Terms and Conditions of Business
These Terms and Conditions govern the services provided by Lynam & Co (“we”, “us”, or “our”) to you, the client (“you” or “your”). By engaging us to provide services, you agree to the following terms and conditions.
1. Services Provided
We will provide the services as outlined in our engagement letter. Any additional services requested will be subject to separate terms and fees.
2. Fees and Payment Terms
2.1 Fees
Our fees are as set out in the accompanying Engagement letter. Fees may be charged on an hourly basis, a fixed fee per service, or another agreed-upon structure. Any work beyond the agreed scope will be charged at our prevailing rates unless otherwise agreed in writing.
2.2 Invoicing and Payment Terms
Invoices are issued monthly and are payable within 14 days of the invoice date. Payment must be made in full and in GBP (£).
2.3 Late Payment
We reserve the right to charge interest on overdue invoices at a rate of 8% per annum above the Bank of England base rate. Additionally, if payment is not received within 30 calendar days of the invoice date, a late payment fee will be charged at either £50.00 or equivalent to 10% of the total invoice amount (whichever is the greater). We may also suspend or terminate services until full payment is received.
2.4 Payment Methods
We accept payment via bank transfer. Details will be provided on your invoice.
2.5 VAT
Lynam & Co is not currently VAT-registered. However, we reserve the right to charge VAT on our fees in the event that we become required or choose to become VAT-registered in the future. You will be notified in writing should this occur, and from that point onward, VAT will be charged in addition to our quoted fees, where applicable.
2.6 Invoicing Method
All invoices will be issued and sent to you via email only. It is your responsibility to ensure we have your correct and up-to-date email address. Failure to receive an invoice due to an incorrect email address or failure to check emails will not be considered valid grounds for late or non-payment.
2.7 Objections to Invoices
If you wish to raise an objection or dispute any part of an invoice, you must notify us in writing within 7 days of the invoice date, clearly outlining the reason for the objection. We will review and respond to your concerns within 7 calendar days of receipt. Notwithstanding any objection, the original 14-day payment term remains in effect, and all undisputed portions of the invoice remain payable by the due date. We reserve the right to suspend services in the event of unresolved disputes or non-payment.
2.8 Legal Recovery and Costs
If an invoice remains unpaid after 30 days, we may refer this for legal recovery and you will be liable for all costs incurred in recovering payment of our invoices. We reserve the right to refer the debt onto a Debt Collection Agency that is regulated by the FCA, wherein which you will be liable for their costs.
3. Client Responsibilities
3.1 Provision of Information
You agree to provide all necessary and relevant information, documentation, and instructions required for us to perform our services efficiently and accurately.
3.2 Accuracy and Completeness
You are responsible for ensuring all information supplied to us is accurate, complete, and up to date. We accept no liability for any consequences arising from reliance on inaccurate or incomplete information.
3.3 Timely Communication
You agree to respond promptly to requests for information, documentation, and approvals. Delays may result in missed statutory deadlines and additional charges.
3.4 Approvals and Submissions
You are responsible for approving documents before submission to third parties. We will not file documents with HMRC, Companies House, or any regulatory body without your consent, unless required by law.
3.5 Record Keeping
You are responsible for maintaining and storing financial records as required by law (typically six years). While we may help manage records, this responsibility remains with you.
3.6 Use of Advice
Our advice is provided solely for your use and must not be disclosed to or relied upon by third parties without our written consent.
3.7 Communication Methods
All routine communication between you and Lynam & Co will be conducted by email or telephone. It is your responsibility to ensure we have up-to-date contact details for you, including a valid email address and telephone number. You agree to regularly check your email (including junk/spam folders) and respond to any correspondence from us in a timely manner. Where legally permitted, formal notices may also be delivered using these methods.
4. Confidentiality
We will treat all information we receive from you as confidential and will not disclose it to any third party without your consent, unless required by law or regulation. We comply fully with the Data Protection Act 2018 and the UK GDPR.
5. Anti-Money Laundering (AML) Obligations
5.1 Client Due Diligence
We are required to conduct identity verification checks and obtain information regarding the source of funds and nature of your business.
5.2 Reporting
If we know or suspect that you or anyone connected to you is involved in criminal activity, including money laundering, we may be legally obliged to report this to the authorities without informing you.
6. Ethical Obligations
We adhere to the AAT’s Code of Professional Ethics. This includes the principles of:
- Integrity
- Objectivity
- Professional competence and due care
- Confidentiality
- Professional behaviour
We may decline or cease acting if continuing to do so would breach these obligations.
7. Limitation of Liability
7.1 Scope of Liability
We will provide services with reasonable skill and care, but we shall not be liable for any loss or damage arising from reliance on information supplied by you.
7.2 Cap on Liability
Unless otherwise agreed in writing, our total liability for any claims, including negligence, shall not exceed the total fees paid for the relevant service in the 12 months prior to the claim.
7.3 Third Parties
Our advice is for your use only and may not be relied upon by third parties.
8. Complaints and Dispute Resolution
8.1 Complaints Procedure
We aim to provide high standards of service. If you are unhappy with the service or the work we have provided, please contact us in writing. We will acknowledge receipt of your complaint within 5 working days and aim to resolve the issue within 10 working days.
8.2 Escalation
If we cannot resolve the matter, you may refer your complaint to the AAT for further review.
