SCHEDULE OF SERVICES (705) BOOKKEEPING

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This schedule should be read alongside your letter of engagement (LoE) and the (300) Standard Terms & Conditions.

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Recurring Compliance Work

We will provide bookkeeping services, usually using your existing bookkeeping software, at the frequency agreed between us. The specific scope of work will be agreed at the point of engagement and may vary between clients, but will typically include some or all of the following:

• reviewing and processing expense transactions from source documents provided by you

• matching expenses to bank payments imported via your bank feed

• reconciling bank and other accounts to ensure records are complete and accurate

• maintaining records of amounts owed to and by the business

• posting period-end adjustments such as accruals and prepayments where required

 

Where you are VAT-registered, bookkeeping work will support the preparation of your VAT return. That service is covered separately under SoS (610) VAT Returns.

 

Where you are within scope of Making Tax Digital for Income Tax (MTD IT), bookkeeping services may form part of your MTD compliance arrangements. Those obligations are covered separately under SoS (602) Making Tax Digital for Income Tax.

 

The bookkeeping records are prepared for the use of the business and its owners or directors. They should not be relied upon by any third party without our prior written agreement.

 

Where a query requires work or time spent outside the scope of your recurring compliance, we will let you know and agree a fee with you before proceeding where practicable. Where prior agreement is not practicable, we reserve the right to charge for the work or time involved and will notify you as soon as reasonably possible.

 

Ad hoc queries by, for example, telephone or email are not part of routine compliance and may result in additional fees. Where possible, we will discuss and agree any additional fees in advance, but this is not always practicable and we reserve the right to charge for such work.

 

Ad Hoc and Advisory Work

Where you ask us to, we will also provide such other bookkeeping and advisory services as we agree from time to time. These services are subject to the terms of your LoE and the (300) Standard Terms & Conditions, unless we issue a separate engagement letter. An additional fee may apply.

 

Examples of this work include:

• setting up or migrating your bookkeeping software

• reviewing and restructuring your chart of accounts

• advising on digital links and record-keeping processes to meet the requirements of Making Tax Digital

• reviewing your record-keeping processes and advising on improvements

• performing ad hoc reconciliations outside the agreed scope or frequency

 

If specialist advice is required, we may need to seek this from, or refer you to, appropriate specialists. We will only do so when you ask us to.

 

Your Responsibilities

To enable us to carry out our work, you agree to:

• ensure sales invoices are raised and recorded promptly; unless otherwise agreed, this remains your responsibility

• provide source documents for expenses (such as purchase invoices, bills and receipts) in a timely manner and by the method agreed between us

• ensure your bank feed is connected and operational, and notify us promptly if it is interrupted

• notify us promptly of anything unusual, including transactions that fall outside the normal course of business

 

It is your responsibility to safeguard the assets of the business and to maintain appropriate controls to prevent and detect errors or irregularities. We will not be responsible for identifying fraud or irregularities that fall outside the scope of the bookkeeping work we have been engaged to perform.

 

You will keep us informed of material changes in your circumstances that could affect the bookkeeping. If you are unsure whether a change is material, please let us know.

 

If your turnover approaches the VAT registration threshold, you must notify us promptly so that we can advise you on your obligations and registration requirements.

 

To have paid our fee in full before we deliver completed bookkeeping records to you. Where work is complete but our fee remains unpaid, we reserve the right to withhold delivery.

 

As part of our normal procedures, we may ask you to provide written confirmation of any oral information and explanations given to us during the course of our work.

 

Limitation of Liability

Our services are subject to the limitations on our liability set out in your letter of engagement (LoE) and in the (300) Standard Terms & Conditions. These are important provisions and you should read them carefully.

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