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Terms & Conditions
“A law is valuable, not because it is a law, but because there is right in it.”
Standard terms of doing business with us
Section 1: Definitions
The purpose of this standard terms of business document is to set out the basis on which Nimbus Accounting Ltd “Accountants/We” will carry out services to the “Client”, together with the respective responsibilities of the company directors and of ourselves. Each individual engagement with the Client will be managed by a separate contract which will detail the services agreed between the parties. Individual engagement letters should be read in conjunction with the below terms and conditions.
Section 2: Period of the Engagement
- Each assignment will commence on the date specified in the engagement letter. Except as otherwise stated, we will not be responsible for earlier periods outside the terms of our engagement.
- Once it has been agreed, the contract will remain effective from the date of signature until it is replaced. The Client or we may agree to vary or terminate our authority to act on the Client’s behalf at any time without penalty. A one month notice of variation or termination must be given in writing.
Section 3: Responsibilities of the Directors
- As a director of your company you are responsible for maintaining adequate accounting records and for preparing financial statements which give a true and fair view and which have been prepared in accordance with the Companies Act 2014 and all regulations to be constructed as one with those acts.
- In preparing the financial statements, you are required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
- You are responsible for making available to us, as and when required, any of the business’s records and information that are necessary to allow us carry out our work. We will rely on the information and documents being true, correct and complete and will not audit the information or the documents provided. You will make full disclosure to us of all relevant information.
- All tax returns and reports are prepared and/or reviewed solely on the basis of the information provided by you and we accept no responsibility for any liabilities arising due to inaccuracies or omissions in the information you provide which may lead to a mis-declaration on which penalties and interest may arise.
- You are responsible for ensuring that the company has complied with all relevant laws and regulations in relation to its activities and that there are appropriate procedures in place to detect any non compliance with such laws and regulations.
- You are responsible for bringing to our attention any errors, omissions or inaccuracies in your tax returns which you become aware of after the returns have been submitted in order that we may assist you to make a voluntary disclosure.
- For the avoidance of doubt the deadline for filing the VAT Return is the 23rd day of the month following the VAT period (e.g. The VAT return for January/February is due to be filed with the Revenue Commissioners and paid by 23rd March) provided the VAT return is filed and liability paid online via ROS.
- To provide us with all the records relevant to the preparation of the company’s VAT returns as soon as possible after the return period ends but no later than the 10th of the month in which the VAT return is due to be filed with the Revenue Commissioners.
- We do not accept responsibility for any financial or other penalties which may arise as a result of failure to comply with filing requirements.
- You are responsible for ensuring the data in your tax-return submissions is correct and complete. You cannot delegate this legal responsibility to us. You agree to check that submissions that we have prepared for you are correct and complete before you approve them.
- If the company is involved with any other business which is not registered for VAT you are responsible for monitoring the monthly turnover to establish whether the company is liable to register for VAT. If the company exceeds the VAT registration threshold, and wish us to assist you in notifying the Revenue Commissioners of the resultant obligation to be VAT registered, you must give us clear instructions to assist you in the VAT registration process. You should notify us of your instructions in good time to enable the VAT registration application form to be submitted within the statutory time limit. We will not be responsible if you fail to notify us in time and incur any Revenue penalties as a result.
Section 4: Responsibilities of the Accountants
- We will deal with all communications relating to your affairs which has been addressed to us by the Tax Authorities or passed to us by you. However, if the Tax Authorities choose your return for a Revenue audit and/or enquiry this work will be the subject of a separate assignment in which case we will seek further instructions from you.
- As accountants, we are not auditors of your business and therefore we shall not carry out an audit of the financial statements and consequently no opinion will be expressed. We will not verify the assets and liabilities of the business, nor the items of expenditure and income.
- We will prepare your VAT returns, Income Tax returns, Corporation Tax returns, annual financial statements and CRO returns on the basis of the information and explanations supplied by you.
- Based on the information that you provide to us we will tell you how much tax you should pay and when. If appropriate we will initiate repayment claims where tax has been overpaid. We will advise on the interest and penalty implications if the tax is paid late.
- We will advise of the tax liability before filing it with the Revenue Commissioners. We will be filing this return by the deadline date unless otherwise notified.
- As a result of our work we may be able to suggest improvements which could be made to your accounting records. However, our work should not be relied upon to disclose fraud or other irregularities.
- Our work as accountants will not be an audit conducted in accordance with International Auditing Standards. Accordingly, we will not seek any independent evidence to support the entries in the accounting records, the existence, ownership or value of the assets, or the completeness of income, liabilities or disclosures in the financial statements. Nor will we make any assessment of the estimates and judgements made by you in your preparation of the financial statements. Consequently, our work as accountants will not provide any assurance that the accounting records or financial statements are free from material misstatement, whether caused by fraud, other irregularities or error. However, we will inform you of any such matters that come to our attention.
