Terms & Conditions

Love Accountancy Limited is a limited company registered in England and Wales. A list of directors is available from the Company’s registered office: The Generator, 11-15 Dix’s Field, Exeter, EX1 1QA. Company registration number: 09828219

Terminology:
You = the client
The firm / we / our / Love Accountancy = Love Accountancy Limited

  1. Fees
  2. Our Assisted service fee and Outsourced service fee are a subscription based monthly fee for the services required by you whilst you are a client. If you stop being a client of ours or cease to pay your subscription then all services will stop. e.g if you leave after the year end but before we have prepared your year end accounts and tax returns, you will have to engage a new accountant to prepare these items and you will not be entitled to any refund of fees.
  3. In the event that this firm ceases to act in relation to your affairs, you agree to meet all reasonable costs of providing information to the new advisors. In particular you agree to meet these costs where we are required by law to provide information to a successor firm.
  4. Where a fixed fee has not been agreed in advance you agree that fees will be calculated at an hourly rate of £25 (for book keeping and payroll), £50 (for accounts preparation) & £75 (for planning & other special work).
  5. Payment terms for all invoices are on presentation of an invoice and we reserve the right to levy administrative fees and interest at our prevailing rate should you not pay invoices on time. Any time spent by Love Accountancy chasing unpaid invoices, will be charged at an hourly rate of £50 per hour.
  6. Fees are collected monthly by direct debit (using GoCardless.com). Unpaid fees (regardless of whether relating to subscription services or any other services provided) will result in total suspension of service, which in turn may lead to late filing penalties being charged by Companies House and HMRC. All such fees remain your responsibility.
  7. If 3 months’ of unpaid invoices pass, your subscription will automatically end and we will no longer act for you. This includes the cancelation of your Xero subscription. Unpaid fees will be passed to our legal advisors for collection.
  8. Where information is provided to us late (after the 15th of the following month) or where a revised set of accounts or VAT return is required due to missing information not provided to us. We may charge an additional fee for the additional processing we have to undertake.
  9. The monthly fee you pay is calculated based on your previous 6 months turnover (multiplied by 2 to give a projected 12 month figure) or the previous 12 months turnover (whichever is higher), reviewed at each quarter end. If you’re in your first year of trading, the fee will be adjusted as and when a realistic turnover figure can be estimated. If the level of usage of our services increases significantly (such as becoming VAT registered or processing a higher than average number of transactions), a turnover review will be carried out when these changes occur and fees adjusted accordingly. Our fair use policy applies at all times.
  10. Fees paid in advance are non refundable.
  11. Our money back guarantee applies if we cannot correct any issues to your reasonable satisfaction. 
  12. What we’ll do and when we’ll do it
  13. Xero Starter or Standard is provided with both Assisted & Outsourced Accountancy packages. Direct bank feeds and Xero Premier edition will be billed separately, if needed.
  14. Book keeping: If you’ve signed up to the Outsourced service, we’ll do your book keeping once a month. This means:
    1. We’ll process one batch of purchase invoices/receipts a month. These must be received by us on the 15th of the following month to guarantee meeting deadlines, such as VAT. For example, September’s invoices need to be received by the 15th October, to be included in the VAT return due 7th November.
    2. If you are using Love Accountancy’s prepaid postage envelopes, then we accept no responsibly for items going missing whilst in transit with Royal Mail. If you have information which you need to send, without risk of it going missing, then we suggest you email a scan or post it recorded delivery.
    3. Digital invoices which you email to us will be collected and processed once a month. Any received after the 15th of the month will be processed in the following month’s batch.
    4. We’ll reconcile the bank accounts once a month, once all invoices/receipts have been processed. If you require weekly bank reconciliations, then an additional monthly fee will be agreed in advance. Bank statements will be imported into Xero via a direct bank feed. If manual bank statements are provided, we charge an hourly rate to process these into Xero
  15. Book keeping: If you’ve sign up to the Assisted service, you’ll do your own book keeping. This means:
    1. You’ll process all purchase invoices and receipts on a monthly basis. These must be processed by the 15th on any month following a VAT quarter end (if applicable), to ensure filing deadlines can be met.
