These Terms of Engagement apply to all services provided by In The Black Accountants Ltd. A formal Letter of Engagement setting out the specific scope of services will be issued and agreed with each client prior to work commencing.
1. Our Practice
In The Black Accountants Ltd ("ITB", "we", "us") is an AAT-licensed accounting practice, regulated for Anti-Money Laundering supervision. We provide accounting, tax, and financial advisory services to VAT-registered businesses in the United Kingdom.
Our registered address is 71–75 Shelton Street, Covent Garden, London, WC2H 9JQ.
2. Engagement and Scope of Services
All client engagements are governed by a Letter of Engagement which sets out:
- The specific services we will provide
- The agreed fee and payment terms
- The responsibilities of both parties
- The duration and termination conditions of the engagement
No work will commence until a signed Letter of Engagement and completed onboarding have been received. Enquiries submitted via our website do not constitute a binding engagement.
3. Structured Onboarding
All new clients are required to complete our Structured Onboarding process before any ongoing work begins. This includes:
- Anti-money laundering identity verification for all directors and beneficial owners
- Risk assessment in line with our AML obligations
- Review of existing accounting software and data
- Opening balance verification
- Workflow and communication setup
Onboarding is charged separately to the monthly engagement fee. The fee will be confirmed in your proposal and is payable prior to commencement of onboarding.
4. Fees and Payment
Our fees are agreed in advance and set out in your Letter of Engagement. Unless otherwise stated:
- Monthly retainer fees are payable in advance by direct debit or bank transfer
- All fees are quoted exclusive of VAT. VAT at the prevailing rate will be added where applicable
- Ad hoc or out-of-scope work will be quoted separately before commencement
- Late payment may result in suspension of services. We reserve the right to charge interest on overdue invoices at 8% above the Bank of England base rate under the Late Payment of Commercial Debts (Interest) Act 1998
5. Client Responsibilities
In order for us to deliver our services effectively, clients are responsible for:
- Providing accurate, complete, and timely information and documentation when requested
- Notifying us promptly of any changes to the business, its structure, or its directors
- Reviewing and approving all work product before filing or submission
- Maintaining their own records in accordance with their legal obligations
- Informing us of any HMRC correspondence or enquiries without delay
We cannot be held responsible for errors or penalties arising from information that was incomplete, inaccurate, or provided late by the client.
6. Anti-Money Laundering
As an AML-regulated practice, we are required by law to:
- Verify the identity of all clients and beneficial owners before commencing work
- Conduct ongoing monitoring throughout the engagement
- Report suspicions of money laundering or terrorist financing to the National Crime Agency (NCA) without notifying the client — this is a legal requirement and does not constitute a breach of confidentiality
- Retain AML records for a minimum of five years
Failure to provide satisfactory identity documentation will result in us being unable to act for you.
7. Confidentiality
We treat all client information as strictly confidential. We will not disclose your information to any third party without your consent, except where we are required to do so by law (including our AML obligations), by our regulatory body, or by a court order.
This obligation of confidentiality continues after the end of our engagement.
8. Limitation of Liability
Our liability to you is limited to direct losses arising from our negligence or breach of contract. We will not be liable for:
- Any indirect or consequential loss
- Loss of profit, revenue, or business opportunity
- Losses arising from information provided to us that was inaccurate or incomplete
- Penalties, interest, or surcharges imposed by HMRC where these result from late or incomplete information provided by you
Our total aggregate liability in any twelve-month period will not exceed the fees paid by you to us in that period.
9. Termination
Either party may terminate the engagement by providing written notice as specified in the Letter of Engagement. Upon termination:
- All outstanding fees become immediately payable
- We will provide a handover pack to your incoming accountant upon receipt of a professional clearance letter
- We will retain copies of all work product and correspondence in accordance with our data retention obligations
10. Governing Law
These Terms of Engagement and any Letter of Engagement are governed by the laws of England and Wales. Any disputes will be subject to the exclusive jurisdiction of the courts of England and Wales.
11. Contact
If you have any questions about these terms, please contact us at info@intheblackaccountants.com.