Accounting for Service Charges
We are preparing a set of accounts for a resident management company- that receives in maintenance charges on behalf of tenants and then pays out maintenance expenses etc.
We are aware that the income and expenditure should not be shown in the resident management company's set of accounts, as they are holding any monies received on trust. Any bank balances are also not owned by the company and should not be shown.
Basically, does that mean for Companies Limited by Guarantee, that they will have zero on their balance sheet and income and expenditure reports?
We propose attaching an appendix for the service charge accounts. I believe guidelines were going to be published to say how these service charge accounts should be produced, but due to a new government this won't be implemented in the short term (if ever). Therefore, can we produce the appendix in whatever way we want, and there are no actual statutory requirements?
I intend just attaching an income and expenditure and balance sheet, with no associated notes?
- Accounts Software 707 19
- practice planning 145 3
- Company Pension Contributions 2013/14 237 9
- Goodwill Valuation Prior to April 2002, with the intention of selling on due to personal changes 498 14
- Dividend Vouchers 375 5
- Gift to employee 413 14
- Profit accruing in fiduciary or representative capacity 162 3
- MS Surface Pro 3 147 2
- HMRC Penalties - are they enforceable? 1,115 37
- Child and Working Tax Credits and sudden increase in investment income - does this trigger a claw back? 187 3
- Anybody have that old ACCA Student Training Record (STR1) 158 1
- Question re Career choice... 1,665 10
- Which address 1,078 12
- Does anybody still use a Filofax? 613 20
- Financial statements in Word, with formulas 1,522 17
- Your fondest calculator memories 1,227 44
- R&D tax claim 264 7
- You think HMRC are inefficient? 553 9
- Tax Allowance on University Course 208 1
- Transfer of a business 132 1
- DTR : TIOPA 2010 Section 42 489
- CTA study material 464
- Sect 102 TMA 1970 339
- Pre incorp expenses 323
- Relief on French Tax Deposit? 274
- Anyone have clients that use Pay4Later to offer customers credit? 265
- What is the tax position if I am working overseas but via a UK agency? 214
- Gift Aid after 5 April, before 31 Jan - Tax Credits 169
- Taxation of partners in an LLP following new rules 140
- Employment related securities question 129