1.1 We will observe the Bye-laws, regulations and ethical guidelines of the Institute of Chartered Accountants in England and Wales and accept instructions to act for you on the basis that we will act in accordance with them. You can see copies of these requirements in our offices. The requirements are also available on the internet at www.icaew.com/regulations.
Terms of Business
Terms of Business
2.1 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 Institute of Chartered Accountants in England and Wales.
2.2 All client monies will be held in an interest-bearing account. In order to avoid an excessive amount of administration, interest will only be paid to you where the amount earned on the balances held on your behalf exceeds £25. If the total sum of money held on your behalf is enough to give rise to a significant amount of interest or is likely to do so, then we will put money in a designated interest bearing client bank account and pay the interest to you. Subject to any tax legislation, interest will be paid gross.
2.3 We will return monies held on your behalf promptly as soon as there is no longer any reason to retain those funds. If any funds remain in our client account that are unclaimed and the client to which they relate has remained untraced for five years or we as a firm cease to practise then we may pay those monies to a registered charity.
3.1 During the course of our work we will collect information from you and others acting on your behalf and will return any original documents you require to you following the preparation of your returns. You should retain such documents for six years from 31 January following the end of the tax year. This period can be extended if H M Revenue and Customs enquire into your tax returns.
3.2 Whilst certain documents may legally belong to you, unless you tell us not to, we intend to destroy correspondence and other papers that are more than seven years old, except documents we think to be of continuing significance. You must notify us in writing if you wish us to keep any document.
4.1 We reserve the right during our engagement with you to deliver services to other clients whose interests might compete with yours or are or may be adverse to yours, subject to 6 below. We confirm that we will notify you immediately should we become aware of any conflict of interest involving us and affecting you unless we are unable to do so because of our confidentiality obligations. We have safeguards that can be implemented to protect the interests of different clients if a conflict arises Where conflicts are identified which cannot be managed in a way that protects your interests then we regret that we will be unable to provide further services.
4.2 If a conflict of interest should arise, either between two or more of our clients, or in the provision of multiple services to a single client, we will take such steps as are necessary to deal with the conflict. In resolving the conflict we would be guided by the Code of Ethics of the Institute of Chartered Accountants in England and Wales which can be viewed as part of the Regulations and Guidance at www.icaew.com/regulations.
5.1 Communication between us is confidential and we shall take all reasonable steps to keep confidential your information, except where we are required to disclose it by law, by regulatory bodies, by our insurers or as part of an external peer review. Unless we are authorised by you to disclose information on your behalf this undertaking will apply during and after this engagement.
5.2 We may, on occasions, subcontract work on your affairs to other tax or accounting professionals. The subcontractors will be bound by our client confidentiality terms.
6.1 In this clause 6, the following definitions shall apply:
‘client personal data’ means any personal data provided to us by you, or on your behalf, for the purpose of providing our services to you, pursuant to our engagement letter with you;
‘data protection legislation’ means all applicable privacy and data protection legislation and regulations including PECR, the UK GDPR and any other applicable national laws, regulations and secondary legislation in the UK relating to the processing of personal data and the privacy of electronic communications, as amended, replaced or updated from time to time;
‘controller’, ‘data subject’, ‘personal data’, and ‘process’ shall have the meanings given to them in the data protection legislation;
‘UK GDPR’ means the Data Protection Act 2018 as amended by the Data Protection, Privacy and Electronic Communications (Amendments etc) (EU Exit) Regulations 2020; and
‘PECR’ means the Privacy and Electronic Communications (EC Directive) Regulations 2003 (SI 2426/2003) as amended by the Data Protection, Privacy and Electronic Communications (Amendments etc) (EU Exit) Regulations 2020.
6.2 We shall each be considered an independent data controller in relation to the client personal data. Each of us will comply with all requirements and obligations applicable to us under the data protection legislation in respect of the client personal data.
6.3 You shall only disclose client personal data to us where:
a) you have provided the necessary information to the relevant data subjects regarding its use (and you may use or refer to our privacy notice (last updated April 2025) available at pkgroup.co.uk for this purpose);
b) you have a lawful basis upon which to do so, which, in the absence of any other lawful basis, shall be with the relevant data subject’s consent; and
c) you have complied with the necessary requirements under the data protection legislation to enable you to do so.
