Hi all
Can anyone advise if a letting agent were to transfer to a LTD co, would an audit be required as they (or rather Deposit Scotland) hold tenant's deposits? I know it's not quite the same as client monies but thought I better check.
Thanks
Replies (2)
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The holding of client money, or not, is not one of the criteria affecting audit exemption.
If the client is for example a member of ARLA they will be aware of the reporting requirement under their rules, which will apply without change if the business is incorporated.