Client's bank account registered at my address

Issues with a client registering their bank account to my address

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Hi

I have recently set up in practice and I am working from home. I am happy for clients to have their registered office at my address, but I am unsure about bank accounts being registered to my address. I am concerned that having multiple bank accounts registered to my address could affect my credit rating, and could make me liable if the company defaults on their overdraft. Does anyone know if this is a problem?

Chris

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David Winch
By David Winch
03rd Sep 2018 12:13

Firstly, do check that you are authorised under MLR 2017 to have a client's registered office at your address.

Are you intending that you should be able to make any transactions on the clients' bank accounts? I would not recommend that, partly because if there is any mistake the client could blame you.

More generally, I would not be keen having your address linked to the bank account, partly for the reasons you mention.

David

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Replying to davidwinch:
Red Leader
By Red Leader
03rd Sep 2018 12:53

David - what's the MLR issue with the reg office at the accountant's address?

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Replying to Red Leader:
David Winch
By David Winch
03rd Sep 2018 13:07

It makes the OP a 'trust or company service provider'. If his MLR supervision is by HMRC they will want extra forms & fees off him for that.
As far as I am aware, the accountancy bodies who act as MLR supervisors cover it anyway as part of their normal package.
David

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Replying to davidwinch:
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By chrisacc1985
03rd Sep 2018 15:05

Thank you David. My supervisor is an accountancy body, who I believe cover this.

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By andy.partridge
03rd Sep 2018 12:30

Whatever would make you think that having a bank believe your client's address is your address is a good idea?

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Replying to andy.partridge:
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By chrisacc1985
03rd Sep 2018 15:08

Thanks Andy. The client went ahead and changed the address with the bank after I agreed to have his registered office at my address. I found out about it when I received a letter from the bank confirming that the change had taken place.

I have spoken to the client, who I believe was just confused, and he has said that he has changed it back. Will wait and see if I receive any more post!

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Replying to chrisacc1985:
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By andy.partridge
03rd Sep 2018 15:27

If it were me I wouldn't feel confident of having that particular client use my home as his registered office. Being a matter of public record that is one thing you can check he has done. If he wants to risk messing the bank about he can do it without you risking repercussions.

God save us from confused clients, particularly those who use 'confusion', 'forgot' and 'can't remember' as principal excuses for any action.

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By Tim Vane
03rd Sep 2018 12:37

Yes, it's a problem.

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By The Innkeeper
03rd Sep 2018 13:21

my barge pole is staying firmly in its cover

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By SXGuy
03rd Sep 2018 15:02

Don't do it. Your mad.

There's plenty of paid addresses you can use for your clients which scan and email any post to you. Don't use your own address!

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By ireallyshouldknowthisbut
03rd Sep 2018 16:57

I have never offered a reg office service, but do help clients who for whatever reason decide they don't want it at their home address.

Virtually all decide its less hassle to just use their address within 3 years.

As I always say "if you are worried about people connected to your business knowing your private address, ought I not be worried about them thinking you live at my house?"

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