Property Management Companies

Our residential property services focus on the benefits that we can bring to the principal stakeholders in this sector: Residential property owners and lessees, residential property management companies and their members, the directors of such companies and the property management agents.

The continuing debate and lack of definitive guidance as to the basis on which service charge funds should be accounted for and reported on present significant challenges to the accounting profession. Our services will ensure that our clients comply fully with the latest requirements and best practice and properly serve the best interests of the various stakeholder groups including the following:

Residential property owners and lessees

Service charge accounts, prepared from the source records and information provided to us, comprising an Income and Expenditure Account, Balance Sheet, Reserve Fund statement and supporting notes and allocation schedules as required.

Certification of Service charge accounts as required under the Landlord & Tenant Act 1985 that will provide assurance to all stakeholders that the Service charge accounts present a fair summary of the service charge expenditure for the period under review and is sufficiently supported by accounts, receipts and other documents.

Taxation compliance of the Service charge fund in accordance with HM Revenue & Customs requirements including preparation and submission of trust tax returns, advising the amount and due date of any tax payable and dealing with all correspondence from HMRC.

Service charge budget reviews including advice on reserve funds

Residential property management companies and their directors

Statutory company accounts, prepared from the source records and information provided to us, in accordance with the requirements of the Companies Act 2006 and UK Generally Accepted Accounting Practice.

Filing the company’s annual statutory accounts at Companies House.

Taxation compliance of the company in accordance with HM Revenue & Customs requirements including preparation and submission of corporation tax returns, advising the amount and due date of any tax payable and dealing with all correspondence from HMRC.

Statutory audit of the company’s annual accounts if required by law (rarely the case as most residential property management companies are below the audit exemption thresholds) or by the members. The audit will be carried out in accordance with International Standards on Auditing (UK and Ireland) to enable us to express an opinion on the truth and fairness of the company’s accounts.

Corporate services under which we will maintain the company’s statutory records and registers, complete and file statutory forms and annual return, issue share or member certificates and provide registered office facilities, if required. In addition we can advise and support the directors of the company in relation to their obligations and duties under the Companies Act 2006 including attendance at AGMs.

Residential property management agents

Review of the managing agent’s client accounting systems and controls to confirm compliance with their regulatory body’s rules.
Independent accountant’s report as required by ARMA and, in some cases, ARLA and NAEA.

All stakeholders

We provide a comprehensive range of outsourced services for all stakeholders in the sector including:

• Payroll
• Bookkeeping
• Management accounts
• Budgets
• Service charge demands
• Payment of supplier accounts
• Client accounting records

We understand the challenges that you face, to find out how we can help you please contact Sudheer Gupta.