Terms Conditions
Standard Terms of Engagement
This page sets out the basis on which we are to act, our respective responsibilities and our Standard Terms of Business.
1 Bookkeeping
1.1 We understand that you require us maintain your bookkeeping records. It was agreed that we
should carry out the following services:
(a) keep the records of receipts and payments;
(b) reconcile the balances monthly with the bank statements;
(c) post and balance the purchase and sales ledgers;
(d) write up your accounting records insofar as they are incomplete when presented to us; and
(e) complete the postings to the nominal ledger
1.2 We understand that you have agreed that your staff will:
(a) prepare details of the annual stocktaking, suitably priced and extended in a form which will
enable us to verify the prices readily by reference to supplier invoices.
(b) prepare details of work-in-progress at the accounting date and make available to us the
documents and other information from which the statement is compiled.
1.3 We would emphasise that we cannot undertake to discover any shortcomings in your systems or
any irregularities on the part of your employees, although we will advise you of any such
circumstances that we encounter in preparing your accounts.
Your responsibilities: Provision of information by you
1.4 To enable us to carry out our work you agree:
(a) to provide full information necessary for dealing with your affairs: we will rely on the
information and documents being true, correct and complete and will not audit the
information or those documents;
(b) that we can approach such third parties as may be appropriate for information that we
consider necessary to deal with your affairs;
2 Value Added Tax (VAT)
2.1 You have asked us to undertake the completion of your VAT returns. We cannot be held
responsible for any penalties or default surcharges arising from the late submission of VAT
returns. However, we will endeavour to meet the relevant deadlines if we receive all the company’s
VAT records within 10 days of the end of the VAT return period. You have undertaken that you/your
staff will ensure that:-
(a) all relevant VAT records are forwarded to us within 10 days of the end of the VAT return period;
(b) valid VAT invoices are received for all payments where VAT is being reclaimed;
(c) the VAT rating of supplies is correctly dealt with, i.e., between positive and zero rates and
exempt supplies;
(d) we are notified in writing of any positive-rated own consumption;
(e) any input VAT on non-business expenditure is clearly marked on supporting invoices;
(f) we are notified each quarter of any payments to or for the benefit of directors or staff for fuel used
for private mileage, together with the business mileage for each such person, for each quarter;
(g) all supplies made by the business are shown in the records made available to us.
3 Management Accounts
3.1 We understand that you require us to prepare periodic management accounts for your business.
3.2 This involves us in completing the writing up of your books and records, insofar as they are
incomplete when presented to us, from the information and explanations supplied to us and
preparing draft accounts there from for your approval.
3.3 We understand that you have agreed that your staff will be responsible for:
(a) maintaining records of all receipts and payments of cash;
(b) reconciling cash book balances with the bank statements;
(c) post and balance the purchase and sales ledgers; and
(d) extract a detailed list of ledger balances.
3.4 You will also provide estimates of any stocks at the end of each period.
3.5 You understand that we will not be carrying out an audit and accordingly will not verify the assets
and liabilities of the business, nor the items of expenditure and income.
3.6 We would emphasise that we cannot undertake to discover any shortcomings in your systems or
any irregularities on the part of your employees or others, although we will advise you of any such
circumstances that we encounter in preparing your accounts.
3.7 The accounts are not suitable for submission with the self-assessment tax return, or for summary thereon.
3.8 The management accounts are prepared solely for the confidential use by yourself. The
management accounts must not be recited or referred to in whole or in part in any other document.
The management accounts must not be made available, copied or recited to any other party
without our express permission. TaxAssist Accountants neither owes nor accepts any duty to any
other party and shall not be liable for any loss, damage or expense of whatsoever nature which is
caused by their reliance on the management accounts.
4 Accounts
4.1 You have instructed us to prepare your financial statements. It was agreed that we should carry
out the following accounting and other services:
(a) write up the accounting records of the business insofar as they are incomplete when
presented to us;
(b) complete the postings to the nominal ledger; and
(c) prepare the accounts for approval by yourselves.
4.2 You have agreed that your staff will:
(a) keep the records of receipts and payments;
(b) reconcile the balances monthly with the bank statements;
(c) post and balance the purchase and sales ledgers;
(d) extract a detailed list of ledger balances; and
(e) prepare details of the annual stocktaking, suitably priced and extended in a form which will
enable us to verify the prices readily by reference to suppliers’ invoices
(f) prepare details of work-in-progress at the accounting date and make available to us the
documents and other information from which the statement is compiled
4.3 We will not be carrying out an audit and accordingly will not verify the assets and liabilities of the
business, nor the items of expenditure and income. To carry out an audit would require additional
work to comply with Auditing Standards so that we could report on the truth and fairness of the
accounts.
