This week one of our agencies were having trouble juggling their cash-flow each month due to the withholding of the VAT and CT in their main bank account.
TBOS suggested that they set up two deposit accounts to separate the VAT and CT funds so the amount in their main account was what they could spend each month. It was agreed that whenever a permanent invoice was paid that TBOS would transfer the VAT element of the payment received directly into the VAT deposit account. Also at the end of each month when TBOS produced the monthly management accounts that TBOS would transfer the CT accrued figure for the month into the CT deposit account. TBOS liaised with the bank to complete the forms on behalf of the agency.
TBOS help recruitment agencies with banking in the UK and overseas. Our expert team are on hand to alleviate the pressures of managing finances with our complete book keeping services and general accounting advice. So if you’re setting up a recruitment agency or simply want some assistance with your recruitment business, contact TBOS on 0845 8811 112 or complete our contact form and one of our team will be in touch.