Client account

Client account

Didn't find your answer?

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?

Replies (3)

Please login or register to join the discussion.

avatar
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 !

Thanks (0)
avatar
By dbowleracca
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.

Thanks (0)
Image is of a pin up style woman in a red dress with some of her skirt caught in the filing cabinet. She looks surprised.
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.

Thanks (0)