Engagement Terms & Conditions
Thank you for engaging us to assist with your capital gains tax return. This document, including the attached schedule of services together with our standard terms and conditions, sets out the basis on which we will act.
Who we are acting for?
We are acting for the individual submitting this form only. Where you would like us to act for anyone else a separate agreement will need to be signed with them. It is important to appreciate that you remain required to take ‘reasonable care’ over your tax affairs.
Period of engagement
This engagement will commence as at the date of payment and conclude once the CGT return has been filed.
The terms set out in this letter shall take effect immediately upon your submitting this form. Where we receive written instruction to start work before receiving a signed copy of this letter we will treat that as acceptance of all the terms of this document, unless we hear from you to the contrary within 14 days of you giving that instruction.
Scope of services
We have listed below the work that you have instructed us to carry out:
- Quantification of the Capital Gains Tax due on the disposal of your property
- Assistance granting agent authorisation for the submission of a CGT return
- Preparation and submission of said CGT return
This summary should be read alongside the Schedule of Services which go into more detail regarding your and our responsibilities in relation to the work to be carried out. If we agree to carry out additional services for you, we will provide you with a new or amended engagement letter. Only the services that are listed in the attached schedules are included within the scope of our instructions. If there is additional work that you wish us to carry out which is not listed in the schedules, please let us know and we will discuss with you whether they can be included in the scope of our work.
Automatic exchange of information (AEOI), including Foreign Account Tax Compliance Act (FATCA)
Unless covered by a separate engagement letter or another schedule to this letter, we will not be responsible for compliance with the International Tax Compliance Regulations 2015, produced as a result of AEOI.
Our fees will be charged in accordance with our attached standard terms and conditions. Please review these to ensure that you understand the basis of our charges and our payment terms. Summary below:
- One Off £350
- All prices are exclusive of VAT
Limitation of liability
We specifically draw your attention to paragraph 18 of our standard terms and conditions and the final paragraph of each schedule, which sets out the basis on which we limit our liability to you and to others. You should read this in conjunction with paragraph 19 of our standard terms and conditions, which excludes liability to third parties. These are important clauses and you should read them and ensure you are happy with them.
Requirements of the Data Protection Act (DPA) 2018 and the General Data Protection Regulation (GDPR)
The DPA 2018 and GDPR set out a number of requirements in relation to the processing of personal data.
Here at The Peloton we take your privacy and the privacy of the information we process seriously. We will only use your personal information and the personal information you give us access to under this contract to administer your account and to provide the services you have requested from us.
We attach a link to our privacy notice setting out our approach to handling your information. In signing one copy of this letter you will be indicating that you have read and agreed the terms under which we operate as set out in this notice. In addition, please note that we require your agreement on several specific points, which are also included in the acceptance section below:
Secure communications and transfer of data
We will communicate or transfer data using the following:
- Password-protected emails
*if you require us to correspond with you by email that is not encrypted or password protected, you also accept the risks associated with this form of communication.
Your right to cancel
You have the right to cancel this contract within 14 days without giving any reason. The cancellation period will expire after 14 days from the day of the conclusion of the contract, i.e. when we receive your written agreement to this engagement.
To exercise the right to cancel, you must inform us of your decision to cancel this contract by a clear statement, for example a letter sent by post, fax or email to the address/fax number above.
To meet the cancellation deadline, it is sufficient for you to send your communication concerning your exercise of the right to cancel before the cancellation period has expired.
If you cancel this contract under your right to cancel, we will reimburse to you all payments received from you.
We will make the reimbursement without undue delay and not later than 14 days after the day on which we are informed about your decision to cancel this contract.
We will make the reimbursement using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of the reimbursement.
If you have asked us to begin the performance of services during the cancellation period, you shall pay us an amount in accordance with the services carried out during this period.
Oliver Twentyman CTA
Head of Tax
The Peloton is a trading name of CAD Accountancy Ltd
Registered Office: The Warehouse, Anchor Quay, Penryn, Cornwall, TR10 8GZ
Registered in England & Wales No. 12075095
SCHEDULE OF SERVICES
This schedule should be read in conjunction with the engagement letter and the standard terms and conditions.