8.3 Alternative Dispute Resolution
Both parties agree to consider mediation or other alternative dispute resolution mechanisms before pursuing legal proceedings.
8.4 Complaints Contact
Should you wish to file a complaint or request a copy of our formal complaints procedure, please contact Bradley Lynam at bradley@lynamandco.com.
9. Licensing and Regulatory Information
9.1 AAT Licensing
Lynam & Co is licensed and regulated by the Association of Accounting Technicians (AAT) (registration number 1008814) to provide bookkeeping services. We are committed to maintaining high professional standards in line with AAT’s requirements.
9.2 AAT Complaints
If you are not satisfied with the outcome of your complaint, you have the option to refer the matter to AAT. AAT provides an independent complaints process. You can contact AAT directly via their website or by emailing aatstandards@aat.org.uk for more information on their complaints procedure.
10. Termination
10.1 Termination by You
You may terminate our services at any time by providing one month’s written notice, unless a different notice period or contractual term is specified in the engagement letter. Any work completed up to the termination date will be invoiced and remains payable.
10.2 Termination by Us
We may terminate this agreement by providing one month’s written notice, unless a different notice period is specified in the engagement letter. However, we reserve the right to terminate with immediate effect for reasons including (but not limited to) non-payment of fees, failure to provide necessary information, breach of these terms, or where continuing the engagement would breach legal or ethical obligations.
11. Force Majeure
We are not liable for delays or failure to perform our obligations due to circumstances beyond our control, including but not limited to natural disasters, power failure, or acts of government.
12. Amendments to Terms
We reserve the right to amend these terms at any time. Updated versions will be provided to you and posted on our website.
13. Data Retention
13.1 Retention Period
In accordance with legal requirements and for the purpose of providing accurate records, we will retain your personal and business data, including financial records, for a minimum period of 7 years following the completion of the relevant services.
13.2 Secure Data Disposal
After this retention period, your data will be securely destroyed in line with applicable laws and our internal data retention policy, unless otherwise requested by you or required by law.
14. Entire Agreement
14.1 Binding Agreement
These Terms and Conditions of Business, together with any terms outlined in our Engagement Letter, constitute the entire and exclusive agreement between Lynam & Co and you, the client, regarding the provision of services.
14.2 Superseding Prior Agreements
Any prior agreements, representations, or understandings, whether written or oral, relating to the subject matter of this agreement are superseded and replaced by this agreement. No other terms or conditions will apply unless specifically agreed in writing.
14.3 Amendments
Any amendments, modifications, or additions to these terms will be notified in writing.
15. Professional Indemnity Insurance
15.1 Insurance Provider
Lynam & Co holds professional indemnity insurance in accordance with the requirements of the Association of Accounting Technicians (AAT). The details of our insurance are as follows:
- Insurer Name: Simply Business
- Policy Number: CHBS4983793XB
- Coverage: Professional Indemnity up to £250,000.00
- Period of Insurance: 26 April 2025 to 25 April 2025
15.2 Claims and Notifications
Should you wish to make a claim under our insurance policy, please contact us directly. We will provide all necessary information and assistance for any claim process in line with our obligations under the insurance policy.
16. Intellectual Property Rights
16.1 Ownership of Deliverables
All intellectual property rights in any documents, reports, or materials created by us as part of our services remain the property of Lynam & Co until full payment is received for the relevant services. Upon full payment, rights to use the materials are transferred to you, subject to the limitations in the engagement letter.
16.2 Usage Restrictions
You may not reproduce, distribute, or use any of our deliverables for purposes other than those agreed in the engagement letter without our prior written consent.
17. Subcontracting and Third-Party Services
17.1 Subcontracting
We may engage subcontractors or third-party service providers to assist in fulfilling our obligations under this agreement. However, we will remain responsible for the quality and performance of the services provided.
17.2 Notification
We will notify you if any significant third-party services are required and will seek your approval before proceeding with the engagement of such services, where applicable.
18. Change of Circumstances
18.1 Changes to Scope of Work
If there are significant changes to your circumstances that affect the scope of the work or the assumptions on which the engagement was based, we reserve the right to amend the fees and timelines to reflect the additional work required. We will discuss these changes with you and agree on any necessary adjustments to the service agreement before proceeding.
18.2 Additional Charges
Any such amendments will be confirmed in writing, and you will be notified of any adjustments to the scope, fees, or timelines resulting from the changes in circumstances.
19. Indemnity and Liability of Client
19.1 Client’s Indemnity
You agree to indemnify and hold harmless Lynam & Co, its employees, agents, and subcontractors from any and all claims, losses, damages, or expenses (including legal fees) arising from or relating to any breach of this agreement or any acts or omissions on your part, including your failure to provide accurate information or your non-compliance with relevant laws and regulations.
19.2 Client’s Responsibility for Third-Party Claims
You shall also indemnify us for any claims made by third parties arising from your use or reliance on our services or deliverables.
20. Electronic Signature and Agreement
20.1 Electronic Signatures
You agree that your signature on this Agreement, whether digital or electronic, shall be as valid as an original signature and will bind you to the terms herein.
20.2 Legality of Electronic Agreements
Both parties acknowledge and agree that an electronically executed Agreement, including digital signatures, is legally enforceable and binding under applicable laws.
21. Governing Law
These terms 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.
Prepared by Bradley Lynam on 01 May 2025