Terms of Business – Petro Accountancy Limited 

Effective from 20.04.2019

These Terms of Business set out the basis on which Petro Accountancy Limited, (“we”, “us”, “our”) will provide bookkeeping services to you (“you”, “your”, “the client”).

1. Scope of Services

We will provide bookkeeping services as agreed in our engagement letter or proposal. These may include:

  • Recording financial transactions
  • Bank reconciliations
  • VAT returns
  • Management accounts
  • Payroll services (if applicable)
  • Liaison with your accountant/tax adviser

Any additional services will be agreed in writing and may be subject to additional charges.

2. Your Responsibilities

You agree to:

  • Provide accurate and complete information in a timely manner.
  • Retain records in accordance with HMRC guidelines.
  • Review the information we provide and notify us of any discrepancies

You remain legally responsible for your financial records and tax compliance, even where we assist with submissions.

3. Fees and Payment

  • Fees are charged either on a fixed fee or hourly rate basis, as agreed in advance.
  • Our rate of payment will be agreed upon before work proceeds.
  • Invoices will be issued at end of month, and payment is due within 7 days.
  • We reserve the right to suspend or terminate services for unpaid invoices.

4. Confidentiality

We take confidentiality seriously and will not disclose your information to third parties without your consent, except as required by law or our professional obligations.

5. Data Protection (GDPR)

We comply with the UK General Data Protection Regulation (UK GDPR).

  • A full privacy policy is available on request or on our website.
  • You have the right to access, correct, and request deletion of your personal data.

6. Anti-Money Laundering (AML)

We are supervised for anti-money laundering compliance by HMRC.

  • We are required to carry out identity checks (KYC).
  • If we suspect money laundering, we may be required to make a report without notifying you.

7. Limitation of Liability

  • Our total liability for any claim is limited to the total fees paid in the 12 months prior to the claim.
  • We accept no liability for any loss arising from reliance on inaccurate or incomplete information provided by you.

8. Professional Indemnity Insurance

We maintain professional indemnity insurance as required by our professional body.

9. Termination

Either party may terminate this agreement by giving 30 days’ written notice.

  • Upon termination, all unpaid fees become immediately due.
  • We may retain working papers and documents until payment is received.

10. Complaints

If you are dissatisfied with our service, please contact us in the first instance. If we cannot resolve the issue, you may contact our professional body or supervising authority.

11. Governing Law

These terms are governed by the laws of England and Wales, and any disputes shall be subject to the exclusive jurisdiction of the English courts.

Signed:
Rebecca Ryan
Petro Accountancy
52 Lyndhurst Road, RH2 8JW
01737 902 932
hello@petroaccountancy.com