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ABMS Terms of Business

In accordance with the recommendations of our professional body, the Institute of Financial Accountants, we are required to confirm the basis upon which we will provide services to you and your business, in order to avoid any misunderstandings of our respective responsibilities.

The following is a summary of our standard Terms of Business which, will form the basis of the Formal Letter of Engagement agreed with your unique business before we undertake any services on your behalf.

Client monies

We do not hold money on behalf our clients or their business interests.

Standard Fees

All amounts are exclusive of VAT, and any disbursements incurred in providing the agreed services.

Our current Standard Charges for Traditional Accounting, Commercial Accounting and Monthly Services Plans are as stated in the Current Fees section.

All hourly rates are charged in units of 6 minutes or part thereof at the stated hourly rates, unless specified otherwise in the scope of the services undertaken as agreed in our Formal Letter of Engagement.

Where appropriate, travel, subsistence, expenses and other disbursements will be paid at cost plus 5% and in accordance with arrangements specifically agreed, in advance.

Our fees are computed on the basis of time spent on your affairs and the responsibility and skill involved by the partners and staff of this firm. Unless otherwise agreed, our fees will be charged separately for each main class of work and will be billed at appropriate intervals during the course of the year.

Payment terms

Invoices for standard services will be raised on a monthly basis where applicable and are subject to payment strictly within 30 days from the date of the invoice.

Interest will be charged on all overdue debts at the statutory rate of 8% plus the Bank of England base rate or, at the rate for the time being applicable under the Late Payment of Commercial Debts (Interest) Act 1998, whichever is the higher.

Invoices in relation to accounts production and tax filings are required to be 75% paid prior to us completing and submitting accounts and returns online and in sufficient time to meet filing deadlines, with the balance payable within 30 days.

We will not be liable for any fines or other liabilities arising from late filings as a result of your failing to pay the appropriate fees in time to facilitate filing deadlines.

Invoices for Monthly Service Plans are to be paid by direct debit or standing order within 14 days of the month to which they relate. For payment terms for Monthly Service Plans please refer to the Monthly Service Plans section of our website.

Personal Guarantee

In certain circumstances we may request that a Personal Guarantee from you or a Guarantor or a Company Director is given to underpin your liability to meet our outstanding fees as and when they fall due.

Our fees are by reference to the knowledge and skills we exercise, the technical resources we have and deploy and the risk in providing and undertaking the service for you. A Personal Guarantee reduces the risk to us, and hence the fee level we need to charge you. Where we advise you to pursue any form of settlement or insolvency process this personal guarantee ensures our advice is not compromised.

Commissions or other benefits

In some circumstances, commissions or other benefits may become payable to us in respect of introductions to other professionals or transactions we arrange for you, in which case you will be notified in writing of the amount, the terms of payment and receipt of any such commissions or benefits. 

While we are required to account to you for commissions received, you agree that we may retain any such commissions.

Ownership of records

In the event of non-payment of our fees for services rendered, we may exercise a particular right of lien over the books and records in our possession and withhold the documents until such time as payment of our outstanding fees is received in full.

File destruction

Whilst certain documents may legally belong to you, unless you tell us not to, we intend to destroy correspondence and other papers that we store that are more than seven years old, other than documents which we think may be of continuing significance. If you require the retention of any document, you must notify us of that fact in writing.

Our conduct

We will act in accordance with the Code of Conduct of any organisation to which we belong and will provide you with a copy of any such Code on request.

Customer service

We are committed to providing a high standard of customer service. If you have any ideas as to how our service to you could be improved, or if you are dissatisfied with the service you are receiving, please let us know.

In the event that you have a complaint, we will look into this carefully and promptly and do all we can to explain the position to you or address your concerns. If you are still not satisfied you may of course make a complaint to the Institute of Financial Accountants.

Professional indemnity insurance

Our current Professional Indemnity Insurance cover (Limit of Indemnity) is £1,000,000 in the aggregate. Further information regarding our Professional Indemnity Insurance and our current insurers is available from our offices upon reasonable request.

Third parties

All accounts, statements and reports prepared by us are for your exclusive use within your business or to meet specific statutory responsibilities. They should not be shown to any other party without our prior consent.

No third party shall acquire any rights pursuant to our agreement to provide professional services.

Applicable law

Our Formal Terms of Engagement as agreed with you are governed by and construed in accordance with English law. The Courts of England will have exclusive jurisdiction in relation to any claim, dispute or difference concerning the engagement letter and any matter arising from it.

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 inappropriate forum, or to claim that those courts do not have jurisdiction.

Disclaimer

We will not be liable for any loss suffered by you or any third party as a result of our compliance with the Anti Money Laundering Legislation or any UK law or at all.

Agreement of terms

Once agreed, any Formal Terms of Engagement will remain effective from the date of signature until it is replaced. Either party may vary or terminate our authority to act on your behalf at any time without penalty. Notice of termination must be given in writing.

Unless otherwise agreed, our work will begin only when we receive implicit or explicit acceptance of Formal Terms of Engagement and we will not be responsible for periods before that date.

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