How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8038
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

Our new bookkeeper suggested to move funds for our limited

This answer was rated:

Our new bookkeeper suggested to move funds for our limited company from the current business account to their client account with another bank. Is this something that’s potentially damaging with HMRC or something not worth even doing?

Hello and welcome to JustAnswer. I am here to help you.

Please clarify for me

- are the funds in question your company money sitting in the current account of bookkeeper organisation. If so, what are these funds?
Many thanks

Customer: replied 1 year ago.
Hi. The money is sitting in a business account at Barclays, set up to manage company finances. But suggested to transfer the money into a client account of the bookkeeper at NatWest.

Thank you for your reply.

I don't understand the rationale between transferring funds into a client account of the bookkeeper.

Does the bookkeeper access to management of your business bank account?

I am a qualified accountant in practise and I have never asked my clients to transfer the money from their bank account to my client bank account.

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 1 year ago.
Thanks a lot. Just wanted to clarify, if a substantial amount has already been transferred which I’m planning on transferring back. Would this be something that raises concerns with HMRC?

Thank you for your reply.

So long as you have explanations behind the transfers, you should be alright with HMRC. Funds are sitting in one balance sheet or another.

I hope this is helpful and answers your question. and other Tax Specialists are ready to help you

I thank you for accepting my answer.

Best wishes.