    2. You’ll reconcile the bank account, once all invoices/receipts have been processed.
  16. Payroll will be processed at the end of the month, for all members of staff. If you require a weekly payroll, then an additional monthly fee will be agreed in advance. You are responsible for working out the hours to be paid, paying staff, paying HMRC & other authorities, keeping track of holidays accrued/taken, as well as providing sick notes for sick leave. If you need employment law advice – let us know as we have an employment law helpline our clients can use, free of charge.
  17. VAT will be processed on a quarterly basis. If we don’t have all the necessary information by the 15th of the month following your VAT quarter end, then anything received after that date will be included in the following VAT return. If you require monthly VAT returns to be processed, then an additional monthly fee will be agreed in advance.
  18. Quarterly management accounts will be prepared inline with your VAT return (if applicable), or on a three monthly basis from the date of joining the service. If monthly management accounts are required, then an additional monthly fee will be agreed in advance.
  19. CIS returns will be processed on a monthly basis.
  20. Dividend paperwork will be prepared on a quarterly basis. If a monthly dividend is required, we can prepare the paperwork in advance each quarter.
  21. Annual return processing includes the filing fee with Companies House, which will be covered by Love Accountancy.
  22. Free meetings are on a quarterly basis and can take place in person (at our office in Exeter) or over the phone. If you require us to visit your premises, this will be accommodated at our discretion. If meetings are required more frequently, or significant travel time is required on our part, then an additional fee may be charged.
  23. Tax returns relate to the business the subscription is invoiced to. This is particularly important for personal tax returns. If you have other income, such as property rentals or another business that needs including on your tax return, then an additional fee may be charged if you want Love Accountancy to calculate these additional pages.
  24. Retention of and access to records
  25. During the course of our work we will collect information from you and others acting on your behalf. It is our policy to scan and shred documents and retain an electronic copy, but will provide a copy to you if required.
  26. You should retain original and electronic records for 6 years from the 31 January following the end of the tax year. You should retain them for longer if HM Revenue and Customs enquire into your tax return.
  27. Due to our limited storage space, any records we hold for you which we no longer require, will be destroyed if not collected within 6 months of our communication to you that you should now collect your records.
  28. Confidentiality
  29. We confirm that where you give us confidential information, we shall at all times keep it confidential, except as required by law or as provided for in regulatory, ethical or other professional statements relevant to our engagement.
  30. Quality control
  31. As part of our ongoing commitment to providing a quality service, our files are periodically subject to an independent regulatory or quality review. Our reviewers are highly experienced and professional people and are, of course, bound by the same requirements of confidentiality as our principals and staff.
  32. Applicable law
  33. This agreement is 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 this 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.
  34. If any provision in this agreement, or its application, are found to be invalid, illegal or otherwise unenforceable in any respect, the validity, legality or enforceability of any other provisions shall not in any way be affected or impaired.
  35. Internet communication and remote computer access
  36. 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 therefore be inappropriate to rely on advice contained in an email without obtaining written confirmation of it.  We do not accept responsibility for any errors or problems 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 e-mail is not an acceptable means of communication.
  37. It is the responsibility of the recipient to carry out a virus check on any attachments received.
  38. Where electronic signature is used this signature will be taken to be legally binding.
  39. We may from time to time request remote access to your system in order to assist you. Whilst we will take all reasonable precautions before, during and after any remote access session, we take no responsibility from any loss caused by us accessing your system and therefore you allow us to do this at your own risk.
  40. To manage a busy work schedule efficiently, emails and other forms of internet communication will generally be answered within one working day.
  41. Data Protection Act 1998
  42. 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 and statutory returns, crime prevention and legal and regulatory compliance, we may obtain, use, process and disclose personal data about you / your business / company / partnership / its officers and employees. We confirm when processing data on your behalf that we will comply with the relevant provisions of the Data Protection Act 1998.
  43. Contracts (Rights of Third Parties) Act 1999
  44. Persons who are not party to this agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement.  This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act.
