In tandem with our outsourced tax compliance offering, we offer a Client Money Premium Tax Clearing House Solution. The insurer reports all taxable premiums and remits funds for premium taxes to FRL once a month. FRL then ensures that the appropriate tax returns and payments are made to the relevant tax authorities on time.
FiscalReps continues to use HSBC in the UK for handling client money, in the following currencies: Sterling, Euros, Danish Kroner, Hungarian Florins, Bulgarian Levs, and US Dollars. The ideal scenario is that clients credit these accounts in the correct currency and FiscalReps pays away the tax funds as appropriate on the correct dates, and this is generally the case.
In the UK we use the HSBC product: Client Money Manager (CMM). CMM is used to create virtual client accounts, and this solution is endorsed by all client money regulators. Virtual accounts in a pool are also covered by the governments Deposit Compensation Scheme (FSCS). Client funds are recognised as separate designated accounts, albeit virtual. Funds are never offset against one another and statements can be produced at virtual account level, with clear client name and address details associated to the statement, which shows balance and all entries made since last statement date.
Due to local regulations stipulating that local bank accounts must be maintained, FiscalReps also has bank accounts in the following jurisdictions: Italy, Portugal, Spain and Greece. FiscalReps transfers required tax amounts to these accounts once a month for all clients in time for the jurisdiction's tax deadline, maintaining an account balance of nil. A very small number of clients, however, credit these accounts direct. We discourage this as we take very seriously the security of client funds. Given the present Eurozone climate we urge you to transfer your funds to our HSBC Client Money Account in good time instead of making direct credits to our overseas bank accounts. The reason for this is twofold: we transfer funds for all clients abroad in time for settling a particular jurisdiction's liabilities. In so doing we minimise the amount of time substantial client funds are held abroad. The second reason is that our HSBC Client Money accounts are endorsed by all client monies regulators and covered by the governments Deposit Compensation Scheme (FSCS).
With client numbers and jurisdictions growing, FiscalReps has invested in a multi-currency Client Money Accounting System provided by Access. You can find out more about our software provider here at
www.theaccessgroup.com. FiscalReps chose them because they offer us a true multicurrency solution, with the necessary inbuilt accounting controls and good reporting capability. They are also on the ICAEW Accredited Software List. This will be rolled out in Q2 2012. One of the underlying building blocks in the accounting system is a very specific tag on client funds. As a precursor our IPT technicians are currently contacting you with ‘Client Payment Requests' which specify Client – Country – Tax and we appreciate your cooperation with using these.
Should you have any questions on how this new Client Money Accounting System will impact you please contact me on 0207 663 5672 or email your query to
Email Susie Crew.