Terms and Conditions
1. Accountancy services: Terms of Engagement
1.1 Members in Practice of the Chartered Institute of
Management Accountants (“CIMA” or “the Institute”) 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 letter has been prepared following discussions with you
and, together with Annex 1, 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
1.3 In this letter, “we” and “us” and “our” relate to this
accountancy practice and “you” and “your” relate to you, the
2. Scope of Services
2.1 Services will be provided by Northants Accounting Limited
and have been outlined in the proposal document you received.
Please note these may change depending on your requirements,
however you will be notified of any extra costs in advance. A full
price list can be found at the following link https://www.naccounting.co.uk/pricing/
Our responsibilities are to:
3.1 observe the Laws of CIMA. CIMA ID: 1-4MQUC9
3.2 keep and maintain records of work completed.
3.3 provide reports on the progress of any work being
completed on your behalf upon request.
3.4 raise any issues or concerns that may be found during the
term of the engagement.
3.5 return any information owned by you within 20 working
days upon termination of the engagement and once payment
for work carried out by the practice has been made.
3.6 keep records in compliance with the current Data Protection
Your responsibilities as the client are to:
3.7 provide the following proof of identity, current address and
business details as required by anti-money laundering
a. A utility bill or bank statement dated within the
last three months
b. Passport or driving licence of all named directors
and shareholders (25%+).
3.8 Ensure that records of your business activities are correct and maintained to meet the requirements of relevant regulatory authorities.
We provide an advisory service to support you with this as part of the fee, however you are ultimately responsible for the quality of the information you provide us.
3.9 Disclose all relevant information to enable us to complete
the work within agreed timescales.
3.10 Allow full and free access to financial and other records
held by yourselves or third parties.
4. Ethical conduct
4.1 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.
4.2 As CIMA management accountants we have a duty to
observe the highest standards of conduct and integrity, and to
uphold the good standing and reputation of the profession.
4.3 The duty of a professional accountant is not exclusively to
satisfy the needs of an individual client or employer. In
complying with the ethical requirements of the CIMA Code of
Ethics the professional accountant is obliged to act primarily
within the public interest.
5.1 Our fees have been outlined in the proposal document and
are based on the total cost of the services for one year, which
has then been broken down into 12 monthly payments for your
Fees must be paid via direct debit, any exceptions to this will
need to be agreed beforehand.
We may increase our prices to cover the costs of inflation and
for enhancements in the services we provide your business. You
will see this reflected in the invoices you receive and
automatically adjusted in your direct debit.
The fees you pay us are non-refundable and if you leave part
way through a year then we reserve the right to restrict the
services we provide to the value of what you’ve already paid for
6. Retaining and Accessing Records
6.1 Any information produced or relating to the work we
undertake for you will be kept for a period of 6 years from the
end of the tax year in question and any information we are not
required to keep by law will be returned to you.
For further information on the way we process and store your data as a
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.
7.2 You recognise that we may have to stop providing services
to you in the event that a conflict arises between our duties to
you and to another client. You will notify us if you have any
reason to believe that such a conflict has arisen or may arise.
7.3 We will communicate with you electronically and you accept
the risks associated with such communications, except anything
arising through our negligence.
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.
9.1 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 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. We also do not accept liability if you fail to
provide us with information we require in a timely manner, if
you fail to act on our advice or if you fail to respond promptly to
communications from us or the tax authorities.
9.3 Except in respect of death or personal injury caused by our
negligence, or fraud or fraudulent misrepresentation, we will
not be liable to you for any indirect or consequential loss
including, but not limited to, loss of profit, loss of business or
loss of business opportunity.
9.4 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 information provided
10. Provision of Services
10.1 Annex 2 covers the specifics relating to the primary services
we provide and clearly outlines what’s included, what’s not
included, and any extra charges involved in the provision of
10.2 As the director of the business, you are solely responsible
for paying your tax bills on time and any complimentary
reminders we send regarding deadlines do not absolve you of
10.3 In general, the resolving of any issues relating to a period of
time before you became a client will incur extra charges beyond
your monthly subscription.
11. Complaints and disputes
11.1 We want you to be entirely satisfied with the services
provided to you. If, however, you are not, please refer to the
Complaints Handling Procedure at Annex 1 of this letter. Any
disputes arising from our engagement by you will, subject to the
procedure at Annex 2, be governed by English law and will be
subject to the jurisdiction of the English courts.
12. Continuity Arrangement
12.1 We have made arrangements to ensure that we can
continue to provide services to the same standard you require in
the event that one of the Directors becomes incapacitated due
to illness or death.