4.4 We would emphasise that we cannot undertake to discover any shortcomings in your systems or
any irregularities on the part of your employees, although we will advise you of any such
circumstances that we encounter in preparing your accounts.
4.5 To ensure that anyone reading the financial statements is aware that we have not carried out an
audit we will annex to the financial statements a short report. This report must remain attached to
any accounts shown to any other parties.
4.6 Accounts need to be completed prior to submission of the tax return. Failure to submit the return
on time will result in penalties and is likely to result in interest and surcharges. In order to avoid
this, we must have your accounting records in good time before the statutory filing deadline and
queries raised on those accounting records must be answered promptly, otherwise we cannot
guarantee the completion of the accounts to ensure the tax return’s timely submission. We reserve
the right to levy an aditional fee where records are not received in good time.
5 Payroll and Year End Returns
5.1 We will maintain your payroll records, supply you with completed payslips for you to pass to
employees and supply you with a completed Revenue Commissioners payslip for the PAYE and
PRSI Contributions for you to send to the Collector General with a cheque which you will draw.
We will complete your year end return form P35 and supply you with the completed form P35 for
signature and forms P60 that you will pass to each employee. We will submit the completed form
P35 to the Revenue Commissioners.
5.2 In order to do this we need to comply with the Employer’s Guide to PAYE: We will consider with
you the detailed information that is required and the form in which it is to be provided.
5.3 We confirm that we will at all times comply with the requirements of the Data Protection Act when
processing data on your behalf. In particular we confirm that we have adequate security measures
in place and that we will comply with any obligations equivalent to those placed on you as a data
controller.
Subcontractors
5.4 We will operate the sub-contractors’ tax deduction scheme for the sub-contractors you use. We
will discuss with you the information that is required and the form in which it is to be provided.
5.6 We can also offer you advice in the following related areas:
• casual labour;
• subcontractors;
• benefits for employees and directors.
6 Charities
Taxation
6.1 You have asked us to undertake all correspondence with The Revenue Commissioners on your
behalf. To avoid any problems please send to us any forms or correspondence received from The
Revenue Commissioners as soon as you receive them. In particular would you please ensure that
no payments are made to The Revenue Commissioners without our confirmation that the demands
are correct.
6.2 You are legally responsible for making correct returns to The Revenue Commissioners, for the
payment of tax on time and for reclaiming all tax credits due to the charity.
6.3 To enable us to carry out our work you agree:
(a) to make a full disclosure to us of all sources of income, charges, allowances and capital
transactions and to provide full information necessary for dealing with the charity’s affairs.
We will rely on the information and documents being true, correct and complete;
(b) to respond quickly and fully to our requests for information and to other communications
from us;
(c) to provide us with information in sufficient time for the charity’s tax returns to be completed
and submitted by the due date.
(d) to forward to us on receipt copies of notices of assessment, letters and other
communications received from The Revenue Commissioners to enable us to deal with them
as may be necessary within the statutory time limits.
6.4 You agree that we can approach such third parties as may be appropriate for information that we
consider necessary to deal with your affairs and undertake to authorise such third parties to
communicate directly with us.
Secretarial
6.5 The charity is required to file its accounts with the Registrar of Companies within the prescribed
deadline. To meet that deadline, we will produce statutory accounts, suitable for filing, within the
required period, provided all your records are complete and presented to us in reasonable time for
us to meet that deadline and all subsequent queries are promptly and satisfactorily answered.
6.6 We have agreed to:-
(a) submit the accounts to the Registrar of Companies;
(b) complete and submit the annual returns and any other forms required by law to be filed,
provided that you keep us fully informed of any relevant changes or events which are
required to be so notified within one week of the change or event;
7 Corporation Tax
7.1 We will prepare from the accounts and other information and explanations provided by you the
company’s corporation tax return and computations, together with all supporting schedules and,
where necessary, amended returns.
7.2 We will send you the tax return and supporting schedules for you to approve and sign. We will
then submit it, with the accounts and computations, to The Revenue Commissioners.
7.3 We will advise you of the amounts of corporation tax to be paid and the dates by which the
company should make the payments. Where appropriate we will initiate repayment claims when
tax has been overpaid.
