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: Love Accountancy Limited, The Generator, Kings Wharf, Exeter Quay, Devon, EX2 4AN / Company registration number: 09828219

You can read our GDPR compliance policy here.

Terminology:
You = the client
The firm / we / our / us / Love Accountancy = Love Accountancy Limited
Data Protection Legislation = the General Data Protection Regulation ((EU) 2016/679) (GDPR) whilst still applicable in the UK and any UK national implementing laws, regulations and secondary legislation and any successor legislation to the GDPR or the Data Protection Act 1998.
Personal data, data controller, data processor, data subject and processing have the meanings respectively set out in the Data Protection Act 1998 (prior to 25 May 2018) and the GDPR (on or after 25 May 2018, provided that “data controller” and “data processor” shall have the meaning set out for “controller” and “processor” respectively).

1. Fees
   1. 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 our’s 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/or 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.
   2. 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.
   3. Where a fixed fee has not been agreed in advance you agree that fees will be calculated at an hourly rate of £30 (for book keeping and payroll), £60 (for accounts preparation) & £100 (for planning, consultancy & other special work).
   4. 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.
   5. 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.
   6. 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.
   7. 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.
   8. 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.
   9. Fees paid in advance are non refundable.
   10. If you want to downgrade your package (outsourced to assisted), leave or move to another accountant, we do require a full calendar month’s notice. All fees during this notice period are payable at the existing rate.
       1. If you are requesting a hand over or disengagement of services, a full month’s fee will also be charged to deal with the administration and questions resulting from a handover. Notice must be given in writing from our main point of contact (email), at which point a handover date will be agreed.
       2. The handover date is calculated as the end of the full calendar month following the request to leave. As an example, requesting to leave on the 3rd or 30th September, means the handover date would by default be 31 October [this is an example].
          1. You will get your normal subscription invoices during the handover period. You’ll also get one final handover invoice 2 weeks before the agreed handover date (which is one full month’s invoice to cover admin and other costs associated with the handover).
          2. You have the option to delay the handover date and continue the subscription in order to get significant pieces of work completed (for example, year end accounts).
          3. If you wish to bring your handover date forward, you can do this. All invoices for the period mentioned above will still be payable, but no work following the new handover date will be completed by Love Accountancy. Again, this will happen after all invoices are settled.
       3. All information required will be passed to you, via Xero and Google Drive, so that you may pass this information to your new advisors (due to compliance with GDPR we will not pass this information directly to 3rd parties). This assumes all Love Accountancy invoices prior to the handover date are settled.
2. What we’ll do and when we’ll do it (detailed):
   1. Our fair use policy (as detailed in section 19) applies to all packages.
   2. Xero Starter is provided with both Assisted & Outsourced Accountancy packages. Upgrades to Xero with their Bank Feeds, Standard, Premium or Ultimate packages and other add-ons are available and billed for separately.
   3. Book keeping (Outsourced): 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, 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
   4. Book keeping (Assisted): 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.
   5. Sales: All clients are responsible for the accuracy of their own sales recorded in Xero (assisted and outsourced). Whether this is by raising sales invoices directly in Xero or by recording sales by some other means and bringing this data into Xero.
   6. 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.
   7. 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.
   8. 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.
   9. CIS returns will be processed on a monthly basis.
   10. Dividend paperwork will be prepared on a quarterly basis. If a monthly dividend is required, we can prepare the paperwork in advance each quarter.
   11. Confirmation Statement submission includes the filing fee with Companies House, which will be covered by Love Accountancy. Confirmation Statement submission includes the checking and filing of the Confirmation Statement to Companies House and the filing fee only. Any significant changes needed to Companies House records to bring the Confirmation Statement up to date will be treated as special work and fees may be charged (such events may include share issues or major changes to the list of company directors).
   12. Inclusive meetings are on a quarterly basis and take place virtually or by phone. If you require a face to face meeting 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.
       1. For meetings away from Exeter, we charge a day rate and/or a half day rate, plus the travel costs incurred.
   13. 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.
   14. Any other (special) work not already mentioned in Section 2 (what we’ll do and when we’ll do it), such as tax planning, cashflow forecasting, financial planning or company restructuring (including share issues), is not included in the monthly service and work will be carried out on an hourly rate or quoted fee.
3. Retention of and access to records
   1. 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.
   2. You should retain original and electronic records for 6 years from the 31 January following the end of the tax year or accounts filing. You should retain them for longer if HM Revenue and Customs enquire into your tax return or accounts.
   3. 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.
4. Confidentiality
   1. 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.
5. Quality control
   1. 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.
6. Applicable law
   1. 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.
   2. 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.
7. Internet communication and remote computer access
   1. 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.
   2. It is the responsibility of the recipient to carry out a virus check on any attachments received.
   3. Where electronic signature is used this signature will be taken to be legally binding.
   4. 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.
   5. Emails (and other forms of electronic communication) are treated as delivered, read and understood, unless the email bounces back or in good time you tell us you don’t understand/agree to the contents.
   6. To manage a busy work schedule efficiently, emails and other forms of internet communication will generally be answered within one/two working days. Anything sent to hello@ we aim to answer in one working day. Anything sent directly to a team member will be answered within two working days. Note that a Friday is not a working day for any of the Love Accountancy Team. So, for example, an email sent to a team member on a Thursday will be answered by Tuesday. For anything urgent, we always suggest a phone call is best.