13.1 After the 3-month initial period you or we may cancel the
engagement by giving 1 months’ written notice. If you cancel
before the 3-month initial period then you will still be required
to finish paying our fees for that period. All fees are nonrefundable once paid.
All documents and information provided by you will be returned
to you or passed to your new accountant within 20 working days
of receipt of the notice, provided that all outstanding fees have
been paid and subject to section 7 of this document.
We reserve the right to immediately cancel our services if you
miss more than one monthly payment in a year.
ANNEX 1 Complaints Procedure
COMPLAINTS PROCEDURE CIMA Member in Practice
A1.1 We are committed to upholding best practice through a
high quality service to all of our clients. This Annex sets out the
procedure I will operate in dealing with complaints arising from
the provision of services under my letter of engagement.
Raising an Issue
A1.2 In the first instance please contact us to discuss any
concerns you have, so that the matter can be looked into
Making an Informal Complaint
A1.3 An informal complaint can be made by telephone, or by
speaking, face to face or in writing. If the matter is not resolved
at this stage, and you have not already issued a complaint in
writing, you should do so. Please include specific details so that
the matter can be thoroughly investigated.
Making a Formal Complaint
A1.4i) Upon receipt of your written formal complaint an
acknowledgement will be sent to you within 7 working days. The
name and contact details of the person who will be dealing with
your case will be supplied to you at this point.
A1.4ii)) Within 14 working days from receipt of your written
complaint you will receive in writing a summary of our
understanding of your complaint. You will be asked at this time
to provide any further evidence or information regarding the
complaint and to confirm that I have understood all your
A1.4iii) Following such confirmation, we will investigate the
matter and write to you in reply within 21 working days unless it
becomes apparent to me that the investigation may not be
completed within this timescale. In these circumstances, a
written explanation will be sent to you including a progress
report. When a substantive reply is sent you, a summary of
findings will be included along with details of any further action
to be taken.
If you are not satisfied
A1.5i) For service related matters involving a CIMA member in
Practice in the UK, you may wish to know that CIMA offers an
independent Alternative Dispute Resolution (ADR) facility for
members of the public.
A1.5ii) If in the context of your dealings with us or the handling
of your complaint, you believe that a member of CIMA has been
guilty of misconduct, you may lodge a complaint with the
Professional Conduct department of the Institute.
A.5iii) Further information on ADR or making a complaint about
alleged misconduct can be found on the CIMA website at
ANNEX 2 Outline of Services & Responsibilities
A2.1i) Business model: We will create a business model with you
using our PVC process to identify the key targets in your
business and the structure needed to achieve those.
A2.1ii) Reports: Monthly report packs will be completed and
sent to you to show you the current performance of your
business, cashflow projection and any other information we feel
is relevant. We will provide these by the end of the of the month
following the one they relate to.
A2.1iii) Cashflow: We will build and manage a live cashflow
model using Float software, which you will have access to.
Typically, we will provide a projection with your current
performance as well as another one showing the impact of the
execution of your quarterly plan.
Cashflow planning is a collaborative exercise where you will
need to give us continuing feedback about changes in your
business so we can update the model.
A2.1iv) MPP Course: You will have unlimited access to the
Million Pound Processes course whilst you are an Apex client.
This is a continuous work in progress and modules will be added
or replaced over time, our commitment is to improve it not
A2.1v) Weekly Q&A’s: We are committed to holding at least 40
weekly Q&A sessions per calendar year which can be attended
by any members of your team. In general they are at 2.30pm on
a Wednesday, however we reserve the right to change these.
A2.2 We’ll produce and file your annual company accounts and
corporation tax return. As your agents, we’ll liaise with HMRC
regarding any corporation tax issues as well as filing your annual
confirmation statement to Companies House.
i) Prior to your year end, we will send you an email
highlighting any tax planning opportunities you may
wish to consider. We will also give you the
opportunity to make us aware of any reasons you
may need your accounts fast tracked
ii) One month after your company year end, we’ll
contact you with the accounts questionnaire which is
needed to complete the accounts. This can either be
completed in your own time or you can arrange a call
with a member of the team to talk you through the
questions. Before scheduling in the accounts, we will
also need the following:
– Copies of bank statements for all company
accounts showing the balance as at the
company year end
– The relevant documents relating to your
answers in the questionnaire
iii) Once we’ve received all the information, we will
schedule in the accounts for completion based on
our 6 week turn around target. During the process,
we’ll be in touch if we have any queries, these will
need to be answered by yourself within 2 working
days or we will continue producing the accounts
under our own assumptions.
iv) We’ll send your accounts and corporation tax return
for approval via your client portal. We are unable to
file these without your electronic signature, so a
delay in providing this may incur late filing penalties.
v) The service includes 10 hours to complete the accounts and resolve any queries. Anything beyond this would be charged at £150 + VAT per hour. Any amendments needed to be made to the
accounts will incur additional charges if it turns out
the information you have provided wasn’t accurate
when we started working on them or you didn’t
respond to our queries within the timeframe
vi) The following things are not included in the monthly
fees and can incur additional charges, mortgage
references, CT61 tax returns, accountants letters and
any other references.