1. CGT Property Reporting
1.1. We will calculate the CGT due on the disposal of your property and prepare the necessary CGT return as agreed in the contract.
2. Changes in the law or practice or in public policy
2.1. 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 practice or in public policy or your circumstances.
2.2. We will accept no liability for losses arising from changes in the law or practice or in public policy that are first published after the date on which the advice is given.
3. Your responsibilities
3.1. You agree to provide full information necessary for us to provide the relevant advice. We will rely on the information and documents being true, correct and complete, and will not audit the information or those documents.
3.2. If you require tax advice in relation to a proposed transaction, we recommend that you instruct us sufficiently in advance so that we have time to give properly considered advice prior to the transaction taking place. We cannot be held responsible for any advice where the details were not made available to us in sufficient time.
3.3. You authorise us to approach such third parties as may be appropriate for information that we consider necessary to provide the advice.
3.4. You will keep us informed of material changes in your circumstances that could affect the tax advisory services we are providing. If you are unsure whether the change is material or not please let us know so that we can assess its significance.
3.5. Where you wish us to deal with HMRC communications you will forward to us all communications received from HMRC. These must be provided in time to enable us to deal with them as may be necessary within the statutory time limits. It is essential that you let us have copies of any correspondence received because HMRC is not obliged to send us copies of all communications issued to you.
3.6. Our services as detailed above are subject to the limitations on our liability set out in the engagement letter and in paragraph 18 of our standard terms and conditions of business. These are important provisions, which you should read and consider carefully.
STANDARD TERMS AND CONDITIONS OF BUSINESS
These terms and conditions should be read alongside the privacy notice
1. Applicable law
1.1. Our engagement letter, the schedule of services and our standard terms and conditions of business are governed by, and should be construed in accordance with, the law and practice of England and Wales. Each party agrees that the courts of England and Wales 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 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. Client identification and verification
2.1. As with other professional services firms, we are required to identify and verify our clients for the purposes of the UK anti-money laundering legislation. Save in exceptional circumstances we cannot start work until this requirement has been met. We may request from you, and retain, such information and documentation as we require for these purposes and/or make searches of appropriate databases including ID verification software.
2.2. If you are undertaking business that requires you to be supervised by an appropriate supervisory authority to follow anti-money laundering regulations, including if you accept or make high value cash payments of €10,000 or more (or equivalent in any currency) in exchange for goods, you must inform us.
2.3. On the understanding this is a one off piece of work, we will not request ID information.
3. Client money
3.1. If we 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 Chartered Institute of Taxation rules.
3.2. We do not anticipate holding money on your behalf during this project.
4. Commissions and other benefits
4.1. In some circumstances we may receive commissions and/or other benefits for introductions to other professionals or in respect of transactions that we arrange for you. Where this happens we will notify you in writing of the amount and terms of payment and receipt of any such commissions or benefits.
5.1. We are committed to providing you with a high-quality service that is both efficient and effective. However, should there be any cause for complaint in relation to any aspect of our service, please contact Oliver Twentyman ([email protected]). Where your complaint relates to that person, you should instead please contact Mike Hutchinson ([email protected]). We agree to look into any complaint carefully and promptly and do everything reasonable to try and resolve it. If you are still not satisfied you can refer your complaint to our professional body, the Chartered Institute of Taxation.
6.1. Communication between us is confidential. We shall take all reasonable steps not to disclose your information except where we are required to and as set out in our privacy notice. Unless we are authorised by you to disclose information on your behalf, this undertaking will apply during and after this engagement.
6.2. We may, on occasions, subcontract work on your affairs to other tax or accounting professionals. The subcontractors will be bound by our client confidentiality and security terms.
7. Conflicts of interest
7.1. If there is a conflict of interest in our relationship with you or in our relationship with you and another client that is capable of being addressed successfully by the adoption of suitable safeguards to protect your interests, then we will adopt those safeguards.
7.2. Where conflicts are identified that cannot be managed in a way that protects your interests then we regret that we will be unable to provide further services. If this arises, we will inform you promptly. We reserve the right to act for other clients whose interests are not the same as or are adverse to yours, subject, of course, to the obligations of confidentiality referred to above.