7.4 We will advise as to possible claims and elections arising from the tax return and from information
supplied by you. Where instructed by you, we will make such claims and elections in the form
and manner required by The Revenue Commissioners.
7.5 We will deal with all communications relating to the company’s tax return addressed to us by The
Revenue Commissioners or passed to us by the company. However, if The Revenue
Commissioners choose your return for enquiry this work may need to be the subject of a separate
assignment in which case we will seek further instructions from you.
7.6 We will prepare the tax provisions and disclosures to be included in the company’s statutory accounts.
7.7 We are able to offer fee protection to cover insurance the cost of our fees arising from The Revenue
Commissioners investigations. If you would like further details of this service please let us know.
7.8 Where the company has made a loan to a participator such as a shareholder, tax is payable. We
can be responsible for advising you of the tax payable only if you notify us of details of such loans
before the end of the relevant accounting period.
Your responsibilities: Provision of information by you
7.9 The company is legally responsible for making correct returns by the due date and for payment of
tax on time. Failure to meet the deadlines may result in automatic penalties and/or interest.
7.10 To enable us to carry out our work you agree:
(a) that all returns are to be made on the basis of full disclosure of all sources of income,
charges, allowances and capital transactions;
(b) to provide full information necessary for dealing with the company's affairs: we will rely on
the information and documents being true, correct and complete and will not audit the
information or those documents;
(c) that we can approach such third parties as may be appropriate for information that we
consider necessary to deal with the company’s affairs;
(d) to provide us with information in sufficient time for the company's tax returns to be
completed and submitted by the statutory filing date
(e) to forward to us on receipt copies of notices of assessment, letters and other
communications received from the Revenue Commissioners to enable us to deal with them
as may be necessary within the statutory time limits; and
(f) to keep us informed about significant transactions or changes in circumstances.
7.11 We will be pleased to assist the company generally in tax matters, including VAT, if you advise us
in good time of any proposed transactions and request advice. We would, however, warn you that
because tax rules change frequently you must ask us to review any advice already given if a
transaction is delayed, or if an apparently similar transaction is to be undertaken.
7.12 It is our policy to confirm in writing advice upon which the company may wish to rely.
7.13 We will be pleased also to advise the directors and executives on their personal income tax and
capital tax affairs. In such cases we will need to agree separate terms with the individuals concerned.
8 Company Secretarial
8.1 A private company is required to file its accounts at The Companies Office within the prescribed
deadline. The company will be liable to a fine if it fails to do so. In order to avoid this we will
produce statutory accounts, suitable for filing, within the required period, provided all your
records are complete and presented to us within five months of the year end, and all subsequent
queries are promptly and satisfactorily answered.
8.2 We have agreed to act as your agent and to:
(a) submit the accounts to the Registrar of Companies;
(b) complete and submit the company’s annual return;
(c) complete and submit any other forms required by law to be filed at The Companies Office,
provided that you keep us fully informed of any relevant changes or events which are
required to be notified to The Companies Office, within one week of the change or event; and
(d) maintain the statutory books.
9 Personal Taxation
9.1 We will prepare the income tax computations based on the accounts of your business (if
applicable) from the accounting records and other information and explanations provided by you.
9.2 We will prepare your personal tax return together with such supporting schedules as are
appropriate and we will prepare a computation of your self-assessment liability of tax and any
PRSI Contributions.
9.3 We will send you your tax return, tax computations and supporting schedules for you to approve
and sign. We will then submit the form to The Revenue Commissioners on your behalf.
9.4 We will tell you how much tax and PRSI Contributions you should pay and when. If appropriate we
will initiate repayment claims when tax and/or PRSI Contributions have has/have been overpaid.
9.5 We will deal with The Revenue Commissioners regarding any amendments required to your return
and prepare any amended returns which may be required.
9.6 We will advise as to possible claims and elections arising from the tax return and from information
supplied by you. Where instructed by you, we will make such claims and elections in the form
and manner required by The Revenue Commissioners.
9.7 We will deal with all communications relating to your return addressed to us by The Revenue
Commissioners or passed to us by you. However, if The Revenue Commissioners choose your
return for enquiry this work may need to be the subject of a separate assignment in which case we
will seek further instructions from you.
9.8 We will check PAYE notices of coding where such notices are forwarded to us.
9.9 We are able to offer fee protection to cover insurance the cost of our fees arising from The Revenue
Commissioners investigations. If you would like further details of this service please let us know.