A2.3 Our monthly CIS services include; verifying subcontractors
with HMRC, CIS reclaims, filing of monthly CIS returns, CIS
suffered reports and subcontractor reports provided via your
In order to provide this service accurately and efficiently we will
require any invoices or CIS details to be provided by the start of
the first week of the month. This will enable us enough time to
produce the reports and send them via your preferred method.
In order to liaise with HMRC on behalf of your organisation, we
will need to have agent authorisation.
In the event that HMRC request further information for a CIS
reclaim, this will be charged as an additional service. We also
charge extra for registering your company for as a subcontractor
or subcontractor, as well as gross status applications.
A2.4 Our payroll services include; monthly payroll submissions
to HMRC, producing payslips and monthly payment summaries,
assessing employees for automatic enrolment, providing
postponement and enrolment letters to employees, filing of
monthly pension contributions, sending of payslips, and monthly
summaries via your preferred method and liaising directly with
HMRC on behalf of your organisation.
In order to guarantee payslips and payment summaries for your
chosen pay date we will require any pay details, bonuses and
overtime at least 5 working days before hand.
Services that we charge extra for include but are not limited to;
processing new starters or leavers, setting up a NEST pension
scheme and completion of P11D forms.
Unfortunately, we can’t offer any of the following; management
of employee holiday records, weekly payroll services and
Self-Assessment Tax Services
A2.5 Our self-assessment tax return service is there to produce
and submit your returns annually to HMRC. As your agents, we
will be able to liaise with HMRC regarding any personal tax
issues and update you of any payments you may need to make.
To complete your self-assessment, we will do the following:
i) We’ll work with you when you come on board to
understand your current personal income and
circumstances to put together a personal tax plan.
ii) Based on the information we know; we will produce
your return and send it to you for approval via your
client portal. The document will include a summary
letter explaining the key points of the return as well
as a self-assessment questionnaire outlining the
information, we have produced your return based
iii) If we believe you have additional information to
declare that we don’t have access to, we will email
you the questionnaire prior to starting work on the
iv) If you have any additional income outside of PAYE
and your limited company that requires calculations,
further charges may apply.
v) We are unable to file your return without receiving
electronic signature via your client portal, failure to
do this may lead to late filing penalties from HMRC.
A2.6 We will be preparing and filing your quarterly VAT returns
for you in order to allow you to understand your VAT payments
and meet your legal obligations. We will achieve this by:
i) Sending you emails the day after your VAT
quarter end, requesting relevant records to
begin working on your VAT return. These
– Bank balances
– Business mileage
– Any business specific records
ii) We can promise that your VAT return will be
sent to you for approval within 21 days of us
receiving your records given that they are
correct and complete.
iii) We will not be able to submit anything until
you have approved it, therefore a failure to
electronically sign off your VAT return could
result in a late submission.
iv) While we’re producing the VAT return, any
queries we send to you will need to be replied
to within two working days, otherwise we will
need to make our own assumptions to
complete the work.
v) Once we have sent you the return for approval
any adjustments will have to be made in the
following quarters return if they relate to
information you have provided being
inaccurate or incomplete.
Bookkeeping & Xero Support
A2.7 We will commit to providing fortnightly reconciliation of
your bank account(s) using Xero Standard Edition. It’s important
to maintain up to date records as it gives you a clear
understanding of how your business is performing which will aid
you in making important decisions.
We will match invoices and bills to bank transactions pulled
through via bank feed which you will need to refresh every 90
days (or when prompted) for every bank account or credit card
account. In the case the bank feed has disconnected or there
has been a system error you will need to send CSV bank
statements for the relevant date range if requested.
We won’t create invoices or statements for your customers but
can show you how. We will not carry out any form of credit
Bills will be created using Hubdoc which you will need to send all
receipts and bills to either by forwarding to the provided unique
email address or by taking a photo directly on the app.
Services chargeable outside of the monthly subscription are:
upgraded Xero account, third-party software integration fees,
multicurrency transactions, reconciliation work taking longer
than 4 hours a month.
As part of the bookkeeping service we do not maintain your
balance sheet and post journals, this is only done by the
accounts team at the end of the year upon your request.