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Year End Accounting Tips for Resident Management Companies

Year End Accounting Tips for Resident Management Companies

This article is explicitly designed to aid Resident Management Company (RMC) directors in complying with the provisions of both the companies act 2006, The landlord and tenants act 1985 (sections 21 and 21A) and the Commonhold and Leasehold reform act 2002 (section 152) when producing year end accounts. RMC’s, or indeed any company owned or […]

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Service Charge Accounts vs Company Accounts

Service Charge Accounts vs Company Accounts

This point often causes great confusion as they look very similar and, indeed, if constructed correctly, a single set of accounts can be both company accounts AND service charge accounts. The difference between the two is merely in the laws that each has to comply with. Service Charge Accounts. Service charge accounts are designed to […]

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Accounting for Service Charges

Accounting for Service Charges

In October 2010 the institute of Chartered Accountants England and Wales (ICAEW) issued a technical release, “Accounting for service charges.” The release caused a lot of controversy in that it stated that as residential services charges are subject to statutory trust it proposed that where service charges are accounted through a residential management company, the […]

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Setting the service charge budget

Setting the service charge budget

Trying to calculate an appropriate service charge for your estate can be a bit of a black art and can be prone to a high degree of subjectivity. Factors such as the culture of the estate and attitudes to risk are “subjective” but the following guidelines should help. 1. Check the lease or transfer before […]

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Leasehold law relating to service charge accounting

Leasehold law relating to service charge accounting

Landlord and Tenants Act 1985 Section 21: Summary of the service charge costs. Leaseholders have the right to request a summary of service charge expenditures Section 21A: If section 21 is breached, the tenant might withhold the payment of the service charge. Section 21B:  Service charge information, summary of the rights and obligation of the […]

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