Tax credits
9.10 We will file a tax credit claim on your behalf. In order that we can complete a claim form on your
behalf we will require information concerning your children, childcare costs and any benefits such
as disability to which you are entitled. You are required to advise us immediately of any changes
in your circumstances that may affect the claim. We can accept no responsibility for loss if you
do not give us accurate information on a timely basis.
Your responsibilities: Provision of information by you
9.11 You are legally responsible for making correct returns by the due date and for payment of tax on
time. Failure to meet the deadlines may result in automatic penalties, surcharges and/or interest.
9.12 To enable us to carry out our work you agree:
(a) that all returns are to be made on the basis of full disclosure of all sources of income,
charges, allowances and capital transactions;
(b) to provide full information necessary for dealing with your affairs: we will rely on the
information and documents being true, correct and complete and will not audit the
information or those documents;
(c) that we can approach such third parties as may be appropriate for information that we
consider necessary to deal with your affairs;
(d) to provide us with information in sufficient time for your tax return to be completed and
submitted by the due date following the end of the tax year.
(e) to forward to us on receipt copies of all The Revenue Commissioners statements of account,
PAYE coding notices, notices of assessment, letters and other communications received
from The Revenue Commissioners to enable us to deal with them as may be necessary
within the statutory time limits; and
(f) to keep us informed about significant changes in your circumstances if they are likely to
affect your tax position.
10 Partnership Tax
10.1 We will prepare the income tax and capital gains tax computations based on the partnership
accounts from the accounting records and other information and explanations provided by you.
10.2 We will prepare the firm’s annual partnership return, including the partnership statement of total
income, gains, losses, tax credits and charges of the firm for each period of account ending in the
return period.
10.3 We will send you the income tax and capital gains tax computations and the tax return and
supporting schedules for you to approve and sign. We will then submit the return form to The
Revenue Commissioners.
10.4 We will advise all the partners who were partners in the firm during the period of their respective
shares of the firm’s total income, gains, losses, tax credits and charges so that they are able to file
their personal self-assessment tax returns within the relevant time period.
10.5 We will deal with The Revenue Commissioners regarding any amendments required to the
partnership return and prepare any amended returns which may be required.
10.6 We will advise as to possible claims and elections arising from the tax return and from information
supplied by you. Where instructed by you, we will make such claims and elections in the form
and manner required by The Revenue Commissioners.
10.7 We will deal with all communications relating to the partnership return addressed to us by The
Revenue Commissioners or passed to us by you. However, if The Revenue Commissioners
choose the partnership tax return for enquiry this work may need to be the subject of a separate
assignment in which case we will seek further instructions from you.
10.8 We will prepare the tax provisions and disclosures to be included in the partnership’s financial accounts.
10.9 We are able to offer fee protection to cover insurance the cost of our fees arising from Revenue
Commissioners investigations. If you would like further details of this service please let us know.
11 Other Services
11.1 There are many other areas where we can be of assistance and we shall be pleased to discuss any matters with you. These other services include:
(a) reports in support of returns or claims, e.g., insurance company certificates, government
claims, etc.;
(b) advice on financial matters;
(c) management accounting, including such matters as cash flow statements, costing systems,
etc., and advice on management;
(d) advice on the selection and implementation of computer systems;
(e) investigations for special purposes, e.g., acquisitions of other businesses, or examination
of specific aspects of your business; and
(f) advice on the selection and recruitment of staff.
12 Agreement of Terms
12.1 The terms set out in this leaflet and our Standard Terms of Business below shall take effect
immediately upon your countersigning the attached letter and returning it to us, or upon the
commencement of work on the accounts and tax return, whichever is the earlier.
12.2 Once it has been agreed, this leaflet and the Standard Terms of Business below will remain
effective until they are replaced. We shall be grateful if you could confirm your agreement to these
terms by signing the attached letter and returning it to us immediately.
The following standard terms of business apply to all engagements accepted by TaxAssist Accountants.
All work carried out is subject to these terms except where changes are expressly agreed in writing.
Standard Terms of Business
1. Professional Obligations
1.1 Where you give us confidential information we shall at all times keep it confidential, except as
required by law or as provided for in regulatory, ethical or other professional pronouncements
applicable to this engagement.
1.2 We reserve the right to act during this engagement for other clients whose interests may be
adverse to yours. We will notify you immediately should we become aware of any conflict of
interest to which we are subject in relation to you.
