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?
- Auto Enrolment - Help each other by sharing known problems 701 10
- HP agreement in Directors name but payments under company 458 10
- Real time 186 2
- Withdrawal of a quote 369 7
- Opt To Tax Refund 245 3
- Paid staff their normal salary instead of SMP 204 2
- Pay rise - how to enter in Moneysoft 198 5
- New (non resident) client not filed in 20 years 599 15
- When to top-up pensions? 156 2
- Support / ticketing software 325 11
- Are Tax Agents designed out of online systems? 323 3
- Imported goods and VAT 129 1
- Annual Return for company for whom director/shareholder has died 434 15
- Divorcing husband, both 50% owners of a Ltd business 589 11
- Stamp Duty 170 3
- Entrepreneur - want to submit accounts by myself 1,862 22
- Company Number 10000000 990 13
- Online accounting provider for multicompany with turnover £10m 366 5
- CGT on lost shares/scam 226 3
- Anyone else getting these HMRC letters? 477 3
- Self employed and HMRC Worldwide Subsistence Rates 798
- Interest paid - do new rules affect Tax Credits? 469
- Market Invoice (P2P invoice discounting) tax treatment 287
- DTA tie-breaker issue 279
- CGT for NOn UK residents 241
- Tax Implicatins on a Directors Loan 218
- Apprenticeship Levy 216
- What are the tax implications of overseas sales through a UK based company? 209
- Just checking re PSA 195
- Capital Gains personal representatives 189