irregularities on the part of your employees.
  20. 4.2If an audit of the accounts is required, you will need to notify us in writing. Should our work indicate that the company is not entitled to exemption from an audit of the accounts, we will inform you. If we decide to undertake an audit assignment at your request, a separate engagement letter will be required.
  21. 4.3To ensure that anyone reading the accounts is aware that we have not carried out an audit, we will attach to the accounts a report stating this fact.
  22. 4.4The intended users of the report are the directors. The report will be addressed to the directors.
  23. 4.5Once we have issued our report we have no further direct responsibility in relation to the accounts for that financial year. However, we expect that you will inform us of any material event occurring between the date of our report and that of the annual general meeting that may affect the accounts.
  24. 5The Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007
  25. 5.1In common with all accountancy and legal practices, the firm is required by the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007 to:
    1. Maintain identification procedures for clients and beneficial owners of clients;
    2. Maintain records of identification evidence and the work undertaken for the client; and
    3. Report, in accordance with the relevant legislation and regulations.
  26. 5.2We have a duty under section 330 of the Proceeds of Crime Act 2002 to report to the Serious Organised Crime Agency (SOCA) if we know, or have reasonable cause to suspect, that another person is involved in money laundering. Failure on our part to make a report where we have knowledge or reasonable grounds for suspicion would constitute a criminal offence.
  27. 5.3The offence of money laundering is defined by section 340(11) of the Proceeds of Crime Act and includes concealing, converting, using or possessing the benefits of any activity that constitutes a criminal offence in the UK. It also includes involvement in any arrangement that facilitates the acquisition, retention, use or control of such a benefit.
  28. 5.4This definition is very wide and would include such crimes as deliberate tax evasion, deliberate failure to inform the tax authorities of known underpayments or excessive repayments, fraudulent claiming of benefits or grants, or obtaining a contract through bribery. Clearly these examples are by no means an exhaustive.
  29. 5.5We are obliged by law to report any instances of money laundering to SOCA without your knowledge or consent. In consequence, neither the firms’ principals nor staff may enter into any correspondence or discussions with you regarding such matters.
  30. 5.6We are not required to undertake work for the sole purpose of identifying suspicions of money laundering. We shall fulfil our obligations under the Proceeds of Crime Act 2002 in accordance with the guidance published by the Consultative Committee of Accountancy Bodies.
  31. 6General limitation of liability
  32. 6.1We will provide services as outlined in this letter with reasonable care and skill. However, to the fullest extent permitted by law, we will not be responsible for any losses, penalties, surcharges, interest or additional tax liabilities where you or others supply incorrect or incomplete information, or fail to supply any appropriate information or where you fail to act on our advice or respond promptly to communications from us or the tax authorities.
  33. 6.2You will not hold us, the owners of this firm and any staff employed by the firm, responsible, to the fullest extent permitted by law, for any loss suffered by you arising from any misrepresentation (intentional or unintentional) supplied to us orally or in writing in connection with this agreement. You have agreed that you will not bring any claim in connection with services we provide to you against any of the principals or employees personally.
  34. 6.3Our work is not, unless there is a legal or regulatory requirement, to be made available to third parties without our written permission and we will accept no responsibility to third parties for any aspect of our professional services or work that is made available to them.
  35. 7Limitation of liability
  36. 7.1We will provide our services with reasonable care and skill. Our liability to you is limited to losses, damages, costs and expenses caused by our negligence or wilful default.
  37. 7.2There are no Third Parties that we have agreed should be entitled to rely on the work done pursuant to this engagement letter.
  38. 8Fees & Other services
  39. 8.1To avoid delayed or missed payments, please make sure we have accurate payment information. If we don’t receive timely payments, we may suspend services provided.
  40. 8.2You may request that we provide other services from time to time. If these services will exceed £1,000.00, we will issue a separate letter of engagement and scope of work to be performed accordingly.
  41. 8.3Because rules and regulations frequently change you must ask us to confirm any advice already given if a transaction is delayed or a similar transaction is to be undertaken.
  42. 8.4Where we have agreed that you will pay on an invoice rendered basis, invoices are payable in full (including disbursements) in accordance with the terms set out on the invoice. Any queries you have on our invoices must be notified to us within 7 days of receipt or we shall deem you to have accepted that payment is due.
  43. 8.5Where we have agreed that you will pay us on a standing order basis, we will discuss with you separately the amount and frequency of payments. These standing orders will be applied to fees arising from work agreed in our letter of engagement for the current and ensuing years. Where a scheduled monthly payment is not made any fees invoiced to you that are outstanding at that time will immediately become due for payment in entirety.
  44. 9Termination
  45. 9.1You or we may vary or terminate our authority to act on your behalf at any time without penalty. Notice of variation or termination must be given in writing.
  46. 9.2You can easily terminate your engagement with one month’s written notice. We may terminate your service as well with the same notice. If you violate these terms, we may terminate your service immediately.
  47. 10Data use and privacy
  48. 10.1We use your data to provide our services to you. Our privacy notice is an important part of these terms and describes in more detail how we deal with personal data, like your name and email address.

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