8. Data protection
8.1. You acknowledge that we will act in accordance with the privacy notice available at The Peloton website – https://thepeloton.co.uk/privacy-policy/.
9.1. Should we resign or be requested to resign we will normally issue a disengagement letter to ensure that our respective responsibilities are clear.
9.2. Should we have no contact with you for a period of 30 or more, we may issue to your last known address a disengagement letter and thereafter cease to act.
9.3. We reserve the right following termination for any reason to destroy any of your documents that we have not been able to return to you after a period of six months unless other laws or regulations require otherwise.
10. Electronic and other communication
10.1. As instructed, we will communicate with you and with any third parties you instruct us to as set out in our covering letter and privacy notice via email or by other electronic means. The recipient is responsible for virus-checking emails and any attachments.
10.2. With electronic communication there is a risk of non-receipt, delayed receipt, inadvertent misdirection or interception by third parties. We use virus-scanning software to reduce the risk of viruses and similar damaging items being transmitted through emails or electronic storage devices. However, electronic communication is not totally secure and we cannot be held responsible for damage or loss caused by viruses, nor for communications that are corrupted or altered after despatch. Nor can we accept any liability for problems or accidental errors relating to this means of communication, especially in relation to commercially sensitive material. These are risks you must accept in return for greater efficiency and lower costs. If you do not wish to accept these risks, please let us know and we will communicate by hard copy, other than where electronic submission is mandatory.
10.3. Any communication by us with you sent through the post or DX system is deemed to arrive at your postal address two working days after the day that the document was sent.
10.4. When accessing information held electronically by HMRC, we may have access to more information than we need and will only access records reasonably required to carry out the contract.
10.5. You are required to keep us up to date with accurate contact details at all times. This is important to ensure that communications and papers are not sent to the incorrect address.
11. Fees and payment terms
11.1. Our fees may depend not only upon the time spent on your affairs but also on the level of skill and responsibility, and the importance and value of the advice that we provide, as well as the level of risk.
11.2. If we provide you with an estimate of our fees for any specific work, then the estimate will not be contractually binding unless we explicitly state that that will be the case.
11.3. Where requested, we may indicate a fixed fee for the provision of specific services or an indicative range of fees for a particular assignment. It is not our practice to identify fixed fees for more than a year ahead as such fee quotes need to be reviewed in the light of events. If it becomes apparent to us, due to unforeseen circumstances, that a fee quote is inadequate, we reserve the right to notify you of a revised figure or range and to seek your agreement thereto.
11.4. In some cases, you may be entitled to assistance with your professional fees, particularly in relation to any investigation into your tax affairs by HMRC. Assistance may be provided through insurance policies you hold or via membership of a professional or trade body. Other than where such insurance was arranged through us, you will need to advise us of any such insurance cover that you have. You will remain liable for our fees regardless of whether all or part are liable to be paid by your insurers.
11.5. We will bill upon completion of the CGT return and our invoices will be due for payment within 14 days of issue when not on Direct Debit. Our fees are exclusive of VAT which will be added where it is chargeable. Any disbursements we incur on your behalf, and expenses incurred in the course of carrying out our work for you, will be added to our invoices where appropriate.
11.6. Unless otherwise agreed to the contrary, our fees do not include the costs of any third party, counsel or other professional fees. If these costs are incurred to fulfil our engagement, such necessary additional charges may be payable by you.
11.7. It is our normal practice to ask clients to pay by monthly direct debit and periodically to adjust the monthly payment by reference to actual billings. As this is a one off project, this will not take place in this instance.
11.8. Where this contract exists between us and a purchaser acting in the course of a business we reserve the right to charge interest on late-paid invoices at the rate of 8% above the Bank of England base rate under the Late Payment of Commercial Debts (Interest) Act 1998. We also reserve the right to suspend our services or to cease to act for you on giving written notice if payment of any fees is unduly delayed. We intend to exercise these rights only where it is fair and reasonable to do so.
11.9. If you do not accept that an invoiced fee is fair and reasonable you must notify us within 21 days of receipt, failing which you will be deemed to have accepted that payment is due.
