The following terms of business apply to all engagements accepted by Chapman Worth Limited. 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 and act in accordance with the bye-laws, regulations and
ethical guidelines of the Institute of Chartered Accountants in England and Wales and accept instructions to act for you on this basis. In particular, you give us the 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 in our offices. The requirements are also available on the internet at www.icaew.com/membershandbook
. We confirm that we are Registered Auditors eligible to conduct audits under the Companies Act 2006.
2 Investment advice
2.1 If, during the provision of professional services to you, you need advice on
investments, we may have to refer you to someone who is authorised by
the Financial Conduct Authority, Prudential Regulation Authority or
licensed by a Designated Professional Body, as we are not.
3 Clients’ money regulations
3.1 We may, from time to time, hold money on your behalf. The money will
be held in trust in a client bank account, which is segregated from the firm’s funds. The account will be operated, and all funds dealt with, in accordance with the Clients’ Money Regulations of the Institute of Chartered Accountants in England and Wales.
3.2 To avoid excessive administration, interest will only be paid to you where
the amount earned on the balances held on your behalf in any calendar year exceeds £25.00. If the total sum of money held on your behalf is enough to give rise to a significant amount of interest or is likely to do so, then we will put the money in a designated interest-bearing client bank account and pay the interest to you. Subject to any tax legislation, interest will be paid gross.
4 Retention of records
4.1 During 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 your financial statements and/or tax return. You should retain them for six years from the 31 January following the end of the accounting and/or tax year. You should retain them for longer if HM Revenue & Customs enquire into your tax return.
4.2 Whilst certain documents may legally belong to you, unless you tell us
not to, we intend to destroy correspondence and other papers that are more than seven years old, except documents we think may be of continuing significance. You must tell us if you wish us to keep any document for any longer period.
5 Conflicts of interest and independence
5.1 We reserve the right during our engagement with you to deliver services
to other clients whose interests might compete with yours, or are or may be adverse to yours, subject to 6 below. We confirm that we will notify you immediately should we become aware of any conflict of interest involving us and affecting you.
6.1 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.
7 Data Protection Act 1998
7.1 To enable us to discharge the services agreed under our engagement,
and for other related purposes including updating and enhancing client records, analysis for management purposes and statutory returns, crime prevention and legal and regulatory compliance, we may obtain, use, process and disclose personal data about you / your business / company / partnership / its officers and employees. We confirm, when processing data on your behalf, that we will comply with the relevant provisions of the Data Protection Act 1998.
8 Proceeds of Crime Act 2002 and Money Laundering (Amendment)
8.1 In common with all accountancy and legal practices, the firm is required
by the Proceeds of Crime Act 2002 and the Money Laundering (Amendment) Regulations 2012 to:
o have due diligence procedures for the identification of all clients;
o maintain appropriate records of evidence to support customer due diligence; and
o report in accordance with the relevant legislation and regulations.
9 Quality control
9.1 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 for confidentiality as our principals and staff.
10 Helping us ensure we give you the best service
10.2 We wish to provide a high quality service at all times. If, at any time,
you would like to discuss with us how our service to you could be
improved, or if you are dissatisfied with the service you are receiving,
please let us know by contacting Matthew Chapman on 01235 770084.
10.3 We undertake to look into any complaint carefully and promptly and do all
we can to explain the position to you. If we do not answer your complaint
to your satisfaction, you may of course take up the matter with the Institute.
11 Contracts (Rights of Third Parties) Act 1999
11.1 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 any right or remedy that exists independently of
11.2 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.
12.1 Our fees are mainly calculated on the basis of the time spent on your
affairs by the principals and staff and on the levels of skill or responsibility
involved. Our fees will be billed on account as the work progresses with a
final bill on completions, together with outlays and VAT, and our invoices
will be due for payment within 14 days.
12.2 If we need to do work outside the responsibilities outlined in our
engagement letter, we will advise you in advance. This will involve additional fees.
12.3 We normally ask clients to pay a proportion of their fee on a monthly
standing order. These standing orders will be applied to fees for work
performed under our engagement letter for the current and ensuing years.
12.4 We reserve the right to charge interest on overdue accounts at the
current rate under The Late Payment of Commercial Debts Regulations 2013. We also reserve the right to terminate our engagement and cease acting if payment of any fees billed is unduly delayed. We accept settlement of fees by certain credit cards.
13 Applicable law
13.1 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 from 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.
14 Professional Indemnity Insurance
14.1 Details of our Professional Indemnity Insurance (PII) can be found opposite or upon request in writing.