Schedules of Service
This schedule should be read in conjunction with our standard terms and conditions. The purpose of this schedule to our engagement letter is to set out the basis on which we are to provide taxation services as your agents on the basis that you will make full disclosure to us of all relevant information.
Taxation Services
We shall prepare, in respect of each accounting period, a computation of profits adjusted in accordance with the Taxes Acts. Once they have been approved by you we shall complete the appropriate self-assessment schedule.
We shall prepare on your behalf the necessary self-assessment returns including a calculation of your tax liabilities from the information supplied by you. With your agreement we shall obtain some information direct from your bank, building societies etc.
We shall forward your return (together with copies of all supporting material we propose to submit to HM Revenue & Customs (HMRC) with your return) to you for approval and electronic signature. You are legally responsible for making a correct return in respect of your annual tax liability, and it is essential that we as your agent are supplied with all relevant information. At this stage we shall advise you as to your outstanding tax liabilities and the appropriate payment dates.
It is important to note that HMRC will charge interest on any tax paid late, and in some cases can increase any outstanding liability by imposing surcharges.
In order to avoid late filing penalties it is essential that you respond on a timely basis to any requests for all information to enable us to complete your return and submit it to HMRC on time.
It is your responsibility to ensure that your tax is paid on time and that your return is filed on time.
Where specialist advice is required on occasions we may need to seek this from appropriate specialists.
Enquiries
We shall respond to any enquiries from HMRC arising from your tax return and this may result in us charging an extra fee to cover this work. However, we shall consult you if it becomes clear that HMRC are opening an in-depth enquiry. They have the power to do this on a purely random basis.
Record keeping requirements
Self-assessment requires full records supporting a return to be retained until the fifth anniversary of the 31 January following the end of the year assessment concerned. You will be responsible for retaining these records.
Penalties may be imposed for non-compliance with these provisions.
Other services
We shall be pleased to give advice on the tax implications of specific matters which you may refer to us from time to time. Such advice and / or assistance would also be subject to separate terms of engagement.
Unless separately instructed, you will be responsible for all other returns, particularly including those relating to employees’ taxes, PAYE and VAT. We shall, however; be happy to advise in this connection if specifically requested. Such advice and / or assistance would also be subject to separate terms of engagement.
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.