Terms of Business for David Bailey, Chartered Accountants
The following terms of business apply to all engagements accepted by David Bailey, Chartered Accountants. All work is carried out under these terms except where changes are expressly agreed in writing.
Professional rules and practice guidelines
We will observe and act in accordance with the bye-laws, regulations and code of ethics 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/regulations.
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, as we are not. However, as we are licensed by the Institute of Chartered Accountants in England and Wales, we may be able to provide certain investment services where these are complementary to or arise out of the professional services we are providing to you.
We are not authorised by the Financial Conduct Authority. However, we are included on the Register maintained by the Financial Conduct Authority so that we can carry on insurance mediation activity, which is broadly the advising on, selling, and administration of insurance contracts. This part of our business, including arrangements for complaints or redress if something goes wrong, is regulated by the Institute of Chartered Accountants in England and Wales. The register can be accessed via the Financial Conduct Authority website at www.fca.org.uk/register.
Commissions or other benefits
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 any such commissions or benefits. You agree that we can retain the commission or other benefits without being liable to account to you for any such amounts.
Clients’ money regulations
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.
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.
We will return monies held on your behalf promptly as soon as there is no longer any reason to retain those funds. If any funds remain in our client account that are unclaimed and the client to whom they relate has remained untraced for five years or we as a firm cease to practise then we may pay those monies to a registered charity.
Retention of records
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 tax return. You should retain them for 6 years from the 31 January following the end of the accounting year. You should retain them for longer if HM Revenue & Customs enquire into your tax return.
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.
Conflicts of interest and independence
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 the Confidentiality paragraph below we confirm that we will notify you immediately should we become aware of any conflict of interest involving us and affecting the Company.
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.
Data Protection Regulations
To enable us to discharge the services agreed in our engagement letter, comply with related legal and regulatory obligations and for other related purposes including updating and enhancing client records and analysis for management purposes, as a data controller, we may obtain, use, process and disclose personal data about you/your business/company/partnership/its shareholders/members/officers and employees as described in our privacy notice. We confirm when processing data on client’s behalves that we will comply with the provisions of all relevant data protection legislation and regulation. If you are also an independent controller responsible for complying with data protection legislation and regulation 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 relevant requirements. Nothing within our engagement letter relieves our clients as data controllers of their own direct responsibilities and liabilities under data protection legislation and regulation. Our privacy notice, which can be found on our website at www.davidbailey.co.uk explains how we process personal data in respect of the various products and services that we provide.
Proceeds of Crime Act 2002 and Money Laundering Regulations 2017
Our firm, in common with all accountancy and legal practices, is required by the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2017 to identify our clients for the purposes of the UK anti-money laundering legislation. We may request from you, and retain, such information and documentation as we require for these purposes and\or make searches of appropriate databases.
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.
Help us give you the best service
We wish to provide a high quality of 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 Wendy Hodgson on 02392 824242.
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.
In the unlikely event that we cannot meet our liabilities to you, you may be able to claim compensation under the Chartered Accountants Compensation Scheme.
The Consumer Contracts Regulations 2013
Only someone who is a party to this agreement has the right under the consumer contracts regulations 2013 SI 2013/3134 to enforce any of its terms. This clause does not affect any right or remedy that exists independently of the Act.
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.
Our fees are 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 annually, together with outlays and VAT, and our invoices will be due for payment within 30 days of issue unless an extension has been agreed with a partner.
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.
We allow clients to pay a proportion of their fee on a monthly standing order, if requested. These standing orders will be applied to fees for work performed under our engagement letter for the current and ensuing years.
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 fees billed is unduly delayed.
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.
The Provision of Services Regulations 2009
Our professional indemnity insurer is 100% Aviva Insurance Limited. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States or Canada.
Terms of Business/Document Revision 09.08.2021