Compli-Q Knowledge Base
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SRA Accounts Rules
- As the firm's COFA, should I protect myself from personal liability?
- Banking Facilities? Aggregated Funds
- Banking Facilities? Lack of Availability of UK Banking Facilities
- Banking Facilities? Lasting Power of Attorney
- Banking Facilities? Commercial Rent Deposits
- Banking Facilities? Trust Administration Work
- Banking Facilities? Investment Scheme and an Escrow Arrangement
- Banking Facilities? Unconnected Payments from Client Account
- Banking Facilities? Development Work and Holding Money
- Banking Facilities? Holding Unconnected Money in a Client Account
- Banking Facilities? Instructing Foreign Lawyers
- Can we use our general client account to manage deputyship funds?
- Can I pass the cost of taking credit and debit card payments on to clients?
- We have a residual balance where the rightful owner was a company registered in England and Wales that has now been dissolved? What do we do with the balance?
- Banking Facilities? Paying a child's legal fees
- Banking Facilities? Lender's condition on mortgage offer to pay off certain debts and credit card balances owed by the borrower
- Banking Facilities? Sale of the matrimonial home as part of divorce proceedings
- Can I pass on the cost of bank charges such as TT/Faster Payments on to my clients as 'Disbursements'?
- We carry out a lot one-off transactions for clients. However, instead of opening an individual client ledger for each client, we have a general ledger card on which we record the details of each client and the bills and costs received. Is this permissible under the SRA Accounts Rules?
- We've taken money on account of costs from a client. Does the sending of a bill automatically 'earmark' any money held in client account towards part or all of the bill?
- What constitutes to be a serious breach of the SRA Accounts Rules?
- Who should check and sign the client bank reconciliation?
- Is it permissible to issue the client with a bill of costs for an unpaid, not yet incurred, disbursement?
- Can we place client money on fixed-term client deposit account?
- Can I pass the costs of conducting client due diligence under the money laundering regulations on to my client?
- A solicitor would like to obtain the client’s approval to the bill before transferring costs to the business account. Is this permissible under the SRA Accounts Rules?
- Can I transfer costs from the client account towards unbilled disbursements paid from the business account?
- Does a client bank account need 'client' in the title?
- Show All FAQs (27) Collapse FAQs
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VAT
- What is a recharge?
- What is a disbursement?
- Do we need to notify the client of a bad debt write off that includes VAT?
- Can I Claim VAT on Business Mileage?
- Can I reclaim VAT on gifts purchased for clients?
- What are the time scales for VAT Bad Debt Relief?
- When should we issue the client with a bill and account for output VAT on our supply?
- Can I pass on the cost of bank charges such as TT/Faster Payments on to my clients as 'Disbursements'?
- Can I issue a credit note for bad debt relief?
- Oath Fees - are they subject to VAT?
- Do I need a VAT invoice to claim input VAT?
- A third party is paying my client's legal costs and has asked for a VAT invoice to be addressed to them. Is this permissible?
- Does a bill of costs need to be signed?
- You've received bank interest for money held in the business account. What VAT rate do you select when posting the receipt to the accounts?
- You've received bank interest for money held in the client account. What VAT rate do you select when posting the receipt to the accounts?
- Do I need to account for VAT on costs and interest awarded by the court for pursuing a bad debt?
- Can I pass the costs of conducting client due diligence under the money laundering regulations on to my client?
- Are Land Registry searches subject to VAT when billed to clients?
- Place of Supply and Estate Matters
- Show All FAQs (18) Collapse FAQs
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Billing
- What is a recharge?
- What is a disbursement?
- Can I pass the cost of taking credit and debit card payments on to clients?
- What are the time scales for VAT Bad Debt Relief?
- When should we issue the client with a bill and account for output VAT on our supply?
- Can I pass on the cost of bank charges such as TT/Faster Payments on to my clients as 'Disbursements'?
- Can I issue a credit note for bad debt relief?
- Oath Fees - are they subject to VAT?
- Do I need a VAT invoice to claim input VAT?
