Terms of Business
Professional Registrations
Work is provided to our best professional standard and is covered by professional indemnity insurance. To assure you of this Simple Accounting Limited is registered as a practice (No. 1643) with the Chartered Institute of Management Accountants (CIMA). We will observe the bye-laws, regulations and ethical guidelines of the CIMA and accept instructions to provide services to you on the basis that we will act in accordance with them. The requirements are available on the CIMA Website.
Our lead consultant is a Chartered Global Management Accountant (CIMA Membership no. 1-NSWL). Other staff are qualified in a variety of ways: Staff
Our Services
We provide the following main services:
- system analysis and development
- advice on setting up your own business
- VAT Planning
- completing VAT returns
- payroll
- small Company Tax Planning
- installation of AccountEdge and also: SolarAccounts, Clearbooks, Freeagent, Quickfile, Xero and Quickbooks
- training courses
- telephone support
- cost and margin analysis
- preparation of books for VAT, final accounts and taxation
- Final Accounts
- R&D Tax Credits
- Capital Allowances
- Company tax returns
- personal tax returns
These services are provided either under ‘Business Companion’ Service or under ad hoc consultancies.
Software Licence
We provide accountancy support to those businesses that are using the software we recommend. Under our standard terms we provide free (and royalty-free) software as part of the overall package. We try to pick software which will provide the best overall support for the client’s business.
You must make your own decision what to install. We are here to help guide you, but the decision about the software you wish to use remains your own.
Having reviewed the current Mac and PC software market we have only been able to find a limited number of products that match the features, amendability and ease of use of our favoured software, AccountEdge. Our current view on the ease of use of MYOB is reviewed on our blog. At our cost we convert clients who are MYOB users to current, royalty-free, software where we feel that is appropriate.
Other Fees
We normally ask clients to pay their fees on a monthly standing order against an agreed body of work (‘Business Companion service’). These standing orders will be applied to fees for work performed for the current and ensuing years according to a detailed terms and conditions engagement letter.
If we need to do work outside the responsibilities outlined in our engagement letter, we will advise you in advance. Performing this work will involve additional fees.
If you do not use the Business Companion service, our fees are calculated on the basis of the time spent on your affairs by the staff and on the levels of skill or responsibility involved. We derive our income from fees charged to you. Fees will be calculated on the basis of time and expertise involved. We reserve the right to charge a fee if you book us, but then cancel. Our fees will be billed periodically with VAT, and our invoices will be due for payment within 15 days of the date when they are issued. 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. To reduce costs we currently do not accept settlement of fees by credit cards.
Contact Hours
We may contact you in the normal course of business by e-mail, telephone or by other means during normal working hours (9am-6pm).
Amending your Data
Because of our unusual understanding of the software we recommend, we work much more closely with your data than is usual with other accountants. You understand that we will make direct amendments to your file to justify the tax declarations we make on your behalf. We will need access to your datafile from time to time to enable us to do this. It is one of your responsibilities to transfer your live datafile to allow us to do this.
Investment Advice and IFAs
Simple Accounting Ltd is not directly regulated by the Financial Services Authority, but is licensed by an Institute, CIMA. This body also provides a mechanism for handling complaints.
Accountants can provide a certain level of investment advice to clients. We cannot recommend a client to buy a particular investment. However we can do the following.
- Explain a transaction to you. We can give advice provided that the advice does not amount to a recommendation to enter into the transaction;
- Give negative advice, that is, advise the client not to enter into the transaction.
- Obtain advice from, and or endorse a recommendation given by, an authorised or exempt person (Usually an IFA).
- We occasionally receive introduction fees or other commissions which we shall notify you if they are received.
Pensions, Insurance and Tax Planning
For clients we are generally responsible for:
- assessing potential benefits that the client may make by taking advice on tax plans
- assessing any business investment advice given by an IFA or tax planning by a tax advisor.
- assessing subsequent conversations and recommendations made to the client for taxation planning or investment.
- and the implementation of new systems, procedures and controls to manage pensions or tax planning schemes.
If you are considering a pension scheme for your firm one option is to have a SSAS. This scheme is regulated by the Pensions Regulator. It can be run by external advisors who charge commission. However there is nothing to stop you from running your own scheme for your firm. If that is your choice we will help provide administrative and accounting support for a competitive fee.
Complaints
We provide our professional services with reasonable care and skill. However, we will not be held responsible for any losses arising from incorrect or incomplete information, or your or others’ failure to supply any appropriate information or your failure to act on our advice or respond promptly to communications from us or other relevant authorities.
