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HW Service Charge

Technical Library

There is a wealth of legislation and documentation related to service charge accounting, most of which you will need to refer to only occasionally. However, it’s important stuff so we have included it here. If you have any questions, just give us a call.

ARMA Q – Consumer Charter & Standards – This document sets out the principles which members of the new self-regulatory regime for managing agents are required to follow.

Landlord and Tenant Act 1985 – An Act to consolidate certain provisions of the law of landlord and tenant formerly founding the Housing Acts. This is the basis for how all landlord and tenant relationships should be conducted.

Landlord and Tenant Act 1987 – An Act to confer on tenants of flats rights with respect to the acquisition by them of  their landlord’s reversion; to make provision for the appointment of a manager at the instance of such tenants and for the variation of long leases held by such tenants; to make further provision with respect to service charges payable by tenants. This act also contains regulations to be adhered to in relation to the way client funds should be held, (Section 42).

Commonhold & Leasehold Reform Act 2002 – An Act to make provision about commonhold land and to amend the law about leasehold property. This act initiated the ability to form Right to Manage Companies (RTM).

ICAEW TECH 03/11 – A guide from the Institute of Chartered Accountants in England and Wales relating to service charge accounts for residential properties. Residential Service Charge Accounts and Reporting in Relation to Service Charge Accounts for Residential Properties on which Variable Service Charges are Paid in Accordance with a Lease or Tenancy Agreement.

ICAEW TECH 09/14 – A guide from the Institute of Chartered Accountants in England and Wales relating to service charge accounts for commercial properties. Commercial Service Charge Accounts and Reporting in Relation to Service Charge Accounts for Commercial Properties on which Variable Service Charges are Paid in Accordance with a Lease or Tenancy Agreement.

ISA 800 – A special purpose audit framework introduced by International Standards on Auditing which is relevant to service charge accounting as referred to within ICAEW TECH 03/11 and ICEAW TECH 09/14 (effective for audits of financial statements for periods beginning on or after December 15, 2009).

ARMA S20 Consultation Private Landlords Document – This explains the procedures for landlords, resident management companies and their managing agents in the private sector in England and Wales to consult their lessees and tenants before entering into certain kinds of expenditure paid for from service charges.

FRED50 – Draft Abstract 1 – A Financial Reporting Exposure Draft which discusses the treatment of service charge transactions in the financial statements (Statutory accounts) of residential management companies (RMC).

For advice, information or simply a quick chat about your service charge needs, please get in touch using our contact form

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Flitwick
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Luton

42 High Street
Flitwick
Bedfordshire
MK45 1DU

Tel: 0333 777 8131

Southampton

130 Bournemouth Road
Eastleigh
Hampshire
SO53 3AL

Tel: 0333 777 8131