Terms & Conditions

Last Updated: 01/11/25
Version: 1.0

1. About These Terms

These terms and conditions ("Terms") govern the provision of accounting and financial services by Codec Accounting Limited ("we", "us", "our") to you ("Client", "you", "your").

By engaging our services, you agree to these Terms. If you're entering into this agreement on behalf of a business or organization, you confirm you have authority to bind that entity.

Company Details:

  • Company Name: Codec Accounting Limited

  • Registration: [Companies House Number]

  • Registered Office: [Your Address]

  • Professional Body: Chartered Institute of Management Accountants (CIMA)

  • Member Number: [Your CIMA Number]

2. Our Services

2.1 What We Provide

We provide accounting and financial services including but not limited to:

  • Management accounts preparation

  • Statutory accounts preparation

  • Bookkeeping services

  • VAT returns and advice

  • Cash flow management

  • Financial systems implementation

  • Strategic financial advice

  • Charity and not-for-profit accounting (SORP compliance)

  • Liaison with HMRC and Companies House

2.2 How We Work

Before starting work, we'll provide you with:

  • An engagement letter detailing specific services

  • A clear fee quote or structure

  • Timeline for deliverables

  • List of information we need from you

2.3 Professional Standards

We operate in accordance with:

  • CIMA Code of Ethics and Professional Standards

  • UK GDPR and data protection laws

  • Anti-Money Laundering Regulations

  • All applicable UK accounting standards and legislation

3. Your Responsibilities

3.1 Information and Cooperation

You agree to:

  • Provide accurate, complete, and timely information

  • Respond to our queries within reasonable timeframes

  • Maintain adequate accounting records as required by law

  • Inform us of any changes affecting your financial situation

  • Review and approve work before submission to authorities

3.2 Your Records

You remain responsible for:

  • Maintaining statutory books and records

  • Ensuring the accuracy of information provided to us

  • Business decisions based on our advice

  • Compliance with all applicable laws and regulations

  • Safeguarding your assets and preventing fraud

3.3 Deadlines

To meet statutory deadlines, you must provide requested information by the dates we specify. We're not liable for penalties arising from your late provision of information.

4. Fees and Payment

4.1 Our Fees

Our fees are calculated based on:

  • Time spent on your affairs

  • Level of skill and expertise required

  • Urgency and importance of the work

  • Value and complexity of the transaction

We'll agree fees with you before starting work through:

  • Fixed fee arrangements

  • Monthly retainers

  • Hourly rates

  • Project-based pricing

4.2 Payment Terms

Unless otherwise agreed:

  • Invoices are due within 14 days of date

  • We may request payment in advance or staged payments

  • We accept payment by bank transfer or standing order

  • VAT will be added where applicable

4.3 Late Payment

If payment is late:

  • We may charge interest at 4% above the Bank of England base rate

  • We may suspend services until payment is received

  • You'll be responsible for any collection costs incurred

4.4 Additional Work

Work outside our agreed scope will be charged separately. We'll notify you before undertaking additional work that will incur extra fees.

5. Confidentiality

5.1 Our Duty

We'll keep your information confidential except where:

  • You give us permission to disclose

  • We're required by law or regulation

  • We need to share with our insurers or legal advisors

  • Disclosure is to HMRC, Companies House, or other authorities as part of our services

5.2 Your Duty

You agree to keep confidential our advice, methodologies, and any proprietary information we share with you.

