Our experienced Property Services team are on hand to deal with the preparation of accounts for both single and multi-schedule residential and commercial developments. We deal with multiple managing agents and companies to provide timely, thorough and efficient service charge and statutory accounts for managing agents and leaseholders.
Not only do we work with managing agents and companies to produce service charge accounts and statutory accounts, but we can also deal with all Companies House filing obligations to ensure that you fulfil your legal obligations as a business.
what are service charge accounts?
When a building is separated into individually owned / occupied units, whether residential or commercial, service charge accounts are needed to formally manage shared running costs for the building. These can include cleaning and maintenance, lighting and heating for communal areas, waste collection, building insurance, security, and management costs.
Service charge accounts provide a formal summary of costs, typically based on estimates from previous years, and collect the charges from the occupiers. This ensures that the funds are available to pay for the required maintenance of the building as and when they’re needed. They’re typically charged annually, though the charges may be collected quarterly or bi-annually.
Property management companies, landlords, and agents use service charge accounts to set out and collect appropriate charges as agreed in the occupiers’ leasehold or tenancy contracts. It is a legal requirement to produce these accounts and file them with Companies House.
These accounts can be complex and may lead to disputes between occupiers and owners if they aren’t managed properly. Having a qualified accountant to prepare and certify service charge accounts reduces the risk of discrepancies, ensuring that your accounts are accurate and up to date.
contact us for service charge accounting
Accounting for service charges requires an understanding of the property industry and its technical specialisations. It’s possible for landlords and management companies to handle service charge accounts in-house, but there are many things that can go wrong if they’re mismanaged, with potential negative consequences for occupiers and owners.
It’s a better idea to rely on dedicated accountants who can comprehensively manage your service charge accounts for you. At gbac, our highly experienced team will assist with the preparation of service charge accounts through our seamless and pro-active service, keeping your accounts in order, your properties in their best condition, and the occupiers happy.
If you would like more information about how gbac can help you with your service charge accounts, please contact us via the form below and start the journey to see how we can assist your company in the long term.
We work with Managing Agents to provide them with Service Charge Accounts for them to issue to their leaseholders, on an annual basis. The clients range from small residential blocks to large commercial developments, involving different rules and regulations. We have a team who specialise in Service Charge Accounts to provide consistency and expertise knowledge so that our clients can provide their leaseholders with informative and clear financials.Nikki Stuart Property Services Manager
gbac’s attention to detail and thorough understand of service charge accounting has been instrumental in ensuring the accuracy and efficiency of our financial reporting. The professionalism and expertise of their team has consistently exceeded expectations, providing us with the confidence and peace of mind in managing our property portfolio finances. I highly recommend gbac for the service they provide!Antony Barron Director, Premier Property Management & Maintenance Ltd
Our specialist team are on hand to answer any questions you have about how we can assist you and your team.
The controversial Renters Reform Bill has taken a long time to pass through the House of Commons. After making some concessions in favour of landlords, the Bill must proceed through the House of Lords before becoming law.
So, what are the concessions, and how are leasehold properties affected? Here’s what landlords can expect if the Renters Reform Bill becomes law.
When buying two properties or more in a single or linked transaction, it’s currently possible to reduce the overall rate of Stamp Duty Land Tax (SDLT) through multiple dwellings relief.
This is a bulk purchase tax relief that allows the buyer to pay SDLT on the average price of each of the dwellings, so they can benefit from lower SDLT bands.
However, from 1st June 2024, the UK government will abolish multiple dwellings relief for SDLT to avoid disputes over questionable claims, particularly whether ‘granny annexes’ qualify.
This will impact buyers who purchase multiple properties in single or linked transactions from June 2024.
From Property Alerts for fraud prevention, to energy efficiency requirements for rented properties, to Making Tax Digital for Income Tax delays – it’s essential for landlords to keep up with the latest regulatory changes.
For example, the Leasehold and Freehold Reform Bill was introduced in Parliament last November and is likely to be passed into law in mid-2024.
Also in November, the National Trading Standards Estate and Lettings Agency Team (NTSELAT) published two more sections of guidance for sales agents and letting agents regarding ‘material information’ in property listings.
Here’s what these changes could mean for landlords when it comes to advertising a property or extending a lease in 2024.
