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Terms of Business

RICHARD TARR & Co


Wood Park East Down Barnstaple Devon EX31 4LZ Telephone : 01271 850431


TERMS OF BUSINESS (from 1/1/06 )


The following terms of business apply to all engagements accepted by Richard Tarr & Co. All work is carried out under these terms except where changes are expressly agreed in writing.


•  Professional rules and practice guidelines


•  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.co.uk/membershandbook .


•  Investment advice


•  If during the provision of professional services to you, you need advice on investments, we may have to refer you to someone who is authorised by the Financial Services Authority, as we are not.


•  In some circumstances we may receive commissions or other benefits for introductions to other professionals or transactions we arrange for you. In this case we will notify you in writing of the amount, the terms of payment and receipt of any such commissions or benefits. The fees you would otherwise pay as described below will not be reduced by such amounts. You agree that we can retain the commission or other benefits without being liable to account to you for any such amounts.


•  Clients' money regulations


•  We may, from time to time, hold money on your behalf. The 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 .


•  Retention of records


•  During our work we will collect information from you and others acting on your behalf and will return any original documents to you following preparation of your financial statements and tax return. You should retain them for 6 years from the 31 January following the end of the accounting year. This period can be extended if the H M Revenue & Customs enquire into your tax return.


•  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 may be of continuing significance. You must tell us if you wish us to keep any document.


•  Conflicts of interest and independence


•  We reserve the right to act during our engagement with you for other clients whose interests are or may be adverse to yours, subject to 7 below. We confirm that we will notify you immediately should we become aware of any conflict of interest involving us and affecting you.


•  Confidentiality


•  We confirm that 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 statements relevant to our engagement.


•  You agree that we will be complying sufficiently with our duty of confidence if we take steps that we in good faith think fit to keep appropriate information confidential during and after our engagement.


•  Proceeds of Crime Act 2002 and Money Laundering Regulations 2003


•  In common with all accountancy and legal practices the firm is required by the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2003 to:


•  have identification procedures for all new clients;


•  maintain records of identification evidence; and


•  report in accordance with the relevant legislation and regulations.


•  Help us give you the best service


•  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 contacting Richard Tarr personally .


•  We will look into any complaint carefully and promptly and do all we can to explain the position to you. If we have given you a less than satisfactory service we undertake to do everything reasonable to put it right. If you are still not satisfied you may of course refer the matter to our Institute.


•  Contracts (Rights of Third Parties) Act 1999


•  Only someone who is a party to this Agreement has the right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms. This clause does not affect any right or remedy that exists independently of the Act.


•  The advice we give you is for your sole use and not constitute for 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.


•  Fees


•  Our fees are calculated on the basis of the time spent on your affairs by the principal and on the levels of skill or responsibility involved. Our fees will be billed annually and will be due when issued.


•  If we need to do work outside the responsibilities outlined in our engagement letter, we will advise you in advance. This may involve additional fees. Accordingly it is in your interest to ensure that your records etc are completed to the agreed stage.


•  We reserve the right to terminate our engagement and cease acting if payment of any fees billed is unduly delayed.


•  Applicable law


•  Our engagement with you is governed by, and interpreted in accordance with, English law. The Courts of England shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning our engagement letter and terms of business and any matter arising from them. 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.


END OF TERMS AND CONDITIONS