- We have a professional duty to compile financial statements that conform with generally accepted accounting principles from the books of account and information and explanations given to us. Furthermore, as proprietors, you have a duty to prepare financial statements that comply with the relevant legislation and applicable accounting standards. Where we identify that the financial statements do not conform to generally accepted accounting principles or if the accounting policies adopted are not immediately apparent this may need to be disclosed in the financial statements.
- We have a professional responsibility not to allow our name to be associated with financial statements which may be misleading. Therefore, although we are not required to search for such matters, should we become aware, for any reason, that the financial statements may be misleading, we will discuss the matter with you with a view to agreeing appropriate adjustments.
Section 5: Other Services
- Where you have instructed us to do so, we will also provide such other accounting ad hoc and advisory services as may be agreed between us from time to time. These may be the subject of a separate engagement letter. Where appropriate we will discuss and agree an additional fee for such work when it is commissioned by you. Examples of such work include, but are not limited to:
- Other returns including returns relating to any other taxes which might be necessary to advise on in the course of your business.
- Dealing with any compliance checks or audits by the Revenue Commissioners.
- Preparing any amended returns for prior periods which may be required or preparing and submitting amended and/or supplementary returns for earlier periods where any errors and/or omissions were not our fault, and corresponding with the Revenue Commissioners as necessary.
- Where specialist advice is required on occasions, we may need to seek this from or refer you to appropriate specialists.
- Any additional service requested will be covered by its own letter of engagement and outline the scope of work to be performed accordingly. Please inform us if you wish for any of these services to be included in the work we undertake for you and we will issue a separate letter of engagement.
Section 6: Fees
- Our fees are based upon the skill involved, the service provided and the time occupied on the work and will be charged on a monthly basis in advance, unless otherwise agreed.
- The fees will be set out in each engagement letter individually, subject to any adjustments necessary for ad-hoc assignments which may arise during the course of the engagement.
- All fees will be billed on the 1st day of each calendar month and will be due on presentation. We reserve the right to stop performing the agreed work if you fail to make any payment as it falls due.
- If it is necessary to carry out work outside the responsibilities outlined in this letter it will involve additional fees. We will forward a best estimate of fees in advance of any new assignment.
- We should also be pleased to give you any help you may require with problems which arise during the year and would plan to keep in touch with you throughout the year to discuss any matters affecting your business.
Section 7: Applicable Law
- This engagement letter shall be governed by, and construed in accordance with the laws of the Republic of Ireland.
- All work performed is conducted within current legislation according to the accounting period stated under the “Period of Engagement”. We cannot be held responsible for future developments and subsequent changes in the legislation. We will accept no liability for losses arising from changes in the law or the interpretation thereof that are first published after the date on which the advice is given.
- Because rules and regulations frequently change you must ask us to confirm any advice already given if a transaction is delayed or a similar transaction is to be undertaken. 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 your circumstances.
Section 8: Additional Reporting Responsibilities under Legislation
- Anti-Money Laundering
The current legislation designates accountants, auditors and tax advisors for the purposes of the anti-money laundering provisions. As part of the due diligence process accountants are required to, among other things;
- Verify the identity of new clients;
- Retain records of identification for at least five years from the date of 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;
- Establish procedures to ensure all transactions connected with certain designated states and territorial units are reported;
- Ensure adequate control over client monies.
- Data Protection Act 1998 to 2018
- Retention of Records
During the course of our work we will collect information from you and others acting on behalf of your business and will return any original documents to you following the preparation of business accounts. You should retain these records for a minimum period of six years from the end of the relevant accounting period. This period may be extended if the Revenue Commissioners enquire into the tax returns of the business.
We may choose to hold these documents where possible in an electronic format. In this event we will ensure these documents are readily accessible should they be requested by yourself or an authorised individual.
Section 9: Limitation of Liability
- We will perform the engagement with reasonable skill and care. Our aggregate liability in respect of services provided within each engagement, shall in all cases (whether in contract, tort or otherwise) be limited to an amount equal to three times the fees paid by you for such services prior to the relevant claim arising.
- We acknowledge that the limit in respect of our total aggregate liability will not apply to any acts, omissions or representations that are in any way criminal, dishonest or fraudulent on the part of the firm, its management or employees.
- With regard to non-audit services, to the extent permitted by law we shall not be liable for any loss of profits, loss of business, depletion of goodwill and/or similar losses, or pure economic loss, or for any special, indirect or consequential loss, costs, damages, charges or expenses however arising.