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Client account

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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By refs8
14th Oct 2010 12:18

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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14th Oct 2010 21:13

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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By Monsoon
15th Oct 2010 09:50

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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