Standard Terms of Business

The below terms apply to all client engagements accepted by PEOPLE FIRST ACCOUNTING. All work carried out and completed is subject to these terms, except where changes have been expressly agreed in writing. Definitions referred to in these terms such as "us", "we", and "our" all refer to PEOPLE FIRST ACCOUNTING.

1. Scope of Services

PEOPLE FIRST ACCOUNTING provides a range of professional accountancy and advisory services. The specific scope of our work will be detailed in the individual Letter of Engagement issued to each client at the outset of our engagement for professional services. Only those services set out in our Letter of Engagement will be delivered. Should any extra services or advice be required, a new Proposal and Letter of Engagement will be issued for acceptance before any additional work is commenced.

PEOPLE FIRST ACCOUNTING is an independent entity and not regulated by a regulatory accountancy body. As such we are not authorised to provide audit services or investment advice.

2. Client Responsibilities

To ensure high-quality service, we need the fullest co-operation from our clients. Clients must provide accurate, complete, and timely information. This includes adherence to set deadlines and prompt approval of returns or documentation. We rely on the information we are provided with in order to perform our duties, and we accept no liability for errors resulting from inaccurate client data. All clients undertake to notify us immediately upon discovery of any information provided to us which may be found to be incorrect or inaccurate.

3. Fees and Payment Terms

Fees are calculated based on the services engaged to be provided, and on the complexity, skill and responsibility level involved, as outlined in our Proposal or Letter of Engagement. Our fees are usually quoted exclusive of VAT which will be charged at the standard rate. Invoices are payable upon receipt or as otherwise agreed.

If work is requested which is beyond the terms of our Proposal or Letter of Engagement, any additional work required to fulfill the engaged services will be discussed in advance, as this will likely require an additional fee to cover necessary time costs.

Unless engaged for a one-off piece of work, it is our normal practice to engage our clients on a monthly payment plan which covers the cost of services to be delivered in advance. We reserve the right to suspend services in the event of overdue payments should this be fair and reasonable to do so. We also reserve the right to charge interest on overdue accounts at the current rate under the Late Payment of Commercial Debts (Interest) Act 1998.

Should it be disputed that a fee charged by PEOPLE FIRST ACCOUNTING is fair and reasonable, notification should be provided to us within 7 days of receipt, failing which payment will be deemed to be accepted as due.

Payment should be made by bank transfer or monthly direct debit to the account details provided in our Letter of Engagement. We do not accept payment by cash.

4. Confidentiality and Data Protection

We are committed to maintaining the highest levels of confidentiality. All personal and financial data is handled in accordance with UK Data Protection legislation (GDPR). We will not disclose any client information to third parties without prior consent, except as required by law, and through the use of reliable and reputable third party accounting softwares to deliver the engaged services.

We may, during an engagement, sub-contract work to another tax or accounting professional to assist us in the completion of our work and we reserve the right to appoint and use such sub-contractors at our discretion. Any appointed sub-contractors will be bound by our client confidentiality terms.

5. Limitation of Liability

Our liability for professional negligence is limited to the amount specified in our professional indemnity insurance or as agreed in our Letter of Engagement. We do not accept liability for indirect or consequential losses.

In line with disclosure requirements under the Provision of Services Regulations 2009, our professional indemnity insurer is HDI Global UK Limited.

We will provide our services with reasonable care and skill. Our liability to our clients is limited to losses, damages, costs and expenses caused by our negligence. However, to the fullest extent permitted by law, we will not be responsible for any losses, penalties, surcharges, interest or additional tax liabilities where either our client or a third party supplies incorrect or incomplete information, or fails to supply any appropriate information, or fails to act on our advice, or fails to respond promptly to communications from us or from HMRC. Further, we will not be liable for any delay or failure to perform our obligations if the delay or failure is caused by circumstances outside our reasonable control. All clients agree not to bring any claim in connection with services we provide against any of our Directors or employees personally.

Unless there is a legal or regulatory requirement, our work is not to be made available to third parties without our written permission, and we will accept no responsibility to third parties for any aspect of our professional services, advices, or work which is made available to them or relied upon. All clients agree to indemnify us and our agents in respect of any claim (including any claim for negligence) arising out of any unauthorised disclosure of our advice and opinions, whether in writing or otherwise. This indemnity will extend to the cost of defending any such claim, including payment at our usual rates for the time that we spend in defending it.

