Please read these terms and conditions carefully, they contain important information about your rights and obligations. These terms may be updated from time to time so it is important you review them regularly.
Nature of Services / Our Responsibilities
Preparation and submission of accounts to HMRC and Companies House.
We will compile your annual accounts based on the accounting records and the information and explanations given to us by you. We will use reasonable skill and care in the preparation of the accounts but will not be responsible for errors arising from incorrect information supplied by you. We will advise you as to the adequacy of your records and make recommendations for improvements which we consider necessary. We shall not be responsible for any losses or penalties that arise if our advice is not taken.
Calculation of Corporation Tax Returns
We will prepare, in respect of each accounting period of the company, a computation for corporation tax based upon the financial accounts. We will also prepare and submit the corporation tax return (CT600) required under the Corporation Tax Self Assessment regulations. Calculation of Personal Tax Return
We will prepare and submit your personal income tax return based upon the figures that have been calculated from the financial accounts. We will allow for an additional employment supplement together with notification of shares and bank interest. Any additional supplements that are required to be completed e.g. capital gains or property will be subject to an additional charge. Calculation and submission of annual director wages and PAYE
The services includes calculation and advice on the best salary/dividend option for a director We will complete the calculation and filing of the annual PAYE return. This service does not include payroll preparation on a monthly basis to other employees. Calculation and filing of quarterly VAT returns (if registered). We will calculate and submit the VAT return based upon the accounting records and information provided to us. The service includes Standard, Cash and Flat Rate Scheme. Access to the online software
All Accountancy Service Providers (which includes tax advisers, bookkeepers, payroll bureau) must comply with onerous duties imposed by the Terrorism Act 2000, the Proceeds of Crime Act 2002, the Fraud Act 2006 and the Money Laundering Regulations 2007 (the Anti Money Laundering Legislation), which are intended to inhibit the activities of terrorists and other criminals by denying them access to technical expertise. If we fail to perform these duties, we risk imprisonment. Before we accept your instructions, we need to obtain ‘satisfactory evidence’to confirm your identity. In certain circumstances, we may need to obtain evidence confirming the identities of third parties, the source of any funds or other property, the purpose of any instructions or any other matter. We may also need to obtain further evidence after we have begun to act on your instructions and the evidence may include searching by electronic means.
We assume that our clients are honest and law abiding. However, if at any time, there appear to be grounds to suspect (even if we do not actually suspect) that your instructions relate to ‘criminal property’, we are obliged to make a report to the Serious Organised Crime Agency (‘SOCA’) but we are prohibited from telling you that we have done so.
In such circumstances, we must not act on your instructions without consent from SOCA. If SOCA do not refuse consent within 7 working days we may continue to act. If SOCA issue a refusal within that time, we must not act for a further 31 days from the date of the refusal.
‘Criminal property’ is property in any legal form, whether money, real property, rights or any benefit derived from criminal activity. It does not matter who carried out the criminal activity or how removed the property is from the original crime. Even if you are honest in your dealings, if your property represents a benefit from someone else’s crime, we must still make a report. Activity is considered ‘criminal? if it is a crime under UK law, no matter how trivial, and whether carried out in the UK or abroad. For example, tax evasion is a criminal offence, but an honest mistake is not an offence.
Responsibilities of the Client
You are responsible for ensuring that the company maintains proper accounting records and for preparing the accounts and for determining whether or not, in respect of the period, the accounts are true, fair and accurate.
You will keep records of sales invoices, purchase invoices, receipts and payments, bank statements, together with any documents relating to the company’s transactions and activities.
You are responsible for ensuring you use a proper accounting system and ensure that the accounting system has been approved by SME Cloud Accounting Ltd for use and that the accounts system is accurately and regularly updated.
You are responsible for any previous accounts or tax returns that have not been completed by us and the filing at HMRC and Companies House of any paperwork necessary to fulfil your accounting duties each year.
Fees and Term of Payment
The monthly fees, as set out on our website, shall be paid by the Client in advance. Prices on our website are quoted in UK pounds sterling.
SME Cloud Accounting Ltd request that all clients set up a direct debit for payment and no payment shall be deemed to have been received until SME Cloud Accounting Ltd has received cleared funds.
The Client shall make all payments due under this Agreement in full without any deduction whether by way of set-off, counterclaim, discount, abatement or otherwise unless the Client has a valid court order requiring an amount equal to such deduction to be paid by SME Cloud Accounting Ltd to the Client.
If the Client is making an annual payment for the service then 50% of the annual payment is payable up front on commencement of the service and 50% on completion.
If additional work is completed that is not part of the Service then SME Cloud Accounting Ltd will notify the approx cost initially and all payments will be due no later than 14 days after date of invoice.
Termination of Service
SME Cloud Accounting Ltd reserves the right to terminate the Service if the Client commits a breach of these Terms and Conditions, or if payment of the Service is not paid on time or for any other reason. Any termination will be sent in writing to the Client giving one month’s notice and no refund will be payable by us for any payments made.
If after, one month’s notice the issue has not been resolved, SME Cloud Accounting Ltd will take action to terminate all activities involving the Service and disengage ourselves as your Agent.
Cancellation of Service by Client
The Client can terminate the Service at any time by contacting SME Cloud Accounting Ltd. No further payment will be taken from the Client unless it is too late to stop the direct debit and no refund will be given from fees already charged unless agreed by SME Cloud Accounting Ltd where appropriate. Following cancellation of the Service, SME Cloud Accounting Ltd will have no further responsibilities in relation to the preparation or filing of the Clients accounting requirements.
Limitation of Liability
SME Cloud Accounting Ltd will not be responsible for any interest, penalties, losses or additional tax liabilities that arise due to any omissions of any persons connected to the Client or any incomplete, misleading, false or any other information that results in any additional monies being paid.
SME Cloud Accounting Ltd will not be responsible or liable for any loss, damage or expense incurred if information relating to the financial affairs of the Client are withheld, concealed or omitted from us during the course of our service. This applies to all parties, including 3rd parties, connected in any way to the Client.
SME Cloud Accounting Ltd cannot and does not guarantee or warrant that the software comprising the Service will be error free, free from infection, viruses and / or code that has contaminating or destructive properties.
SME Cloud Accounting Ltd will not be liable to you for any delay or failure to perform its obligations if the delay or failure is caused by circumstances outside their control.
In order for SME Cloud Accounting Ltd to provide the Service it will be necessary to process personal data about the Client (including names, addresses and email accounts). Such data will be processed by SME Cloud Accounting Ltd in accordance with the Data Protection Act 1998.
Ownership and Retention of Records
During the course of our work we may collect certain documents and other information relevant to your tax affairs. Upon termination of the Service we will return any original document back to you if requested.
Furthermore, 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.
All accounts, statements, reports and advice prepared or given 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 to our agreement to provide professional services.
These terms and conditions 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 these Terms and Conditions and any matters arising from it
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.
‘Client’ – means the sole trader, partnership or limited company
‘Service’ – means a current subscription
‘us’, ‘we’, ‘our’ – refers to SME Cloud Accounting Ltd, Address: 5 Wayward Lad Close, Prestbury, Cheltenham, GL52 5FJ
‘you”,’ I ‘ – means the Client