STANDARD TERMS OF BUSINESS (April 2021)

BOOKKEEPING, PAYROLL & SELF-ASSESSMENT TAX RETURN SERVICES

All engagements that we accept are subject to the following standard terms of business unless changes are expressly agreed in writing.  These are a general statement under which Teresa Smith Bookkeeping Services (known as TSBS hereafter) will perform its duties when carrying out bookkeeping/payroll/tax return services for the client.  These should be read in conjunction with the letter of engagement.

1. TSBS will maintain the highest standards of personal endeavour, integrity, confidentiality and personal conduct and will not disclose any client information to any person or 3^rd party unless instructed to do so by the client.

2. Our engagement cannot be relied upon to disclose errors, irregularities, or illegal acts including fraud or defalcations, which may exist. We may inform you of any such matters that come to our attention.

3. Communication between us is confidential and we shall take all reasonable steps to keep your information confidential except where we are required to disclose it by law, by regulatory bodies, by our insurers or as part of an external peer review.

4. The cost of our services will be laid out in the Letter of Engagement. Unless otherwise stated, the rate will not include travelling expenses, postage or sundry expenses incurred in the course of the engagement.

5. TSBS reviews its rates annually. We will notify all clients, in writing, of all price changes applicable to their work, and will apply such changes to invoices issued for work done in the following months.

6. In the unlikely event of any errors or omissions by TSBS, we will make the necessary revisions or corrections free of charge. If, however, errors or omissions are made due to client providing incomplete or incorrect information, any necessary revisions or corrections will be charged at an enhanced hourly rate.  This will also apply to clients with accounting software access.

7. Either party may terminate this relationship by giving 2 months written notice of termination, by letter or email, to the other.

8. In the event of termination of the agreement, for whatever reason, the client will be responsible for paying all fees due to TSBS, including all costs and expenses incurred by TSBS on behalf of the client up to, and including, any notice period.

9. Subject to the above, TSBS will co-operate as far as practicable to ensure that any work in progress is transferred to the client.

10. TSBS has the right to refuse work at the owner’s discretion.

11. TSBS will issue invoices either monthly, quarterly or annually (per client specific needs)

• Payment is due upon receipt of invoice
• TSBS will accept payment by cheque or bank transfer only
• Non-payment of invoices within 30 days of the invoice date will result in the suspension of all services and have a £50 penalty added
• TSBS will not charge for stationery, postage or sundry items unless asked by client to purchase specifically
• The client shall not be entitled to view, have copies (hard or soft) provided for them or another party (hard/soft copies) of any paperwork completed by TSBS until all invoices are settled in full

12. TSBS will not be held liable for loss, damage or theft of any items sent to the client whilst they are going through the postal service. The client will be responsible for ensuring their paperwork is delivered to TSBS monthly/quarterly or ready for TSBS to collect (collection applies to School clients only).  If the latter is preferred, a minimum 1 hour travelling time will be charged at our standard hourly rate as an additional cost.

13. TSBS cannot correctly complete client bookkeeping/payroll/tax returns etc without all relevant paperwork (please refer to Letter of Engagement for specific paperwork required).

14. VAT returns can only be completed on time if paperwork from client is provided in a timely manner. Failure to provide on time may result in the VAT return not being completed/submitted on time or with insufficient information.  This may also lead to a financial penalty which will be met by the client.

15. Payroll managed clients must provide all Employer details, staff details, HMRC Starter Checklist and provide a P45 (if available) for every new member of staff before payroll will be processed. Changes to payroll in any week, must be notified by email by client no later than the Monday of every week.  Late information, or changes, will be processed in the next payroll run.  Forms can be provided by TSBS if required.

16. TSBS has permission by the client to liaise with their Accountant directly to discuss any issues as required throughout the year and especially at the end of the clients’ financial year.

17. Professional indemnity insurance – TSBS are insured and copy of PII policy can be viewed upon request.

18. Data Protection

TSBS is registered with the Information Commissioner’s Office (ICO). 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, crime prevention and legal and regulatory compliance, we may obtain, use, process and disclose personal data about you/your business and employees.  We confirm when processing data on your behalf that we will comply with the relevant provisions of the current Data Protection Laws, including the General Data Protection Regulation and subsequent UK DPA Bill/Act and any best practice guidance issued by the Information Commissioner’s Office (ICO). For further information, please refer to our Privacy Notice on our website www.teresasmithbookkeeping.co.uk

19. TSBS is registered with HMRC Anti-Money Laundering scheme and is required by the Proceeds of Crime Act 2002 and the Money Laundering, Terrorist Financing (amendment) Regulations 2019 to:
    • Maintain identification procedures for clients and beneficial owners of clients
    • Maintain records of identification evidence and the work undertaken
    • Report in accordance with the relevant legislation and regulations

TSBS has a statutory obligation under the above legislation to report to the National Crime Agency (NCA) any reasonable knowledge or suspicion of money laundering.  Any such report must be made in the strictest confidence. TSBS will not enter into any correspondence or discussions with client regarding such matters.

20. Internet communication – unless you tell us otherwise, we will at times use email or other electronic means to communicate with you.

• Internet communications are capable of data corruption and therefore we do not accept any responsibility for changes made to such communications after their despatch. It may be therefore inappropriate to rely on advice contained in an e-mail without obtaining written confirmation of it
• We do not accept responsibility for any errors that may arise through the use of internet communication and all risks connected with sending commercially sensitive information relating to your business are borne by you. If you do not agree to accept this risk, you should notify us in writing that email is not an acceptable method of communication and that all relevant communication should be by post
• In accordance with the GDPR Act 2018 we are required when transmitting personal information (including sensitive data as prescribed by the Act, or personal financial information) to encrypt or password protect all email communications. If you do not agree to the use of encrypted technology or password protected documents, you should notify us in writing that these methods are not acceptable and that all relevant communication should be by post
• It is the responsibility of the recipient to carry out a virus check on any attachments received

21. TSBS is unable to give specific advice on matters relating to personal tax or company tax. Please seek professional advice from a qualified Accountant.  If you require this, TSBS can recommend one.