6. Professional Standards

We adhere to strict ethical and professional service standards. Whilst we are an independent entity and not regulated by a formal regulatory body, we have robust systems and processes in place, and are supervised for Anti Money Laundering procedures by HMRC. Our work for all clients is always conducted with integrity, objectivity, and professional competence and we accept instructions to act for our clients on this basis. We will not be liable for any loss, damage or cost arising from our compliance with regulatory or statutory obligations.

If you are unhappy with any aspect of our service, please contact the Engagement Partner in the first instance. We undertake to review any complaint promptly and thoroughly, and to do all we can to fully outline the position to you.

7. Client Identification

We are required to properly identify our clients in order to comply with UK Anti-Money Laundering legislation. To meet our professional obligations we are required to conduct identification procedures for all clients and beneficial owners of clients, retain records of identification evidence and work undertaken for clients, and report in accordance with the relevant legislation and regulations. We will request information and documentation from our clients, and retain such information and documentation as we require for these purposes. Searches of appropriate databases will also be made. In the event we are unable to obtain satisfactory evidence of a client or beneficial owner identity, we will be unable to proceed with the engagement.

8. Client Monies

Should it be necessary in the course of our dealings to hold monies on behalf of a client, such monies will be held in a Client bank account, which is segregated from the Company’s funds. The account will be operated in line with, and all funds contained will be dealt with, in accordance with the ICAEW Client Money Regulations. To avoid excessive administration, interest will only be paid on client monies held, where the amount of interest earned on the balances held exceeds £25 in any calendar year. Any such interest would be calculated using the prevailing rate applied by Co-operative Bank for small deposits, in line with the minimum period of notice for withdrawals. Subject to any applicable tax legislation, interest will be paid gross.

In circumstances where total monies held on behalf of a client is sufficient to give rise to a significant amount of interest, the monies will instead be placed in a separate interest-bearing Client bank account designated to the specific client. All interest earned on such monies will be paid to that specific client. Subject to any applicable tax legislation, interest will be paid gross.

All clients consent that we may apply deposits received against fees owed to PEOPLE FIRST ACCOUNTING without specific approval, provided:

the amount of our fee has already been agreed by the client
our fees have been accurately calculated in accordance with a formula agreed in writing by the client
7 days have elapsed since the date of the delivery of our fee note which the client has not questioned or queried the amount detailed as falling due

We will promptly return any monies held on behalf of a client once there is no longer any reason to retain funds.

9. Termination of Engagement

At any time during the engagement, either party may terminate the services engagement by providing notice in writing of intention to terminate as specified in the engagement letter. In the event that there is non-co-operation with PEOPLE FIRST ACCOUNTING, or if we have reason to believe that either we or HMRC has been provided with misleading information, we may terminate this agreement immediately. Upon termination, all fees for work completed up to that date remain payable. In the event of termination, we will endeavour to agree with you the arrangements for completion of any work in progress at that time, unless we are required to cease work immediately due to legal or regulatory reasons. In such circumstances, we will not be required to carry out further work, and shall not be responsible or liable for any consequences arising from termination.

Unless otherwise agreed in our engagement letter, our work will begin when we receive implicit or explicit acceptance of that letter. Except as stated in that letter we will not be responsible for periods before that date.

If we resign, we will usually issue a disengagement letter to ensure that our respective responsibilities are clear. If we have no contact with you for a period of two years or more, we may issue a disengagement to the last known address and thereafter cease to act.

10. Governing Law

These Standard Terms of Business together with our Letter of Engagement set out all of the terms between PEOPLE FIRST ACCOUNTING and our individual clients in relation to the work to be undertaken, and shall together be referred to as "the Terms". The terms are governed by and construed in accordance with the laws of England, and the parties agree that the Courts of England shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning our Letter of Engagement and Standard Terms of Business and any matter arising from them. Each party irrevocably waives any right it may have to object to any action being brought in those Courts, or to claim that those Courts do not have jurisdiction.