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?
- Depression - HMRC penalties case won because of this illness. 450 13
- Accounting for cash put into Ltd 61 1
- LTD home office - would HMRC seek to disallow 1,270 8
- RTI and corrections to payroll 1,243 13
- Accountancy practices - are you closed over Christmas or do you let your staff take it off? 978 29
- You know its over 391 4
- HMRC BACK AND FORTH FIGHT ON BTL PROPERTY ALLOWANCES 517 9
- How do you find shareholders of a Cyprus Company ? 251 13
- Valuing my fast-growing internet business for transfer of goodwill on incorporation 200 2
- HMRC won't let me set up online DD for PAYE 189 2
- What is the amount of dividends received as a shareholder that requires registration for self assessment? 299 3
- Cocaine anyone? 544 8
- Late Registration for VAT 503 13
- EIS/SEIS 163 1
- Amortisation of Goodwill 289 1
- TaxCalc Accounts production 437 5
- Solicitors now, Accountants next 743 10
- How come if you claim benefits you are not entitled to you either have to pay a 50% penalty or are sent to court and either fined or sent to prison (sometimes suspended) and end up with a criminal record. 576 10
- ACCA - still making me laugh 604 4
- Personal pension 411 9
- Hive up 497
- Accounting referance change & deficient accounts. 466
- corporate hierarchy 447
- Advice - 282
- Anyone had HMRC refusing to act on EPS database glitch? 230
- WWOOFers 225
- Co. limited by Guarantee now closed 212
- Art Gallery - Splitting a property between business and personal use 209
- Tax liabilities in USA for warehoused products 188
- Mutual Trading - Exempt CT Income - Do I need clearance? 181