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Client's monies, non FCA business

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18th Jul 2019 14:31

CloudAngel wrote:

Hi, I have a client

2) Do they have to account for client's rent as income and their fees as gross profit?

Sorry you have clients, what sort of business is it that you run?
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to Wanderer
18th Jul 2019 14:43

umm.. accounting services... thought this community is for accountants, no?

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to CloudAngel
18th Jul 2019 15:02

Yes correct.

It's just that you joined today and your question shows a remarkable lack of understanding of the basics. Normally this suggests a freeloader who isn't an accountancy professional.

Answers to your questions are:-
1. Yes, see here:-
https://www.gov.uk/client-money-protection-scheme-property-agents
http://www.flat-living.co.uk/advice/281-what-codes-of-practice-you-shoul...
2. No.

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18th Jul 2019 16:02

Another annoying new joiner who's deleted their question.

OP has a property managing agent as a client.

Question 1 asked if client should keep client's money in a separate account.
Question 2 asked if client should record their customers rental income as part of their own income.

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