2. Investment Services
2.1 We are not authorised by the Financial Regulator to conduct Investment Business. If you require
investment business services we will refer you to a firm authorised by the Financial Regulator.
3. Commissions or Other Benefits
3.1 Commissions or other benefits may sometimes become payable to us in respect of introductions
to other professionals or transactions we arrange for you, in which case you will be notified in
writing of the amount, the terms of payment and receipt of any such commissions or benefits. You
consent to such commissions or other benefits being retained by us without our being liable to
account to you for any such amounts.
4. Client Monies
4.1 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 current guidelines.
4.2 In order to avoid an excessive amount of administration, interest will only be paid to you where
the amount of interest that would be earned on the balances held on your behalf in any calendar
year exceeds @25. Any such interest would be calculated using the prevailing rate applied by our
bank for small deposits subject to the minimum period of notice for withdrawals. Subject to any
tax legislation, interest will be paid gross.
4.3 If the total sum of money held on your behalf exceeds @10,000 for a period of more than 30 days,
or such sum is likely to be held for more than 30 days, then the money will be placed in a separate
interest-bearing client bank account designated to you. All interest earned on such money will be
paid to you. Subject to any tax legislation, interest will be paid gross.
4.4 We are required under the client money regulations to appoint an alternate to administer the client
bank account in the event of the death or incapacity of the principal. The alternate appointed by
this firm is Yoke International Ltd.
5. Fees
5.1 TaxAssist Accountants operate a fixed fee policy for all clients. We hope that this offers our clients
peace of mind and offers absolute clarity over the price you will be charged for the work we have
outlined. Our fixed fee is determined by (amongst a number of factors), the standard of books and
records that you keep and levels of skill and responsibility involved. This price will have been set
prior to this letter of engagement for an agreed period. If it is necessary to carry out work outside
the responsibilities outlined in this letter it will involve additional fees. Accordingly we would like to
point out that it is in your interest to ensure that your records are completed to the agreed stage. We
reserve the right to increase our fees subject to prior notice by at least inflation on an annual basis.
5.2 If it is necessary to carry out work outside the responsibilities outlined in this letter it will involve
additional fees. Accordingly we would like to point out that it is in your interests to ensure that
your records etc. are completed to the agreed stage.
5.3 It is our normal practice to request that clients make arrangements to pay a proportion of their fee
on a monthly standing order. These standing orders will be applied to fees arising from work
agreed in this letter of engagement for the current and ensuing years. Once we have been able to
assess the amount of work and time involved we would be grateful if you would agree to pay an
amount to us on a regular basis.
5.4 Our terms relating to payment of amounts invoiced and not covered by standing orders, where
appropriate, are strictly 21 days net. We reserve the right to add an interest charge at a rate of 2%
per month simple interest together with any solicitors and/or collection agents costs incurred on
any bills remaining unpaid 21 days after presentation.
5.5 The Directors of the company jointly and severally guarantee personally that all fees will be paid
within the payment terms.
6. Retention of and Access to Records
6.1 During the course of our work we will collect information from you and others acting on your
behalf and will return any original documents to you following the preparation of your financial
statements and returns. You should retain these records for at least seven years from the end of
the accounting year to which they relate.
6.2 Whilst certain documents may legally belong to you, we intend to destroy correspondence and
other papers that we store which are more than seven years old, other than documents which we
consider to be of continuing significance. If you require retention of any document you must
notify us of that fact in writing.
6.3 We reserve the right to use subcontractors to prepare aspects of our work and you acknowledge that your
books and records may not necessarily be stored or located at this office for the duration of the assignment.
7 Quality Control
7.1 As part of our ongoing commitment to providing a quality service, our files are periodically subject
to a quality review process. Our reviewers are highly experienced and professional people and are,
of course, bound by the same requirements of confidentiality as our principals and staff.
8 Help Us to Give You the Right Service
8.1 If at any time you would like to discuss with us how our service to you could be improved, or if
you are dissatisfied with the service you are receiving, please let us know.
8.2 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.
9 Applicable Law
9.1 This engagement letter is governed by, and construed in accordance with Irish law. The Courts of
Ireland 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 it
may have 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.
10 Internet Communication
10.1 Internet communications are capable of data corruption and therefore we do not accept any
responsibility for changes made to such communications after their despatch. It may therefore be
inappropriate to rely on advice contained in an e-mail without obtaining written confirmation of it.