6. Data Protection

We process your personal data in accordance with our Privacy Policy. Key points:

  • We're registered with the ICO

  • We only use data for agreed purposes

  • We implement appropriate security measures

  • You have rights under UK GDPR

7. Intellectual Property

7.1 Our Materials

We retain ownership of:

  • Our working papers and files

  • Templates and methodologies we develop

  • Software and systems we create

7.2 Your Materials

You retain ownership of:

  • Your business records and data

  • Financial statements we prepare for you

  • Reports prepared specifically for you

8. Limitation of Liability

8.1 Our Liability

Our total liability to you for any claim is limited to the lower of:

  • £1 million, or

  • Three times the annual fees paid to us

This limit doesn't apply to:

  • Death or personal injury caused by negligence

  • Fraud or fraudulent misrepresentation

  • Any liability that cannot be limited by law

8.2 Exclusions

We're not liable for:

  • Indirect or consequential losses

  • Loss of profit, revenue, or opportunity

  • Losses from your failure to provide accurate information

  • Losses from decisions you make based on our advice

  • Third-party services we recommend

8.3 Time Limits

Any claim must be brought within:

  • 6 years from the date of the alleged breach (contract claims)

  • 6 years from the date of loss (negligence claims)

9. Professional Indemnity Insurance

We maintain professional indemnity insurance of at least £500,000. Details available on request.

10. Anti-Money Laundering

10.1 Identity Verification

We're required by law to:

  • Verify your identity before starting work

  • Report suspicious transactions

  • Maintain records for anti-money laundering purposes

10.2 Your Confirmation

By engaging us, you confirm:

  • Information provided for identity verification is accurate

  • Funds involved in transactions are from legitimate sources

  • You'll notify us of any changes to ownership or control

11. Electronic Communication

11.1 Email Communication

Unless you tell us otherwise, we may communicate by email. You accept the risks of electronic communication including:

  • Interception or unauthorized access

  • Transmission of viruses

  • Non-delivery or delayed delivery

11.2 Security

We use reasonable security measures but cannot guarantee the security of electronic communications.

12. Termination

12.1 How to End Services

Either party may terminate by giving 30 days written notice, except:

  • We may terminate immediately for non-payment

  • Either party may terminate immediately for material breach

  • You may terminate immediately if we breach professional standards

12.2 On Termination

When services end:

  • You must pay all outstanding fees

  • We'll return your documents (subject to our lien for unpaid fees)

  • We'll provide handover information to your new accountant (with your consent)

  • Confidentiality obligations continue

12.3 File Retention

After termination, we'll keep records for:

  • 7 years for client files

  • Longer if required by law or regulation

13. Force Majeure

Neither party is liable for delays or failures due to circumstances beyond reasonable control, including:

  • Natural disasters

  • Pandemic or epidemic

  • Government actions

  • Internet or utility failures

  • Labor disputes

14. Complaints

14.1 Our Procedure

If you're unhappy with our service:

  1. Contact us immediately

  2. We'll acknowledge within 2 business days

  3. We'll investigate and respond within 14 days

  4. If unresolved, you may refer to CIMA

14.2 Professional Bodies

Unresolved complaints may be referred to:

  • Chartered Institute of Management Accountants (CIMA)

  • Legal Ombudsman (in certain circumstances)

15. General Terms

15.1 Entire Agreement

These Terms and our engagement letter constitute the entire agreement between us.

15.2 Variation

Changes to these Terms must be agreed in writing.

15.3 Waiver

Failure to enforce any provision doesn't constitute a waiver of our rights.

15.4 Severability

If any provision is invalid, the remaining provisions continue in full force.

15.5 Assignment

You may not assign or transfer your rights without our written consent.

15.6 Third Parties

Only you and we have rights under this agreement (excluding our insurers).

15.7 Governing Law

These Terms are governed by English law. Disputes will be subject to the exclusive jurisdiction of English courts.

16. Special Terms for Charity Clients

For charity and not-for-profit clients:

  • We'll ensure compliance with SORP requirements

  • We understand trustee responsibilities

  • We'll highlight any concerns about charity law compliance

  • Our work may be reviewed by the Charity Commission

17. Acceptance

By engaging our services, you confirm that:

  • You've read and understood these Terms

  • You have authority to enter this agreement

  • The information you provide is accurate and complete

Contact Us

For questions about these Terms:

Codec Accounting Limited
Email: hello@codecaccounting.com
Phone: [Your Phone Number]
Address: [Your Address]

Important: These Terms should be read alongside our engagement letter, which provides specific details about the services we'll provide to you.