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?
- Where do Balance Sheet Gains get recognised in CT600? 726 36
- P60 from HMRC Basic Paye Tools 4,085 15
- CGT on spouse's death 251 11
- Tax relief for networking day out? 455 12
- VAT on non-denominated postage 54 2
- Starting Again 254 11
- Is cloud accounting software all just pie in the sky 619 19
- CT101 Completion 127 1
- P&L Treatment of property assets 50 1
- Non resident pension withdrawal 144 2
- Mortgage Adviser's request 269 6
- P11D Software 774 9
- PAYE Dashboard inconsistency 201 4
- Why can't I paste into AccountingWeb? 267 5
- Can shareholders lend to their company at interest? 392 10
- Payroll software 187 4
- Company UTR numbers 305 6
- Summer house for business only 150 1
- Transfer of property to Limited Company 126 1
- New starter not showing on RTI FPS submission (MoneySoft payroll) 164 3
- Construction CIS LLP Company 596
- Services via intermediaries and new HMRC reporting requirements 581
- LIVE: Budget aftermath webinar 381
- Pensions Regulator 347
- NIC contribution on unremitted income 284
- Using the correct forms 262
- SA penalty proposals 251
- RTI - duplicate employee record 240
- Accelerated payment notices 229
- How hard is it to reduce a code? 216