11.10. If a client company, trust or other entity is unable or unwilling to settle our fees, we reserve the right to seek payment from the individual (or parent company) giving us instructions on behalf of the client, and we shall be entitled to enforce any sums due against the group company or individual nominated to act for you.
11.11. Refunds will be given at the discretion of the company management and will be made in exceptional circumstances only. Refunds will not be granted for cancelled subscriptions either wholly or in part.
11.12. On termination of the engagement you may appoint a new adviser. Where a new adviser requests professional clearance and handover information we reserve the right to charge you a reasonable fee for the provision of handover information.
12.1. We will only assist with implementation of our advice if specifically instructed and agreed in writing.
13. Intellectual property rights
13.1. We will retain all copyright in any document prepared by us during the course of carrying out the engagement save where the law specifically provides otherwise.
14.1. If any provision of this engagement letter, schedules of services or standard terms and conditions is held to be void, then that provision will be deemed not to form part of this contract and the remainder of this agreement shall be interpreted as if such provision had never been inserted.
14.2. In the event of any conflict between these standard terms and conditions and the engagement letter or schedules of services, the relevant provision in the engagement letter or schedules will take precedence.
15. Internal disputes within a client
15.1. If we become aware of a dispute between the parties who own or are in some way involved in the ownership and management of a business client, it should be noted that where our client is the business, we would not provide information or services to one party without the express knowledge and permission of all parties. Unless otherwise agreed by all parties we will continue to supply information to the normal place of business for the attention of the directors. If conflicting advice, information or instructions are received from different directors/principals in the business, we will refer the matter back to the board of directors/the partnership/the LLP and take no further action until the board/partnership/LLP has agreed the action to be taken.
16. Investment advice (including insurance mediation services)
16.1. Investment business is regulated under the Financial Services and Markets Act 2000.
16.2. If, during the provision of professional services to you, you need advice on investments, including insurances, we may have to refer you to someone who is authorised by the Financial Conduct Authority or licensed by a designated professional body as we are not authorised to give such advice.
17.1. Insofar as we are permitted to do so by law or professional guidelines, we reserve the right to exercise a lien over all funds, documents and records in our possession relating to all engagements for you until all outstanding fees and disbursements are paid in full.
18. Limitation of liability
18.1. We will provide our services with reasonable care and skill. Our liability to you is limited to losses, damages, costs and expenses directly caused by our negligence, fraud or wilful default.
Exclusion of liability for loss caused by others
We will not be liable if such losses, penalties, interest or additional tax liabilities are caused by the acts or omissions of any other person or due to the provision to us of incomplete, misleading or false information, or if they are caused by a failure to act on our advice or a failure to provide us with relevant information.
In particular, where we refer you to another firm whom you engage with directly, we accept no responsibility in relation to their work and will not be liable for any loss caused by them.
Exclusion of liability in relation to circumstances beyond our control
We will not be liable to you for any delay or failure to perform our obligations under this engagement letter if the delay or failure is caused by circumstances outside our reasonable control.
Exclusion of liability relating to non-disclosure or misrepresentation
We will not be responsible or liable for any loss, damage or expense incurred or sustained if information material to the service we are providing is withheld or concealed from us or misrepresented to us.
This exclusion shall not apply where such misrepresentation, withholding or concealment is or should (in carrying out the procedures that we have agreed to perform with reasonable care and skill) have been evident to us without further enquiry beyond that which it would have been reasonable for us to have carried out in the circumstances.
Indemnity for unauthorised disclosure
You agree to indemnify us and our agents in respect of any claim (including any claim for negligence) arising out of any unauthorised disclosure by you or by any person for whom you are responsible of our advice and opinions, whether in writing or otherwise. This indemnity will extend to the cost of defending any such claim, including payment at our usual rates for the time that we spend in defending it.
19. Limitation of third-party rights
19.1. The advice and information we provide to you as part of our service is for your sole use and not for any third party to whom you may communicate it unless we have expressly agreed in the engagement letter that a specified third party may rely on our work. We accept no responsibility to third parties, including any group company to whom the engagement letter is not addressed, for any advice, information or material produced as part of our work for you that you make available to them. A party to this agreement is the only person who has the right to enforce any of its terms and no rights or benefits are conferred on any third party under the Contracts (Rights of Third Parties) Act 1999.
