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Client account

If ocassionally receiving tax refunds on behalf of clients, is there a legal requirement to do this through a client account or is it acceptable to do through the business account?


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Clients account

I would say best practice - been in practice now for 20 + years and had one from day one and this always goes back to zero

I also try to pay out within 7 days !

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CCAB requirement
It is definitely best practice, regardless of who you are regulated by, but if you are ACCA or ICAEW then you MUST put client money in a client account.

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Reserve account?

Can you just use a 'spare' business reserve account, or do client accounts come with specific criteria with the bank?

Not being in the habit of receiving client funds (short of paying our bill!) we've never looked into it.

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