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Terms & Conditions

These standard terms of business apply to all engagements accepted by Wealthmax Accountants Ltd. The engagements comprise the attached agreement (“Agreement”) entered into between Wealthmax Accountants Ltd and you which incorporate these terms and conditions, together these form our contract with you. Wealthmax Accountants Ltd is a limited company registered in England and Wales under company number 12001992 with its registered office at River Suite, 3rd Floor, 1000 Great West Road, Brentford, United Kingdom, TW8 9DW. References to “Wealthmax Accountants Ltd“, “We” and “Us” are to Wealthmax Accountants Ltd. References to “Client”, “Company”, “You” or “Your” is to our client under the Agreement. All work carried out is subject to these terms except where changes are expressly agreed in writing. If there is a conflict between the Agreement and these terms, the Agreement shall prevail. 

“Services” shall mean the accountancy services set out in Appendix 1 of the Agreement. 

Professional Obligations

  1. In performing the Services, we will observe the byelaws, regulations and ethical guidelines of the Association of Accounting Technician and accept instructions to act for you on the basis that we will act in accordance with those guidelines. Copies of these requirements are available for inspection in our offices. 
  2. We are required to comply with The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, which require us to identify our clients for certain activities. We are entitled to refuse to act for you if you fail to supply appropriate proof of identity for yourself or for any principal whom you may represent. 
  3. When you first consult us, we will check whether there is any connection between our firm and another party which might give rise to a conflict of interest we will not be able to accept instructions from you. Should a conflict of interest arise after you have instructed us, we will let you know. If this occurs, we may not be able to continue to represent you. 
  4. Where you give us confidential information, we shall at all times keep it confidential, except as required by law or as provided for under regulatory, ethical or other professional rules that apply to this engagement. The obligation is subject to an important statutory obligation: legislation on money laundering and terrorist financing has placed accountants under a legal duty in certain circumstances to disclose information to the National Crime Agency (NCA). Further details of these obligations re set out in paragraph 13 of these terms. 
  5. Our firm may be subject to audit or quality checks by external firms or organisations. We may also outsource work. This might be for example typing or photocopying or costing, or research and preparation to assist with your matter. Information from your file may therefore be made available in such circumstances. We will always aim to obtain a confidentiality agreement with the third party and will comply with the provisions of clause 16(vi) relating to data protection.
  6. We reserve the right to act during this engagement for other clients whose interests may be adverse to yours. We will notify you immediately should we become aware of any conflict of interest to which we are subject in relation to you. 

Ethical Conduct

  1. Wealthmax Accountants Ltd are AAT Members in Practice. All AAT accountants work within the framework of the AAT Professional Ethics https://www.aat.org.uk/ The code requires accountants to comply with the principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
  2. As AAT accountants, we have a duty to observe the highest standards of conduct and integrity, and to uphold the good standing and reputation of the profession.
  3. Duty of a professional accountant is not exclusively to satisfy the needs of an individual client or employer. In complying with the ethical requirements of the AAT Professional Code of Ethics, the professional accountant is obliged to act primarily within the public interest.  

Investment Services

  1. We are not authorised by the Financial Conduct Authority to conduct Investment Business. If you require investment business services, we will refer you to a firm authorised by the Financial Conduct Authority. 

Commissions or Other Benefits

  1. Commissions or other benefits may sometimes become payable to us in respect of introductions to other professionals or transactions we arrange for you. We will comply at all times with the provisions of the Bribery Act 2010 in relation to any commissions payable. 