  45. The advice we give you is for your sole use and is confidential to you and will not constitute advice for any third party to whom you may communicate it. We will accept no responsibility to third parties for any aspect of our professional services or work that is made available to them. 
  46. General limitation of liability
  47. All of Love Accountancy’s services rely on clients actively engaging in the processes, i.e. responding to emails and providing information when requested. If such information isn’t provided or you don’t respond to prompts from Love Accountancy, then Love Accountancy will not be able to provide a full service. This may lead to advice not being provided when it is needed. Love Accountancy accept no liability if advice isn’t given where needed or deadlines are not met, if information is inaccurate, missing or is not provided, whether requested or not.
  48. We will provide services as outlined in this agreement with reasonable care and skill. However, to the fullest extent permitted by law, we will not be responsible for any losses, penalties, surcharges, interest or additional tax liabilities howsoever caused. It remains your responsibility to ensure that all returns and information are submitted on time and accurately to all agencies.
  49. You will not hold us, our director(s) and staff, responsible, to the fullest extent permitted by law, for any loss suffered by you arising from any misrepresentation (intentional or unintentional) supplied to us orally or in writing in connection with this agreement. You have agreed that you will not bring any claim in connection with services we provide to you against any of our partners or employees personally.
  50. Our work is not, unless there is a legal or regulatory requirement, 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 or work that is made available to them
  51. Limitation of liability
  52. We have discussed with you the extent of our liability to you in respect of the professional services described within this agreement (the professional services). Having considered both your circumstances and our own, we have reached a mutual agreement that £100,000 represents a fair maximum limit to our liability.
  53. In reaching this agreement it is also agreed that:
    1. we shall provide the professional services having undertaken all reasonable care and skill;
    2. all aspects of the professional services are for your sole use and will not be made available to any third party without our prior consent;
    3. in the event of any one claim arising in respect of the professional services, you have agreed that the sum of £100,000 represents the maximum total liability to you in respect of the firm, its directors and staff. This maximum total liability includes any claims for loss or damage, however caused, whether in respect of breaches of contract, tort (including negligence) or otherwise in respect of the professional services and shall also include all other related costs including legal fees, interest etc;
    4. we acknowledge that the limit in respect of our total aggregate liability will not apply to any acts, omissions or representations that are in any way criminal, dishonest or fraudulent on the part of the firm, its directors or employees; and
    5. you have agreed that you will not bring any claim of a kind that is included within the subject of the limit against any of our directors or employees on a personal basis.
    6. We will not be held responsible for any late filing penalties or interest, HMRC enquiries or inspections arising.
  54. Changes in the law
  55. We will not accept responsibility if you act on advice given by us on an earlier occasion without first confirming with us that the advice is still valid in the light of any change in the law or your circumstances.
  56. We will accept no liability for losses arising from changes in the law or the interpretation thereof that are first published after the date on which the advice is given.
  57. Dealing with HM Revenue & Customs
  58. We will deal with all communications relating to your return addressed to us by HM Revenue & Customs or passed to us by you. However, if HM Revenue & Customs choose your return for enquiry this work may need to be the subject of a separate assignment in which case we will seek further instructions from you.
  59. You give us authority to correct HM Revenue & Customs’ errors, even if doing so results in correction of an error made in your favour.
  60. We will also provide such other services as may be agreed from time to time. These may be the subject of a separate engagement letter. Where appropriate we will discuss and agree an additional fee for such work when it is commissioned by you.
  61. Where HM Revenue & Customs have made an error and this results in us performing additional work, we reserve the right to charge you for this additional work. In some circumstances we will be able to recover these additional costs from HM Revenue & Customs on your behalf.
  62. Tax investigation insurance is provided directly to Love Accountancy as the insured party, which we can then at our discretion allow your business to take advantage of this insurance, up to £75,000 of professional fees. This does not insure your business against any tax which might be due which is discovered as part of an investigation. It may also not cover fraud or serious error, or reconstruction of accounting records. Some claims may not be allowable under the terms of our insurance, if returns have been made late or if returns were submitted prior to, or after our acting for you or your business.
