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Terms of Business

The following terms of business apply to all engagements accepted by Denwood Morris & Co. All work is carried out under these terms except where changes are expressly agreed in writing.

1. Professional rules and practice guidelines

1.1 We will observe the Bye-laws, regulations and ethical guidelines of the Chartered Institute of Public Finance and Accountancy and accept instructions to act for you on the basis that we will act in accordance with these guidelines. In particular you give us authority to correct errors made by HMRC where we become aware of them. We will not be liable for any loss, damage or cost arising from our compliance with statutory or regulatory obligations. You can see copies of these requirements at our office. The requirements are also available on the internet at www.cipfa.org.

2. Commission and other benefits

2.1 In some circumstances we may receive commissions or other benefits for introductions to other professionals or transactions we arrange for you. In this case we will notify you in writing of the amount, the terms of payment and receipt of such commissions or benefits. The fees that you would otherwise pay as described below will not be reduced by such amounts. You agree that we can retain the commission or other benefits without being liable to account to you for any such amounts.

3. Retention of Records

3.1 During the course of our work we will collect information from you and others acting on your behalf and will return any original documents to you following preparation of the accounts and tax return. You should retain these records for 7 years from the 31 January following the end of the tax year. This period may be extended if H. M. Revenue & Customs enquire into your tax return.

3.2 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.

4. Conflicts of Interest

4.1 We reserve the right during our engagement with you to deliver services to other clients whose interest might compete with yours or are or may be adverse to yours subject to 5 below. We confirm that we will notify you immediately should we become aware of any conflict of interest involving us and affecting the company.

5. Confidentiality

5.1 We confirm that where you give us confidential information, we shall at all times keep it confidential, except as required by law or as provided for in regulatory, ethical or other professional statements relevant to our engagement.

6. Date Protection Act 1998

6.1 To enable us to discharge the services agreed under this engagement, and for other related purposes including updating and enhancement of client records, analysis for management purposes or statutory returns, crime prevention and legal and regulatory compliance, we may obtain, use, process and disclose personal data about you. You have a right of access, under date protection legislation, to the personal data that we hold about you. We confirm when processing data on your behalf we will comply with the provisions of the Data Protection Act 1998.

7. Proceeds of Crime Act 2002 and Money Laundering Regulations 2007

7.1 In 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:

  • Have due diligence procedures for the identification of all clients;
  • Maintain appropriate records of evidence to support client due diligence; and.
  • Report in accordance with the relevant legislation and regulations.

7.2 We may carry out electronic Anti-Money Laundering searches in respect of individual and Corporate clients, including shareholders, directors and officers.

8. Quality Control

8.1 As part of our ongoing commitment to providing a quality service, our files are periodically reviewed by an independent regulatory or quality control body. These reviewers are highly experienced and professional people and, of course, are bound by the same rules of confidentiality as our Principal and staff.

9. Help us give you the best service

9.1 We wish to provide a high quality of service at all times. If you would like to discuss how our service could be improved, or if you are dissatisfied with the service that you are receiving please let us know by contacting Alan Denwood on 01277 221991.

9.2 We undertake to look into any complaint carefully and promptly and do all we can to explain the position to you. We will do everything reasonable to put matters right. If we do not answer your complaint to your satisfaction you are of course entitled to take the matter up with The Chartered Institute of Public Finance and Accountancy.

10. Contracts (Rights of Third Parties) Act 1999

10.1 Only someone who is a party to this agreement has the right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms. This clause does not affect ant right or remedy that exists independently of the Act.

10.2 The advice we give you is for your sole use and is confidential to you and will not constitute advice for any third party to whom you may communicate it. We will accept no responsibility to third parties for any aspect of our professional services or work that is made available to them.

11. Fees

11.1 Our fees are calculated on the basis of time spent on your affairs by the Principal and staff and on the levels of skill or responsibility involved. Our fees will be billed at appropriate intervals together with VAT and our invoices are due for payment when issued.

11.2 We may agree a Fixed Price Agreement (FPA) with you in which case fees will be invoiced in accordance with the FPA and be payable by monthly standing order.

11.3 If we need to do work outside the responsibilities outlined in our engagement letter, and/or Fixed Price Agreement we will advise you in advance. This will involve additional fees.

11.4 We reserve the right to charge interest on overdue accounts at the current rate under the Late Payment of Commercial Debts (Interest) Act 1998. We also reserve the right to terminate our engagement and cease acting if payment of any fess billed is unduly delayed. We accept payment by most debit and credit cards.

12. Applicable Law

12.1 Our engagement with you is governed by, and interpreted in accordance with English law. The Courts of England shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning our engagement letter and terms of business and any matter arising or under them. 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 inconvenient forum, or to claim that those courts do not have jurisdiction.

13. Alternate Arrangements

13.1 In the event of the incapacity of the Principal of the firm, arrangements have been made for the continuity of work with Mr D Morris, 66 Beechfield, Hoddesdon, EN11 9QJ, Tel: 01992 450540

14. The Provision of Services Regulations 2009

14.1 We are regulated in the UK by The Chartered Institute of Public Finance and Accountancy (CIPFA) and are subject to the CIPFA Practice Assurance Scheme.

14.2 Our professional indemnity insurer is Hiscox Insurance Company Ltd of 1 Great St Helen’s, London, EC3A 6HX. Our professional indemnity limit is £ 500,000 for any one claim excluding defence costs. The territorial coverage is worldwide excluding claims first brought in the United States of America or Canada.

14.3 We are registered for Value Added Tax (VAT) in the United Kingdom under VAT Registration Number: GB 726 7120