Tax Planning and Advice

  1. Wealthmax Accountants Ltd may provide generic tax advice and support in relation to your tax affairs from time to time.
  2. Wealthmax Accountants Ltd may on your request, introduce you to any advance tax planning products or Tax avoidance products of third-party providers. Wealthmax Accountants Ltd purely act as introducers and do not carry any liability for any loss you may incur by entering into such transactions or products or by usage of such services.
  3. Wealthmax Accountants Ltd conducts basic due diligence on any potential third-party providers you may be introduced to the best of its ability. Such due diligence cannot be fully relied as we are not tax experts and advisors and we are merely acting as introducers towards your best interest.
  4. All Advanced Tax planning and tax avoidance carry inherent risk, which you should analyse and review with the provider direct. Wealthmax Accountants Ltd are not liable for any losses, damages, costs and expenses caused by the implementation of any tax planning products or services.
  5. Further we cannot be held liable for any losses, penalties, surcharges, interests or additional tax liabilities that are caused by the acts or omissions of any third party introduced by us.
  6. Wealthmax Accountants Ltd cannot be held responsible for any misleading or false information provided by Advisors direct or indirect. It will be your responsibility to conduct your own due diligence. 

Third Party Products Introduction including Pension and Insurance

  1. Wealthmax Accountants Ltd may introduce / refer you to third party products in relation to Mortgage, Insurance or various other services you may request or seek. 
  2. Wealthmax Accountants Ltd gets introduction commissions on making such referrals. We will at all times comply with the relevant provisions of the Bribery Act 2010 in relation to any commissions payable. 
  3. Before referrals are made, Wealthmax Accountants Ltd conducts its basic due diligence on the credibility and quality of the provider. 
  4. Wealthmax Accountants Ltd cannot be held liable for any damage or losses incurred to you by the usage of third-party providers and their services.

Client Monies

  1. We may, from time to time, hold money on your behalf. Such money will be held in trust in a client bank account, which is segregated from the firm’s funds. The account will be operated, and all funds dealt with, in accordance with the Clients Money Regulations of the AAT. 

Fees & Payment

  1. Wealthmax Accountants Ltd will never advise of a change in HMRC bank account details for payments without plenty of notice. Please be aware of fraudulent emails and if asked to pay into a different bank account via an email, you MUST call and speak to your account manager before making any payments. 
  2. For first-time payments to new bank accounts of any amounts above £100, we highly recommend you do a smaller test payment first to confirm bank details are correct and to prevent any fraudulent payments being made. 
  3. Our fees are computed either on the basis of time spent on your affairs by the principals and our team, and on the levels of skill and responsibility involved, or a fixed fee that will be agreed in advance based on the scope of work in a fixed fee agreement or quotation and set out in the Agreement.
  4. If there is more than a 10% deviation from transactions or turnover as advised in your quote and hence agreement, this will result in a fee revision.
  5. If it is necessary to carry out work outside the scope of work agreed in respect of a fixed fee agreement or quotation, this will involve additional fees, and we will agree this with you before undertaking the additional work. Accordingly, it is in your interest to ensure that your records are completed to the agreed stage. 
  6. It is our normal practice to request that clients make arrangements to pay a proportion of their fee on a monthly direct debit or standing order. These will be applied to fees arising from work agreed in the Agreement for the current and ensuing years. Once we have assessed the amount of work and time involved, we would be grateful if you would agree to pay an amount on a regular basis. 
  7. If you are not set up on monthly direct debit or standing order, there will be an admin charge of £50 + VAT per month. Any bounced direct debit will be charged an additional £25 + VAT. 
  8. Payments made by cash or cheque will incur a payment surcharge of £25 + VAT each time to cover additional admin costs. 
  9. Our terms relating to payment of amounts invoiced and not covered by standing orders are strictly 7 days from receipt of invoice. Interest will be charged on all overdue debts at 4% over base rate or at the rate applicable under the Late Payment of Commercial Debts (Interest) Act 1998, whichever is higher. 
  10. If you fail to make payment within our credit terms, we may refer the matter to our debt collection agency. If this is necessary, you will be charged a surcharge of 15% of the outstanding balance plus VAT, and you will be responsible for all fees, costs, and expenses incurred in recovering the sum due. 
  11. Accounts unpaid 30 days after the invoice date will be considered in default and may be put on hold. Clients with accounts in default agree to pay late payment fines, Wealthmax Accountants Ltd’s reasonable expenses, including legal fees and costs for collection by third-party agencies. 
  12. If your account is put on hold for any reason (such as non-payment or failure to meet identification checks), a charge of £25 + VAT will be incurred for each occurrence. 
  13. Price Changes: Each year, your monthly fees will be subject to an annual adjustment based on the RPI Rate (increase or decrease). This will be announced in February and reflected in your April bill. You will receive 30 days’ notice before any changes. If you do not accept the new charges, you can terminate the agreement within 30 days. If not, the new charges will apply. 
     