  63. General
  64. Where specialist advice is required on occasions we may need to seek this from or refer you to appropriate specialists.
  65. You agree to be auto-enrolled into our marketing material which may include phone calls, emails and letters regarding our products and services from time to time. We will never provide your personal information to third parties for marketing purposes or other purposes without your consent, however, we may pass your details onto other group companies, where we feel this might benefit you.
  66. Your Responsibilities
  67. You are legally responsible for:
    1. ensuring that all returns are correct and complete;
    2. filing any returns by the due date; and
    3. making payment of tax on time. Failure to do this may lead to automatic penalties, surcharges and/or interest.
  68. Taxpayers who sign their returns cannot delegate this legal responsibility to others. You agree to check that returns we have prepared for you are complete before you approve and sign them.
  69. To enable us to carry out our work you agree:
    1. that all returns are to be made on the basis of full disclosure of all sources of income, charges, allowances and capital transactions;
    2. to provide full information necessary for dealing with your affairs: we will rely on the information and documents being true, correct and complete and will not audit the information or those documents;
    3. to authorise us to approach such third parties as may be appropriate for information that we consider necessary to deal with your affairs; and
    4. to provide us with information in sufficient time for your tax return to be completed and submitted by the due date following the end of the tax year, we will advise you of when the information required to prepare your tax return should be provided.
  70. You will keep us informed of material changes in your circumstances that could affect your tax liability. If you are unsure whether the change is material or not please let us know so that we can assess the significance or otherwise.
  71. You will forward to us, or inform us of all HM Revenue & Customs correspondence received.
  72. For the avoidance of doubt, all services for which we have not issued an service agreement for, or that are not included within your subscription continue to be your responsibility. In particular we will not be in any way responsible for offering advice or support with respect to tax saving opportunities.
  73. Please note that unless specific work is requested (e.g. an audit or assurance review) we cannot offer any assurance as to the accuracy or completeness of your accounts or tax liabilities. If this is required, please speak to us about arranging an audit or assurance report on your accounts or on specific areas of concern.
  74. The Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007
  75. In common with all accountancy and legal practices the firm is required by the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007 to:
    1. maintain identification procedures for clients and beneficial owners of clients;
    2. maintain records of identification evidence and the work undertaken for the client; and
    3. report, in accordance with the relevant legislation and regulations.
  76. We have a statutory obligation under the above legislation to report to the Serious Organised Crime Agency (SOCA) any reasonable knowledge or suspicion of money laundering. Any such report must be made in the strictest confidence.
  77. In fulfilment of our legal obligations, neither the firm’s principals nor staff may enter into any correspondence or discussions with you regarding such matters.
  78. Before we accept your instructions, we may need to obtain ‘satisfactory evidence’ to confirm your identity and we may use electronic verification for this purpose. We may also need to obtain such evidence after we have begun to act on your instructions. Although a record of our enquiry will be entered on your record it will not affect your credit history.
  79. About us
  80. If a conflict of interest should arise, either between two or more of our clients, or in the provision of multiple services to a single client, we will take such steps as are necessary to deal with the conflict.
  81. Free support and other fair use policies
  82. Our Outsourced packages come with prepaid envelopes, so you can send your paperwork to us for processing each month. Prepaid envelope use is limited to:
    • 2 per month if your turnover is <£125,000
    • 3 per month if your turnover is <£250,000
    • 4 per month if your turnover is <£500,000
    • 5 per month if your turnover is <£1,000,000
  83. Free unlimited support is subject to fair use, if we decide that at any time you have exceed fair use we will charge for the time which we have spent on your affairs. As a general rule the first hour of a new and unique query will be free, however, repeated use of our services for assistance on a particular matter or type of service would incur additional fees. This can include work in or around mortgage applications.
  84. Our Outsourced packages come with the following fair use policy with regards to number of purchase invoices/receipts processed:
    • <£125,000 = 50 invoices a month
    • <£250,000 = 100 invoices a month
    • <£500,000 = 150 invoices a month
    • <£1,000,000 = 300 invoices a month

Each additional 50 invoices above the fair use policy will incur a £25 a month fee.