Service charge accounts are used specifically in the property management industry to collect service charges from tenants, lessees or leaseholders. Accounting for service charges and service charge accounts in the property industry is a specialist area that requires expertise and an understanding of the sector. We can assist you with this work and ensure peace of mind when it comes to dealing with statutory filing matters. These services include:
Service charge accounts are prepared on the accruals basis and the account sheet should include a balance for the service charge fund, as well as an income and expenditure account and explanatory notes.
The preparation and management of year end service charge accounts can be time consuming. Landlords & Directors of Flat Management Companies can easily be bewildered by the range of filing options available to them. We remove this headache by preparing your service charge accounts on your behalf in a correct and timely manner.
We carry out a range of tax compliance work for Residents’ Management Companies.
We work with companies on informing them on how to compute the amount of Corporation taxes currently due and unpaid. We also advise on the Capital Gains when you sell a property to work out your gain and pay your tax on buy-to-let/business properties. Furthermore our service charge accountants offer tax advisory work including computation of tax liabilities which arise from Corporation tax, VAT, Trust tax, PAYE and personal taxes for directors or lessees.
If lessees are considering extending their leases then there may be unexpected tax consequences that arise as a result of the lease extension process. It is best to seek professional advice at an early stage to avoid a costly tax bill arising on the Company in the future.
Our service charge team is highly regarded in the Property Management sector and in 2017 we were crowned the “Service Charge Accountancy Firm of The Year” at the prestigious ARMA ACEAwards.
We have the specialist skills and experience to assist with accounting and services for Residents’ Management Companies. For tax advice, information or simply a quick chat about your service charge needs, you can call us on 01525 717424 (Luton), 02380 276323 (Southampton) or email us using firstname.lastname@example.org
For advice, information or simply a quick chat about your service charge accounts, please get in touch using our contact form
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