Schedules of Service
We will prepare the partnership self-assessment tax returns and the annual partnership statements together with any supplementary pages required from the information and explanations that the partnership provides to us. After obtaining the approval and signature of the partner nominated to deal with the partnership’s tax affairs or the precedent acting partner we will submit these to HM Revenue & Customs (HMRC).
We will prepare the partnership business accounts in accordance with generally accepted accounting practice from the books, accounting records and other information and explanations provided to us on your behalf.
We will prepare the income tax and capital gains tax computations based on the partnership’s business accounts for inclusion in the partnership tax return.
If instructed we will provide each partner or their agent with details of the partner’s allocations from the return to enable partners to fill in their self-assessment tax returns.
We will advise you as to possible tax return related claims and elections arising from information supplied by the partnership. Where instructed by you we will make such claims and elections in the form and manner required by HMRC.
Ad hoc and advisory work
We will also provide other such taxation advisory and ad hoc 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. Examples of such work include:
dealing with any enquiry opened into the partnership tax return by HMRC
preparing any amended returns which may be required and corresponding with HMRC as necessary.
Where specialist advice in certain areas is required on occasions we may need to seek this from or refer you to appropriate specialists.
Changes in the law or public policy and practice
We will not accept responsibility if you act on advice previously given by us without first confirming with us that the advice is still valid in light of any change in the law or your circumstances.
We will accept no liability for losses arising from changes in the law or the interpretation thereof that occur after the date on which the advice is given.
The partners are legally responsible for:
ensuring that the partnership self-assessment tax returns are correct and complete;
filing any returns by the due date; and
making payment of tax on time.
Failure to do this may lead to penalties, surcharges and/or interest.
Taxpayers who sign their returns cannot delegate this legal responsibility to others. The Nominated Partner agrees to check that returns and partnership statements we have prepared for the partnership are complete before you approve and sign them.
To enable us to carry out our work you agree:
that all returns are to be made on the basis of full disclosure of all sources of income, charges, allowances and capital transactions;
to provide full information necessary for dealing with the partnership affairs: we will rely on the information and documents being true, correct and complete and will not audit the information or those documents;
to authorise us to approach such third parties as may be appropriate for information that we consider necessary to deal with the partnership affairs; and
to provide us with information in sufficient time for the partnership tax return to be completed and submitted on time.
You will keep us informed of material changes in circumstances that could affect the tax liabilities of the partners including, by way of example, changes in the partners in the partnership. If you are unsure whether the change is material or not please let us know so that we can assess the significance or otherwise.
You will forward to us HMRC statements of account, copies of notices of assessment, letters and other communications received from HMRC in time to enable us to deal with them as may be necessary within the statutory time limits. Although HMRC have the authority to communicate with us through the form 64-8 it is essential that you let us have copies of any correspondence received from HMRC to avoid any breakdown in communication.
The work carried out within this engagement will be in respect of the partnership’s tax affairs. Any work to be carried out for the individual partners will be set out in a separate letter of engagement.
If applicable, you are responsible for monitoring the partnership’s monthly turnover to establish whether it is liable to register for VAT if it is not already registered. If you do not understand what you need to do, please ask us. If it exceeds the VAT registration threshold, and you wish us to assist in notifying HMRC of its liability to be VAT registered we will be pleased to assist in the VAT registration process. You should notify us of your instructions to assist in the VAT registration in good time to enable a VAT registration form to be submitted within the time limit of one month following the month in which the VAT registration threshold in force at that time was exceeded. We will not be responsible if you fail to notify us in time and incur a late registration penalty as a result.
If applicable, and if you provide digital services to consumers in the EC you are responsible for either registering for VAT in that member state or registering for MOSS in the UK.
If applicable, you are responsible for employment taxes, pensions (including auto-enrolment) and the assessment of the tax status of your workers. If you do not understand what you need to consider or action you need to take, please ask us. We will not be in a position to assist you in complying with your responsibilities if we are not engaged to provide such a service. We are not responsible for any penalty that is incurred.
Our services as detailed above are subject to the limitations on our liability set out in the engagement letter and in our standard terms and conditions. These are important provisions which you should read and consider carefully.
Limitation of Liability
We specifically draw your attention to the limitation of liability paragraphs in our standard terms and conditions which set out the basis on which we limit our liability to you and to others. You should read this in conjunction with the limitation of third party rights paragraphs in our standard terms and conditions which exclude liability to third parties. These are important provisions which you should read and consider carefully.