Retention of and Access to Records

  1. During our work, we will collect information from you and others acting on your behalf to provide the Services. We will return any original documents to you following the preparation of your financial statements and returns. You should retain these records for at least four years from the end of the accounting year to which they relate. 
  2. While certain documents may legally belong to you, we may destroy correspondence and other papers more than four years old, except those of continuing significance. If you require specific documents to be retained, notify us in writing. 

Failure to Provide Data / Account Submission Documents on Time

  1. Account Submission: Documents should be received 3 months before the submission date. The latest date for submission is 20 working days before the deadline. If deadlines are missed due to your delay, Wealthmax Accountants Ltd is not liable for any penalties. 
  2. Penalties & Additional Charges:
    • Self-Assessment: Data received after November may result in late submissions. (Data received after December incurs a £100 fee.)
    • VAT: Data must be provided by the 20th of the following month after quarter-end. (Data after the 29th incurs a £100 express service fee.)
    • Payroll: Amendments accepted until the 20th of the month. Changes after this will reflect in the next month. 
    • Final Accounts: Data provided within 240 days of year-end is needed to guarantee timely filing. (Data provided within 60 days incurs a £100 express charge.) 
    • Client Bookkeeping Errors: Errors found will be charged at £25 + VAT per hour to correct. 

Quality Control

  1. As part of our commitment to quality, our files are periodically reviewed by independent professionals. Reviewers are bound by confidentiality and data protection rules. 

Help Us to Give You the Right Service

  1. If you wish to discuss improvements or have complaints, please contact our Operations Director, Mandeep Singh at [email protected] or call 0330 088 6686. 
  2. We will investigate complaints promptly and thoroughly. If you remain dissatisfied, you may escalate the matter to the AAT. 

Internet Communications

  1. Internet communications are capable of data corruption, and therefore we do not accept any responsibility for changes made to such communications after their dispatch. It may be inappropriate to rely on advice contained in an e-mail without obtaining written confirmation. 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.  

Data Protection

  1. For the purpose of this clause, “Data Protection Legislation” shall mean the Data Protection Act 1998 or 2018, or any successor legislation, and (for so long as the law of the European Union has legal effect in the UK) the General Data Protection Regulation (EU 2016/679). 
  2. Both parties acknowledge that they will comply with all applicable requirements of the Data Protection Legislation. This clause is in addition to, and does not relieve, remove, or replace, a party’s obligations under the Data Protection Legislation. 
  3. You acknowledge that for the purposes of the Data Protection Legislation, we are both data controller and data processor (where Data Controller and Data Processor have the meanings given in the Data Protection Legislation). 
  4. We may obtain, use, process, and disclose personal data about you to discharge the services agreed under this engagement, and for related purposes such as updating and enhancing client records, analysis for management purposes, statutory returns, crime prevention, and legal and regulatory compliance. We will not process your personal data for any other reason without first obtaining your consent. 
  5. You have the right of access, under Data Protection Legislation, to the personal data that we hold about you. A subject access request may be made by contacting our Data Protection Officer at [email protected]. 
  6. We reserve the right to outsource work as part of our engagement. Where your data is transferred to a third party for outsourced services, we will ensure that a written agreement is in place, incorporating data protection terms similar to this clause. 

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 that exists otherwise than pursuant to that Act. 
  2. The advice we give to you is for your sole use and does not constitute advice to any third party. We accept no responsibility to third parties for any part of our professional services or work made available to them. 