6.4 Should you require any further details regarding our treatment of personal data, please contact our Data Protection Manager.
6.5 We shall only process the client personal data:
a) in order to provide our services to you and perform any other obligations in accordance with our engagement with you;
b) in order to comply with our legal or regulatory obligations; and
c) where it is necessary for the purposes of our legitimate interests and those interests are not overridden by the data subjects’ own privacy rights. Our privacy notice contains further details as to how we may process client personal data.
6.6 For the purpose of providing our services to you, we may disclose the client personal data to other firms making up PK Group, our regulatory bodies or other third parties (for example, our professional advisors or service providers). The third parties to whom we disclose such personal data may be located outside of the United Kingdom. We will only disclose client personal data to a third party (including a third party outside of the UK) provided that the transfer is undertaken in compliance with the data protection legislation.
6.7 We may disclose the client personal data to other third parties in the context of a possible sale, merger, restructuring or financing of or investment in our business. In this event we will take appropriate measures to ensure that the security of the client personal data continues to be ensured in accordance with data protection legislation. If a change happens to our business, then the new owners may use our client personal data in the same way as set out in these terms.
6.8 We shall maintain commercially reasonable and appropriate security measures, including administrative, physical and technical safeguards, to protect against unauthorised or unlawful processing of the client personal data and against accidental loss or destruction of, or damage to, the client personal data.
6.9 In respect of the client personal data, provided that we are legally permitted to do so, we shall promptly notify you in the event that:
a) we receive a request, from or on behalf of a relevant data subject, to exercise their data subject rights under the data protection legislation or a complaint or any adverse correspondence in respect of our processing of their personal data;
b) we are served with an information, enforcement or assessment notice (or any similar notices), or receive any other material communication in respect of our processing of the client personal data from the Information Commissioner’s Office or any other supervisory authority); or
c) we reasonably believe that there has been any incident which resulted in the accidental or unauthorised access to, or destruction, loss, unauthorised disclosure or alteration of, the client personal data.
6.10 Upon the reasonable request of the other, we shall each co-operate with the other and take such reasonable commercial steps or provide such information as is necessary to enable each of us to comply with the data protection legislation in respect of the services provided to you in accordance with our engagement letter with you in relation to those services.
7.1 In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurer is Accelerant Insurance Limited, One, Fleet Place, London EC4M 7WS. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any actions for a claim brought in any court in the United States of America or Canada.
7.2 Our VAT registration number is 161178614.
8.1 Investment business is regulated by the Financial Services and Markets Act 2000. 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, as we are not. However, we are licensed by ICAEW in respect of certain investment services that are complementary to, or arise out of, the professional services we are providing to you. In the unlikely event that we cannot meet our liabilities to you, you may be able to claim compensation under the Chartered Accountants’ Compensation Scheme in respect of such exempt regulated activities undertaken.
9.1 As part of our ongoing commitment to providing a quality service, our files are periodically reviewed by an independent regulatory or quality controller. Our reviewers are highly experienced and professional people and, of course, are bound by the same rules for confidentiality as our principals and staff.
10.1 We wish to provide a high quality of service at all times. If at any time you would like to discuss with us how we could improve our service, or if you are dissatisfied with the service you are receiving, please let us know, by telephoning any principal.
10.2 We undertake to look into any complaint carefully and promptly and to do all we can to explain the position to you. If you feel that we have given you a less than satisfactory service, we undertake to do everything reasonable to address your concerns. If you are still not satisfied, you may refer the matter to the Institute of Chartered Accountants in England and Wales, of which Institute a number of our staff are members.
10.3 In order for us to provide you with a high quality service on an ongoing basis it is essential that you provide us with relevant records and information when requested, reply to correspondence in a timely manner and otherwise follow the terms of the agreement between us set out in this Standard Terms of Business and associated Engagement letters. We therefore reserve the right to cancel the engagement between us with immediate effect in the event of:
- Your insolvency, bankruptcy or other arrangement being reached with creditors;
- Failure to pay our fees by the due dates;
- Either party being in breach of their obligations where this is not corrected within 30 days of being asked to do so.