We will look into any complaint carefully and promptly and do all we can to explain the position to you. If we have given you a less than satisfactory service, we undertake to do everything reasonable to put it right. If you are still not satisfied you may of course refer the matter to our Institute.
Limitation of Liability
Our terms letter requires you to indemnify us against any misrepresentation, whether intentional or unintentional, supplied to us orally or in writing. It also requires you and your firms not to bring any claim in connection with services provided to you by us against any of our employees on a personal basis.
We will not pay for, nor be responsible for, any loss or omission by you, or any other party unconnected to us. If any fee or penalties are due in respect of loss or omission by you, then we will not accept liability or responsibility.
Any advice is based on your personal and financial information and is supplied by you. If this alters, please inform us.
Deadlines
If you use the Business Companion service then the responsibility for meeting all filing deadlines is set out in your terms letter. Provided you meet the terms we are responsible for you meeting your deadlines. In particular you must prepare your books in time to allow us to file MTD for VAT.
You must supply pay information in time for RTI filing of payroll. We need three working days notice of payroll before submission. We need three working days notice to submit furlough claims under the Coronavirus Job Retention Scheme.
If you do not sign up to the Business Companion service then we work firmly on the principle that it is your responsibility to meet Companies House, Business Tax, PAYE and VAT deadlines. If you book us early enough we will try to help you to meet them. If your affairs are straightforward we usually need to be involved onsite at least three months before any deadline to have a realistic prospect of meeting your deadline.
It is your obligation to book us in time to be able to help you. If you miss tax or Companies House deadlines we will not accept responsibility unless there was a genuine mistake on our part.
Fee Protection
We will support you to a reasonable degree in any dispute with HMRC. We recommend fee protection to cover insurance the cost of legal fees arising from HMRC investigations. The Federation of Small Businesses (FSB) offers free insurance as part of their membership fee.
Termination
Any agreements may be ended without penalty at any time with one month’s notice by either party giving written notice to that effect. If software has been provided, a termination within two years will require you to refund SAL for the software licence.
Exclusion of liability
Any disclaimers and exclusions of liability in these terms and conditions shall not apply to any damages arising from death or personal injury caused by our negligence. These disclaimers and exclusions shall be governed by and construed in accordance with English law. If any provisions of these disclaimers and exclusions shall be unlawful, void or for any reason unenforceable, then that provision shall be deemed severable and shall not affect the validity and enforceability of the remaining provisions.
Law, jurisdiction and language
This website, any content contained therein and any contract brought into being as a result of usage of this website are governed by and construed in accordance with English law. Parties to any such contract agree to submit to the exclusive jurisdiction of the courts of England and Wales. All contracts are concluded in English.
Privacy and Data Protection
Our policies on GDPR and similar matters are held on the website here.
Client Money
As with everything else we do we try and avoid doing anything which attracts heavy regulation. As a matter of policy we do not operate a client account. We do not collect tax rebates for you or hold your money for business purchases. We do not accept cash payment of our bills. When we have submitted your tax returns, you pay the HMRC direct. HMRC payment details.
Money Laundering
We are registered by CIMA under Money Laundering Regulations. We are under obligation to make reports on suspicious financial transactions. Many tens of thousands of suspicious activity reports are made by accountants every year. We expect all clients to help us meet our legal obligations by sharing information about suspicious transactions. These include, for example, if the source of funds for large purchases is unclear, large cash movements and the transfer of assets without documents.
Help us to 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 we could improve our service, or if you are dissatisfied with the service you are receiving please let us know by contacting us. We will look into any complaint carefully and promptly and do all we can to exlain the position to you. If we have given you a less than satisfactory service, we undertake to do everything reasonable to put it right. If you are still not satisfied you may of course refer the matter to our Institute.
Insurance
Our professional indemnity insurer is Marsh Commercial Ltd as agent of Tokio Marine HCC Policy 510335272. The territorial coverage is worldwide excluding professional business carried out in an office in the USA or Canada and excludes any action for a claim brought in any court in the USA or Canada.
Simple Accounting Ltd
Registered Company Number: 3151386
Registered Office: 95 Bridge Lanes, Hebden Bridge HX7 6AT
Telephone no: 01422 847500
Place of Incorporation: England and Wales
Changes to legal notices
We reserve the right to change these basic terms and conditions from time to time without notice.