Do I need a client account?
Your organisation must have evidence that the account holding client money has been designated as such by the bank.
If you do not intend to take deposits and will only invoice clients after work is completed, you do not need to have a client account..
What is a designated bank account?
A designated bank account means that a customer or company gets an account under their own name. … it also means that funds send to this account always belong to the account holder (the designated bank account holder).
What is a client account?
a bank account that a person, business, or organization keeps for a customer in order to keep the customer’s money separate from their own: Solicitors have a duty to account to their clients for interest earned by placing such monies in a solicitor’s client account.
What is a client money account?
Client Money is money that a Firm holds or receives for or from a client and can be of any currency. This could be in the form of cash, draft, cheque or electronic transfer and includes money held by the Firm as stakeholder, and which is not immediately due or payable on demand to the Firm for its own account.