Service charge accounts and audit services

Service charge accounts and accounting is required by landlords or property management companies who are collecting service charges needed to settle shared costs.

Managing these costs and collecting these charges have differing accounting requirements and require specialist knowledge and expertise in the leasehold sector.

As a member of the Institute of Chartered Accountants in England and Wales (ICAEW), our clients benefit from best practice and insight into the sector, aligned with the ICAEW’s TECH 3/11 service charge accounting guidance, combined with our understanding of the RICS Code of Practice for “Service Charges in Commercial properties”.

By working in partnership with our specialist team you can benefit from the following services:

• Providing an independent Accountant’s Report on the service charge expenditure
• Auditing service charge accounts if the lease stipulates that they must be audited
• Preparing summaries of relevant costs in accordance with section 21 of the Landlord and Tenant Act 1985
• Preparing the company’s corporation tax return and providing personal tax advice
• Completing trust tax returns on any taxable income arising from the service charge trust
• Preparing and filing the company’s statutory accounts with Companies House
• Issuing of shareholder/membership certificates and maintaining statutory records
• Preparing leasehold accounts – including income and expenditure accounts, balance sheets, setting out the key accounting policies and summarising annual expenditures
• Bookkeeping services for self-managed blocks and limited companies

If you’re unsure of when you would need service charge accounts, Jo-Anne Haulkham has detailed the answer here.

Specialists in our field

We look after and advise on a significant number of leasehold properties across the UK. Working in partnership with our clients and through our team’s significant specialist experience.

Our dedicated property team at Kreston Reeves can provide you with experienced service charge accounting and auditing services tailored to your needs. If you would like to learn more please contact us to discuss your service charge needs.