We do not accept responsibility for any errors or problems that may arise through the use of
internet communication and all risks connected with sending commercially sensitive information
relating to your business are borne by you. If you do not agree to accept this risk, you should
notify us in writing that e-mail is not an acceptable means of communication.
10.2 It is the responsibility of the recipient to carry out a virus check on any attachments received.
11 Data Protection Act
11.1 The Data Protection Act gives you rights in respect of information held about you ("Personal
Data"). We will obtain, use, and process Personal Data about you in order that we may discharge
the services agreed under this engagement letter. Your Personal Data will typically include your
name, address, details of your financial affairs and other information about you relevant to
providing you with the services. We may also use your Personal Data for related purposes
including updating and enhancing client records, analysis for management purposes and
statutory returns, crime prevention and legal and regulatory compliance. We may also use your
Personal Data for marketing purposes so that we can keep you up-to-date about issues relevant
to our services and to provide you with information about our services.
11.2 We may disclose your personal data to third parties so that we can provide the services to the high standards we consider appropriate. Such Third Parties may include banks, insurance companies,
independent financial advisors, and any company to which we are under licence (including our
franchisor.) We may disclose your personal data to those that need the information such as
Government Agencies, subcontractors and outsourcers and those we choose to such as
independent financial advisors. Such parties may contact you with a list of the third parties on
request. In signing this engagement letter, you agree that we may transfer your Personal Data
outside the European Economic Area. You should be aware that the countries to which we may
pass your Personal Data may not have such stringent Protection for Personal Data nor have laws
to protect your Personal Data. Details of the companies and countries involved will be provided
on request.
11.3 You may have a right of access, under the Data Protection Act, to copies of the Personal Data that
we hold about you. A copy of our data protection policy is available on request and is held on our
website. You should contact us if you have any queries about data protection or about the Personal
Data we hold about you.
12 Money Laundering
12.1 Legal Responsibilities Regarding Taxation
We must report material relevant offences, as defined in Section1079 of the Taxes Consolidation
Act 1997, to the director of the company in writing, requesting them to rectify the matter or notify
an appropriate officer of the Revenue Commissioners of the offence within 6 months. In the event
that our request is not complied with, we must cease to act as accountant to the company or to
assist the company in any taxation matter. We must also send a copy of our notice of resignation
to an appropriate office of the Revenue Commissioners within 14 days.
12.2 Additional Legal Responsibilities
Where a document or information indicates to us that an offence under the Criminal Justice (Theft
and Fraud Offences) Act 2001 has been committed such as theft, unlawful use of computer, or
false accounting we must report this fact to a member of the Garda Siochana.
We have responsibilities under the Criminal Justice (Terrorist Offences) Act 2005, to report
suspicions of the financing of terrorism. We are also obliged to adopt measures to prevent and
detect the commission of an offence of financing terrorism and are obliged to train employees for
the purpose of enabling them to identify transactions which may relate to the commission of an
offence of financing terrorism.
12.3 Anti-Money Laundering Legislation
The Criminal Justice Act 1994 (section32) Regulations 2003 designate accountants and tax
advisors for the purposes of the anti-money laundering provisions of the Criminal Justice Act
1994. These provisions include requirements to establish certain procedures and impose
reporting obligations in respect of suspicions regarding offences under the money laundering
legislation.
Accountants and tax advisors are required to, among other things;
• To verify the identity of new clients;
• Retain records of identification for at least five years from the date of the last doing business
with the client;
• Retain original documentation relating to transactions for a period of at least five years
following the execution of the transaction;
• Establish measures to prevent and detect money laundering;
• Report suspicions of money laundering to the Garda Siochana and the Revenue
Commissioners;
• Establish procedures to ensure all transactions connected with certain designated states and
territorial units are reported;
• Ensure adequate control over client monies.
13 Limitation of Liability
13.1 We will provide our professional services with reasonable care and skill. However, we will not be
held responsible for any losses arising from the supply by you or others of incorrect or incomplete
information, or your or others’ failure to supply any appropriate information or your failure to act
on our advice or respond promptly to communications from us or other relevant authorities.
13.2 You agree to hold harmless and indemnify us against any misrepresentation, whether intentional
or unintentional, supplied to us orally or in writing in connection with this agreement. You have
agreed that you will not bring any claim in connection with services provided to you by the firm
against any of our employees on a personal basis.
Website Disclaimer – advice shared in this website is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading anything on this website, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