- A third party is paying my client's legal costs and has asked for a VAT invoice to be addressed to them. Is this permissible?
- Does a bill of costs need to be signed?
- Do I need to account for VAT on costs and interest awarded by the court for pursuing a bad debt?
- Can I pass the costs of conducting client due diligence under the money laundering regulations on to my client?
- Are Land Registry searches subject to VAT when billed to clients?
- Can I transfer costs from the client account towards unbilled disbursements paid from the business account?
- Place of Supply and Estate Matters
- Show All FAQs (15) Collapse FAQs
-
COFA/HOFA
- As the firm's COFA, should I protect myself from personal liability?
- Banking Facilities? Aggregated Funds
- Banking Facilities? Lack of Availability of UK Banking Facilities
- Banking Facilities? Lasting Power of Attorney
- Banking Facilities? Commercial Rent Deposits
- Banking Facilities? Trust Administration Work
- Banking Facilities? Investment Scheme and an Escrow Arrangement
- Banking Facilities? Unconnected Payments from Client Account
- Banking Facilities? Development Work and Holding Money
- Banking Facilities? Holding Unconnected Money in a Client Account
- Banking Facilities? Instructing Foreign Lawyers
- Can we use our general client account to manage deputyship funds?
- Can I pass the cost of taking credit and debit card payments on to clients?
- We have a residual balance where the rightful owner was a company registered in England and Wales that has now been dissolved? What do we do with the balance?
- Banking Facilities? Paying a child's legal fees
- Banking Facilities? Lender's condition on mortgage offer to pay off certain debts and credit card balances owed by the borrower
- Banking Facilities? Sale of the matrimonial home as part of divorce proceedings
- Can I reclaim VAT on gifts purchased for clients?
- What are the time scales for VAT Bad Debt Relief?
- When should we issue the client with a bill and account for output VAT on our supply?
- Can I pass on the cost of bank charges such as TT/Faster Payments on to my clients as 'Disbursements'?
- Can I issue a credit note for bad debt relief?
- Oath Fees - are they subject to VAT?
- Do I need a VAT invoice to claim input VAT?
- A third party is paying my client's legal costs and has asked for a VAT invoice to be addressed to them. Is this permissible?
- We carry out a lot one-off transactions for clients. However, instead of opening an individual client ledger for each client, we have a general ledger card on which we record the details of each client and the bills and costs received. Is this permissible under the SRA Accounts Rules?
- Does a bill of costs need to be signed?
- We've taken money on account of costs from a client. Does the sending of a bill automatically 'earmark' any money held in client account towards part or all of the bill?
- You've received bank interest for money held in the business account. What VAT rate do you select when posting the receipt to the accounts?
- You've received bank interest for money held in the client account. What VAT rate do you select when posting the receipt to the accounts?
- What constitutes to be a serious breach of the SRA Accounts Rules?
- Who should check and sign the client bank reconciliation?
- Is it permissible to issue the client with a bill of costs for an unpaid, not yet incurred, disbursement?
- Can we place client money on fixed-term client deposit account?
- Do I need to account for VAT on costs and interest awarded by the court for pursuing a bad debt?
- Can I pass the costs of conducting client due diligence under the money laundering regulations on to my client?
- A solicitor would like to obtain the client’s approval to the bill before transferring costs to the business account. Is this permissible under the SRA Accounts Rules?
- Can I transfer costs from the client account towards unbilled disbursements paid from the business account?
- Does a client bank account need 'client' in the title?
- Show All FAQs (38) Collapse FAQs
-
AML
< All Topics
We have a residual balance where the rightful owner was a company registered in England and Wales that has now been dissolved? What do we do with the balance?
PublishedApril 14, 2023
UpdatedJuly 29, 2024
Views57
Answer
Residual Balances Dissolved Company
Any funds due to a dissolved company registered in England and Wales may be bona vacantia, meaning it belongs to the Crown (or Duchy of Lancaster/Cornwall) and payable to the Treasury solicitor under the provisions of the Companies Act 2006.
In this event, you should clarify the situation with the Bona Vacantia Division of the Government Legal Department before you make an application to the SRA.
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