Service charge accounting for residential property companies
We know that directors of RMCs have a difficult task. At some stage, you will need the support of professional service charge advisors. We have considerable experience of supporting RMC directors and can assist you with your service charge accounting responsibilities and attach a bespoke report to the accounts. Above all, we will make efforts to support you and your business.
Directors of Residents’ Management Companies benefit from our long experience in service charge accounting for residential property companies. We provide a number of services for residents’ management companies including:
When any limited company is formed, HM Revenue & Customs require Corporation Tax returns to be submitted annually. We will handle your corporation tax calculations and we can prepare the relevant forms for you or as in most cases, we will request for dispensations to be granted by HMRC as the companies are mutual trading entities, which will therefore provide a fast, cost-effective service for all RMCs allowing them to comply with those regulations easily and in a timely manner.
General taxation and VAT
We can provide full advice on complex legislation and bookkeeping requirements of VAT issues for commercial and mixed-use properties.
Systems reviews and audits
If the lease to the property specifies that an “audit” report is required to the service charge accounts then the audit should be carried out in accordance with International Standard on Auditing, ISA800. We can carry out a system review and service charge audit to ensure that you are getting the best out of your work practices and processes.
We are frequently called upon to perform investigative accounting for our clients. If you are involved in a legal case, to resolve disputes between tenants and landlords, or as part of a due diligence process when managing agents change then we can help.
Payroll & pension contributions
Where expenditure contained within the service charges includes wages paid to an employee, such as a porter, pay as you earn (PAYE) needs to be operated on that payroll.
If the service charge does employ the services of employees, with the commencement of auto-enrolment, they will be required to enrol eligible employees into workplace pension schemes and make minimum pension contributions on their behalf.
Company secretarial services
In addition to the accounting services we provide a range of secretarial functions. These include completing annual returns, supply of a service address, acting as a registered office and the necessary re-issuing of share certificates when owners move.
Talk to one of our residential service charge experts today
Being the Director of a Residents Management Company or RTM Company can be a daunting. Our service charge accounting services provide peace of mind that you are meeting the legal requirements in a cost-effective way.