11.1 A person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement, except to the extent that the Terms of Business expressly provide for any third party to have the right to enforce a clause pursuant to the Contracts (Rights of Third Parties) Act 1999. This clause does not affect any right or remedy of any person, which exists or is available otherwise than pursuant to that Act.
11.2 The advice, which we give you, is for your sole use and does not constitute advice to any third party to whom you may communicate it. We accept no responsibility to third parties for any aspect of our professional services or work that is made available to them.
12.1 Our fees are calculated on the basis of the time spent on your affairs by the principals and our staff, on the levels of skill and responsibility involved and the importance and value of the advice that we provide, as well as the level of risk.
12.2 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 it will be the case.
12.3 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.
12.4 If we need to do work outside the responsibilities outlined in this letter we will advise you in advance. This will involve additional fees. Accordingly, it is in your interest to ensure that your records etc. are completed to the agreed stage.
12.5 Our fees will be due when issued.
- For our business clients our fees will be billed monthly. We normally ask such clients to pay a proportion of fees on a monthly standing order. These standing orders will be applied to fees for work agreed in our engagement letter for the current and ensuing years. If a client company 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.
- For our personal tax clients our fees will be billed quarterly.
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.
12.6 We reserve the right to charge interest on overdue accounts at the current rate under the Late Payment of Commercial Debts (Interest) Act 1998. We also reserve the right to terminate our engagement and cease acting if payment of any fees billed is unduly delayed. However, it is not our intention to use these rights in a way which is unfair or unreasonable.
12.7 In the event that this firm ceases to act for you, you agree to meet all reasonable costs of providing information to new advisors. In particular you agree to meet these costs where we are required by law to provide information to a successor firm.
13.1 Our engagement with you is governed by, and interpreted in accordance with, English law. Each party agrees that the Courts of England shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning our engagement letter and any matter arising from it. Each party irrevocably waives any right it may have to object to any action being brought in those courts, to claim that the action has been brought in an inconvenient forum, or to claim that those courts do not have jurisdiction.
14.1 We may communicate with you and with third parties by email. As with other means of delivery this carries with it the risk of inadvertent misdirection or non-delivery. The recipient is responsible for carrying out a virus check on attachments.
14.2 Internet communications may be corrupted, and, we accept no responsibility for changes made to such communications after their despatch. It may therefore be inappropriate to rely on advice contained in an email without obtaining written confirmation of it. We do not accept responsibility for any errors or problems that may arise through the use of the internet and you must accept all risks connected with sending sensitive information relating to you. If you do not accept this risk, you should notify us in writing that email is not an acceptable means of communication
15.1 You are not permitted to use our name in any statement or document that you may issue unless our prior written consent has been obtained. The only exception to this restriction would be statements or documents that in accordance with applicable law are to be made public.
16.1 In the course of our providing services to you we may provide advice or reports or other work products in draft or interim form, or orally. However, final written work products will always prevail over any draft, interim or oral statements. Where you request it, we will provide you with written confirmation of matters stated orally.
17.1 If any provision of our engagement letter or terms of business is held to be void for whatever reason, then that provision will be deemed not to form part of this contract, and no other provisions will be affected or impaired in any way. In the event of any conflict between these terms of business and the engagement letter or appendices, the relevant provision in the engagement letter will take precedence.
Your data protection rights
Under UK data protection law, We must have a “lawful basis” for collecting and using your personal data. There is a list of possible lawful bases in the UK GDPR. You can find out more about lawful bases on the ICO’s website.
Which lawful basis We rely on may affect your data protection rights which are in brief set out below. You can find out more about your data protection rights and the exemptions which may apply on the ICO’s website:
- Your right of access – You have the right to ask Us for copies of your personal information. You can request other information such as details about where We get personal data from and who We share personal data with. There are some exemptions which means you may not receive all the information you ask for.
- Your right to rectification – You have the right to ask Us to correct or delete personal data you think is inaccurate or incomplete.
- Your right to erasure – You have the right to ask Us to delete your personal information.
- Your right to restriction of processing – You have the right to ask Us to limit how We can use your personal information.
- Your right to object to processing – You have the right to object to the processing of your personal data.
- Your right to data portability – You have the right to ask that We transfer the personal data you gave Us to another organisation, or to you.
- Your right to withdraw consent – When We use consent as Our lawful basis you have the right to withdraw your consent at any time.