Money Laundering

  1. We have a duty under the Criminal Finance Act 2017 and Section 330 of the Proceeds of Crime Act 2002 to report to the National Crime Agency (NCA) if we know, or have reasonable cause to suspect, that you or anyone connected with your business is involved in money laundering. Failure to report would constitute a criminal offence. 
  2. The offence of money laundering is defined under Section 340(11) of the Proceeds of Crime Act and includes activities such as:
    • Tax evasion through deliberate understatement of income or overstatement of expenses. 
    • Deliberate failure to inform tax authorities of known underpayments. 
  3. We are legally obliged to report suspicions of money laundering without your knowledge or consent. Informing you of such a report would be a criminal offence under the “tipping off” provision in Section 333 of the Proceeds of Crime Act. 
  4. We are not required to undertake work solely for identifying money laundering suspicions. Our obligations will be fulfilled in line with AAT’s guidance on the Proceeds of Crime Act 2002. 

Continuity Arrangements

  1. In the event that we are unable to provide services due to incapacity or death, a Continuity Arrangement has been made with Innovative Tax Consultants Ltd, 1st Floor, 784 Uxbridge Road, Hayes, England, UB4 0RS, to ensure continuity of service. 
  2. You will be contacted in such an event and will have the option to decline to be covered by these arrangements. 

Termination

  1. Cooling-off Period: You have the right to cancel this Agreement within 14 days without providing any reason. The cooling-off period expires 14 days after the Agreement is signed.
  2. You may terminate your instructions to us in writing with three months’ prior notice. We may retain your documents until all outstanding fees are paid. We may terminate our services with one month’s prior notice if there are reasonable grounds, such as non-payment of fees or failure to provide necessary instructions. 
  3. Under the Consumer Protection (Distance) Regulations 2000, you may have the right to withdraw within 7 working days of engaging us, provided we haven’t started work with your consent during that time. If we’ve begun work, this right is waived. 
  4. If you cancel the contract before the minimum term set out in the Agreement, no fees already paid will be refunded. Termination requests must be made in writing (email or letter) with at least 30 days’ notice. Monthly fee payments already made will not be refunded. 
  5. Early Termination Fee: If the Agreement is canceled within the first six months, a fee of £250 + VAT will apply to cover initial setup costs. 
  6. Upon termination, all outstanding invoices and interest are immediately due for payment.
  7. Termination does not affect any rights, obligations, or liabilities that have accrued up to the date of termination, including claims for breach of contract. 

Limitation of Liability

  1. We will provide our professional services with reasonable care and skill. However, we will not be held responsible for any losses arising from the supply by you or others of incorrect or incomplete information, your or others’ failure to supply any appropriate information, or your failure to act on our advice or respond promptly to communications from us or other relevant authorities. 
  2. We will not be liable for any consequential, special, indirect, or exemplary damages, costs, or losses, including damages attributable to lost profits or opportunities. 
  3. We can only limit our liability to the extent the law allows. In particular, we cannot limit liability for death or personal injury caused by our negligence. Our maximum liability shall not exceed 2 times the annual fees as set out in the Agreement. 
  4. You agree to hold harmless and indemnify us against any misrepresentation, whether intentional or unintentional, supplied to us orally or in writing. You also agree not to bring any claim against our employees on a personal basis in connection with services provided. 
  5. You agree that the Company’s designated members will provide personal guarantees to settle any outstanding fees to Wealthmax Accountants Ltd if the Company is unable to do so. 
  6. The results provided by any accounting software do not constitute advice and are intended to support discussions with a Financial Adviser. Software updates may be issued periodically. 
  7. While care has been taken to ensure the accuracy of the accounting software, no warranty is provided, and we accept no liability for losses arising from its use. 

Data Returning Policy

  1. Upon completion of work, we will inform you to collect your data within 7 days or arrange postage (charges apply). 
  2. Postage costs above £10 will be borne by the recipient. 

