SERVICE CHARGE ACCOUNTS PRODUCTION
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. Through our sister company Q1 Professional Services Limited (Q1) we are able to offer this service in line with the Landlord & Tenant Acts and RICS code of conduct.
We have the best accountants who are experts in this industry together with a property management system to provide accurate reporting.
To ensure best practice the following guidelines are followed:
- Ensure that the Service Charge Accounts can be produced and circulated within 6 months of the end of the accounting period.
- Review the clauses in the lease regarding the obligations to prepare and circulate the Service Charge Accounts and the requirement to have an ‘audit’ carried out.
- Ensure the tenants, Residents Association, landlord and managing agents fully consider and discuss, the wishes and needs of the tenants regarding the need for a statutory audit or merely an independent accountant’s review of the Service Charge Accounts, with regard to any additional cost.
- Ensure that RMCs and RTM Co’s statutory accounts exclude the Service Charge Accounts and trust bank account
Q1 is part of the Qdime Group.