We will prepare the partnership self-assessment tax returns and the annual partnership statements together with any supplementary pages required from the information and explanations that the partnership provides to us. In particular, we will allocate the split of profits and other gains between the partners on the basis provided to us. After obtaining the approval of the nominated partner we will submit these to HMRC online.
We will prepare the partnership business accounts from the books, accounting records and other information and explanations provided to us by you and/or by others on your behalf.
We will complete the writing up of your books and records in so far as they are incomplete when presented to us. These will be from the accounting information and records you supply.
We have a professional duty to compile accounts that conform with generally accepted accounting principles. Where we identify that the accounts do not conform with generally accepted accounting principles or standards, we will inform you and suggest amendments be put through the accounts before being finalised. We have a professional responsibility not to allow our name to be associated with accounts that may be misleading. In extreme cases, where this matter cannot be resolved, we will withdraw from the engagement and notify you in writing of the reasons.
Should you instruct us to carry out any alternative report it will be necessary for us to issue a separate letter of engagement.
To ensure that anyone reading the accounts is aware that we have not carried out an audit, we will attach to the accounts a report stating this fact.
The intended users of the report are the partners. The report will be addressed to the partners.
Once we have issued our report we have no further responsibility in relation to the accounts for that financial year. However, we expect that you will inform us of any material event occurring between the date of our report and that of the annual general meeting that may affect the accounts.
There are no third parties that we have agreed should be entitled to rely on the work done pursuant to this engagement letter.
We will prepare the income tax and capital gains tax computations based on the partnership’s business accounts for inclusion in the partnership tax return.
Where instructed by you, we will advise you as partners as to possible partnership tax return-related claims and elections arising from information supplied by the partnership in the form and manner required by HMRC.
If instructed, we will provide each partner or their agent with details of the partner’s allocations from the return to enable partners to fill in their self-assessment tax returns. The split of profits and other gains between the partners will be allocated on the basis provided to us. We will not provide any other information to individual members unless this is authorised and forms part of a separate engagement.
If any of the individual partners require personal tax advice or require us to prepare a personal tax return and/or wish us to make possible tax return-related claims, please let us know as this will be the subject of a separate engagement letter.
Ad hoc queries by way of telephone and email enquiries are not routine compliance and may result in additional fees. As indicated below, where appropriate we will aim to discuss and agree additional fees, but it may not always be possible to agree these in advance and we reserve the right to charge you an additional fee for these queries.
Where instructed by the nominated partner, we will provide such other taxation ad hoc and advisory services as may be agreed between us from time to time. These services will be subject to the terms of the engagement letter and standard terms and conditions of business unless we decide to issue a separate engagement letter. An additional fee may be charged for these services. Examples of such work include:
If specialist advice is required we may need to seek this from, or refer you to, appropriate specialists. We will only do this when instructed by the nominated partner.
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 public policy and practice or your circumstances.
We will accept no liability for losses arising from changes in the law or public policy and practice that are first published after the date on which the advice is given.
You are required to prepare accounts (financial statements) for each financial year, which give a true and fair view of the state of affairs of the partnership and of its profit or loss for that period. In preparing those accounts you should:
It is your responsibility to keep proper accounting records that disclose with reasonable accuracy at any particular time the financial position of the partnership. It is also your responsibility to safeguard the assets of the partnership and to take reasonable steps for the prevention of and detection of fraud and other irregularities with an appropriate system of internal controls.
You are also responsible for making available to us, as and when required, all the partnership’s accounting records and all other relevant records and related information, including minutes of meetings.
Failure to do this may lead to penalties and/or interest.
Taxpayers who approve their returns cannot delegate this legal responsibility to others. The nominated partner agrees to check that returns and partnership statements we have prepared for the partnership are correct and complete before approving them.
You will keep us informed of material changes in circumstances that could affect the tax liabilities of the partners including, by way of example, changes in the partners in the partnership. If you are unsure whether the change is material or not, please let us know so that we can assess its significance.
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.
Our services as detailed above are subject to the limitations on our liability set out in the engagement letter in paragraph 22 of our standard terms and conditions of business. These are important provisions, which you should read and consider carefully.