8. Data Protection Act 1998 & GDPR (May 2018)
   1. 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 & GDPR (May 2018).
   2. We provide accountancy services to you and as part of these services we process personal data belonging to you or our clients.  You may provide personal data to us so that we can provide you with services for the duration of any contract between us.
   3. From May 2018, we will be required to comply with Article 28(3) of the General Data Protection Regulation which states that we must enter into a written contract containing certain statutory data protection clauses. In order to comply with this requirement, we are issuing you with these terms below, containing the clauses which will apply to any agreement in force between us from 25 May 2018.  Where any provisions of the agreement conflict with these clauses, these clauses shall take precedence.
9. General Data Protection Regulation
   1. Both parties will comply with the applicable requirements of the Data Protection Legislation.
   2. The parties acknowledge that you are the data controller and we are the data processor (as defined by the Data Protection Legislation). We shall ensure that we each complete a register as required by the Data Protection Legislation.
   3. You will ensure that we have the necessary consents or have complied with another processing condition and that you have the appropriate notices and privacy policies in place to enable the lawful transfer of personal data to us for the duration and for the purposes of the services detailed above.
   4. We shall:
      1. act only on your written instructions;
      2. have in place appropriate technical and organisational security measures against unauthorised or unlawful processing of personal data and against accidental loss or destruction of, or damage to, personal data.  Such measures shall be appropriate to the harm that might result from the unauthorised or unlawful processing;
      3. ensure any staff and/or third party subcontractor who have access to the personal data are obliged to keep it confidential;
      4. assist you to respond to an individual’s request to enforce their rights of subject access, rectification, erasure and any other rights conferred by the Data Protection Legislation;
      5. assist you (if requested) with respect to security, breach notifications, impact assessments and any investigations by a supervisory authority;
      6. notify you without undue delay in the event of a data security breach and assist you with any investigations;
      7. maintain and keep up to date the data processing register referred to above;
      8. delete or return all personal data to you as requested at the end of the agreement (unless already deleted or is necessary to retain in line with our retention policy); and
      9. submit to audits and inspections and provide you with whatever information you need to ensure that we are both complying with our obligations under the Data Protection Legislation and inform you immediately if we are asked to do something infringing the Data Protection Legislation or other law of the EU or a member state.
   5. At times it may be necessary for us to appoint a third-party sub-processor without giving you prior written notice. We shall ensure that any third-party processor will enter into an agreement with the same or substantially similar terms in relation to the Data Protection Legislation.
   6. If this agreement will involve or require a transfer of any personal data from one country to a country outside the country of origin and if required by applicable law, we will enter into a data transfer agreement that is consistent with the requirements of applicable law and ensures that:
   7. the individuals have enforceable rights and effective legal remedies in relation to any transferred personal data; and
   8. we have ensured adequate levels of protection in relation to any personal data that is transferred.
10. Contracts (Rights of Third Parties) Act 1999
    1. 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.
    2. 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. 
11. General limitation of liability
    1. 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.
    2. 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.
    3. 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.
    4. 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
12. Limitation of liability
    1. 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.
    2. 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.
13. Changes in the law
    1. 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.
    2. 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.
14. Dealing with HM Revenue & Customs
    1. We will deal with all communications relating to your return/accounts addressed to us by HM Revenue & Customs or passed to us by you. However, if HM Revenue & Customs choose your return/accounts for enquiry this work may need to be the subject of a separate assignment in which case we will seek further instructions from you.
    2. You give us authority to correct HM Revenue & Customs’ errors, even if doing so results in correction of an error made in your favour.
    3. 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.
    4. 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.
    5. 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.
15. General
    1. Where specialist advice is required on occasions we may need to seek this from or refer you to appropriate specialists.
    2. We will never provide your personal information to third parties for marketing purposes or other purposes without your consent.
    3. You can opt in or out of marketing emails at any time, by letting us know.
    4. At times we may send you emails informing you of changes in legislation or otherwise, as part of the service agreement. You are responsible for ensuring your business is compliant in all areas and should, where necessary, seek further advice from the appropriate profession (legal, investment etc)
16. Your Responsibilities
    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. You will forward to us, or inform us of all HM Revenue & Customs correspondence received.
    6. 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.
    7. 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.
17. The Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007
    1. 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.
    2. 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.
    3. 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.
    4. 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.
18. Other information
    1. 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.
19. Included support and other fair use policies
    1. 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:
       1. 2 per month if your turnover is <£125,000
       2. 3 per month if your turnover is <£250,000
       3. 4 per month if your turnover is <£500,000
       4. 5 per month if your turnover is <£1,000,000
    2. Included 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 the given query. 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 includes work in or around mortgage applications.
    3. Our Outsourced packages come with the following fair use policy with regards to number of purchase invoices/receipts processed:
       1. <£125,000 = 50 invoices a month
       2. <£250,000 = 100 invoices a month
       3. <£500,000 = 150 invoices a month
       4. <£1,000,000 = 300 invoices a month
       5. Each additional 50 invoices above the fair use policy will incur a £25 a month fee