Applicable ONLY to Contractors: When a client is Out of Contract

  1. Wealthmax Accountants Ltd will continue to charge normal monthly fees for 2 months after you notify us that you are out of contract and the company is dormant. 
  2. After 2 months, if still out of work, we charge 50% of the agreement fee as dormant account fees. 
  3. A dormant account means no payroll, no active trading, and only bank charges. If activity is detected (e.g., dividends, withdrawals), the account will be considered active, and normal fees will apply. 
  4. We manage compliance and accounts during dormancy for 50% of the regular fee until you resume trading. 
  5. Once back to work, normal fees will apply as per the Agreement. 
  6. To submit yearly accounts and tax returns, a minimum of 75% of the total yearly fee must be paid.
    For example:     If the total yearly fee is £1,200 + VAT and you’ve paid £825 + VAT (due to dormant fees), you’ll need to pay an additional £75 + VAT to reach the required 75% threshold.
  7. A client must be out of work for 2 full months before dormancy fees apply.
    For example:     If work ends midway through Month 3, you must be out of work fully for Months 4 and 5. From Month 6, dormancy fees apply.  

Applicable ONLY to Contractors: IR35 Review

  1. Turnaround time for IR35 reviews is 3–5 business days after receiving all necessary documents. 
  2. IR35 reviews included:
    • Basic Package: 1 review/year 
    • Premium Package: 2 reviews/year 
    • Gold Package: Unlimited reviews 
  3. IR35 reviews are done per assignment. A new review is required for each contract to ensure compliance.
  4. Reviews cover the contract only. A working practices review is available at an additional cost (unless on the Gold Package). 
  5. IR35 legislation relies heavily on subjective interpretation. We cannot guarantee a successful outcome if HMRC challenges your status. 

Applicable Law

  1. These terms are governed by, and construed in accordance with, English law.
  2. The Courts of England have exclusive jurisdiction over disputes relating to these terms. Each party waives any right to object to proceedings being brought in these courts, including claims that the forum is inappropriate. 

General

  1. Force Majeure: Neither party shall be in breach of the Agreement or these terms nor liable for any delay or failure to perform its obligations if such delay or failure results from events, circumstances, or causes beyond its reasonable control. 
  2. Assignment: Wealthmax Accountants Ltd may assign, mortgage, charge, subcontract, delegate, declare a trust over, or deal in any manner with any of its rights and obligations under the Agreement. You shall not assign, transfer, mortgage, charge, subcontract, delegate, declare a trust over, or deal in any manner with any of your rights and obligations under the Agreement without prior written consent from Wealthmax Accountants Ltd. 
  3. Entire Agreement: The Agreement and these terms constitute the entire agreement between the parties and supersede all prior agreements, promises, assurances, warranties, representations, and understandings (whether written or oral) relating to its subject matter. 
  4. Variation: No variation of the Agreement or these terms shall be effective unless it is in writing and signed by both parties (or their authorised representatives). 
  5. Waiver: A waiver of any right or remedy under the Agreement or these terms is only effective if given in writing. A delay or failure to exercise any right or remedy shall not constitute a waiver, nor shall it prevent the exercise of that or any other right or remedy in the future. 
  6. Severance: If any provision of the Agreement or these terms is found to be invalid, illegal, or unenforceable, it shall be modified to the minimum extent necessary to make it valid. If modification is not possible, the provision shall be deemed deleted. This shall not affect the validity of the remaining provisions. 
  7. Notices: Any notice given under or in connection with the Agreement shall be in writing and delivered by:
    • Hand delivery: Effective on receipt of signature. 
    • Pre-paid first-class post/Next working day delivery: Deemed received at 9:00 AM on the second Business Day after posting. 
    • Fax: Deemed received at the time of transmission, or, if outside business hours, at the start of the next business day. 

The Mille, River Suite, 3rd Floor, 1000 Great West Road, Brentford, London, TW8 9DW, United Kingdom

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