20. Period of engagement and termination
20.1. Unless otherwise agreed in the engagement letter our work will begin when we receive your implicit or explicit acceptance of that letter, except as stated in that letter we will not be responsible for periods before that date.
20.2. Each of us may terminate this agreement by giving not less than 21 days’ notice in writing to the other party, except where you fail to cooperate with us or we have reason to believe that you have provided us or HMRC with misleading information, in which case we may terminate this agreement immediately. Termination will be without prejudice to any rights that may have accrued to either of us prior to termination.
20.3. In the event of termination of this contract, we will endeavour to agree with you the arrangements for the completion of work in progress at that time, unless we are required for legal or regulatory reasons to cease work immediately. In that event, we shall not be required to carry out further work and shall not be responsible or liable for any consequences arising from termination.
20.4. If you engage us for a one-off piece of work (for example advice on a one-off transaction or preparation of a tax return for one year only) the engagement ceases as soon as that work is completed. The date of completion of the work is taken to be the termination date and we owe you no duties and we will not undertake further work beyond that date.
20.5. Where recurring work is provided (for example ongoing compliance work such as the completion of annual tax returns) the engagement ceases on the relevant date in relation to the termination as set out above. Unless immediate termination applies, in practice this means that the relevant termination date is:
- 21 days after the date of notice of termination; or
- A later agreed date
20.6. We owe you no duties beyond the date of termination and will not undertake any further work.
21. Professional body rules
21.1. We will observe and act in accordance with the bye-laws, regulations and ethical guidelines of the Chartered Institute of Taxation and will accept instructions to act for you on this basis.
21.2. You are responsible for bringing to our attention any errors, omissions or inaccuracies in your returns that you become aware of after the returns have been submitted in order that we may assist you to make a voluntary disclosure.
21.3. In particular, you give us the authority to correct errors made by HMRC where we become aware of them. In addition, we will not undertake tax planning which breaches Professional Conduct in Relation to Taxation. We will therefore comply with the general anti-abuse rule and the targeted anti-avoidance rule. We will not be liable for any loss, damage or cost arising from our compliance with statutory or regulatory obligations. The requirements are available online at https://www.tax.org.uk/professional-standards/professional-standards-%E2%80%93-full-listing/professional-conduct-relation-4.
21.4. The implications of professional body membership as it relates to GDPR are set out in the privacy notice, which should be read alongside these standard terms and conditions of business.
22. Reliance on advice
22.1. We will endeavour to record all advice on important matters in writing. Advice given orally is not intended to be relied upon unless confirmed in writing. Therefore, if we provide oral advice (for example, during the course of a meeting or a telephone conversation) and you wish to be able to rely on that advice, you must ask for the advice to be confirmed by us in writing. However, bear in mind that advice is only valid at the date it is given.
23. Retention of papers
23.1. You have a legal responsibility to retain documents and records relevant to your tax affairs. During the course of our work we may collect information from you and others relevant to your tax affairs. We will return any original documents to you if requested.
23.2. When we cease to act for you we will seek to agree the position on access to cloud-accounting records to ensure continuity of service. This may require you to enter direct engagements with the software providers and pay for that service separately. Documents and records relevant to your tax affairs are required by law to be retained as follows:
Individuals, trustees and partnerships
- with trading or rental income: five years and 10 months after the end of the tax year;
- otherwise: 22 months after the end of the tax year.
- Companies, LLPs and other corporate entities
- six years from the end of the accounting period.
23.3. While certain documents may legally belong to you, we may destroy correspondence and other papers that we store, electronically or otherwise, which are more than seven years old. This includes your documents if they have not been reclaimed by you within the seven-year period. You must tell us if you require the return of any specific document or their retention for a longer period.
You should retain documents that are sent to you by us as set out in the privacy notice, which should be read alongside these terms and conditions.
24. The Provision of Services Regulations 2009 (‘Services Directive’)
24.1. In accordance with our professional body rules, we are required to hold professional indemnity insurance. Details about the insurer and coverage can be found at our offices or by request from us.