Residents Management Company
Given the recent technical guidance from ACCA/ICAEW and UITF information sheet 92 can someone please confirm my thoughts.
I have a residents management company which owns the freehold with a statutory year end of 30 June. The lease states service charge accounts should be prepared to 31 March.
Following the UITF I understand that the RMCo is acting as principal and therefore the statutory accounts should include only the ground rent received and corporation tax thereon. Service charges and associated expenditure needs to be included in the service charge accounts to the date specified in the lease ie 31 March.
Both ground rents and service charges are collect via one bank account. I therefore assume that in the statutory accounts there needs to be net debtor to the service charge accounts until the ground rents are collected (ie CR Ground rent (SAY) £1,000, DR Corporation tax (SAY) £200, Debtor to balance (SAY) £800.
Have I missed anything?
- Director forgot to take salary for 2013/2014 1,857 11
- Can Sage 50 Forecasting work with Excel 2013 or Office 365 13 1
- What do "Former Contracted Out" rebates mean 99 1
- Downloads EU VAT from 1/1/15 151 4
- Do I need to pay Capital Gain Tax 434 22
- What are options for non CA firm 1,530 18
- Tick & Bash Bristol 199 4
- FRS to standard - check my understanding 88 1
- Are pre trading lossess able to be off set if the company does not trade? 46 2
- Accounting for VAT on an EU Acquisition 78 1
- Tax position re this lease? 134 2
- VAT on Training Courses 129 2
- No VAT apportionment on tools on hand at registration? 132 2
- Self employed travel expenses 147 3
- which software 378 4
- Filing Dormant LLPs with Companies House 60 1
- Is a tax return required - rental income? 390 4
- Audit exempt subsidiary 88 1
- Accounting treatment of service charges incurred prior to occupation 142 1
- Best apps for clients 278 4
- Proposed Amendments to IAS 1 576
- Property exchange - 8-year legal delay following fall-out 448
- Accounting for Insurance Premium Financing 351
- IFA incorporation 333
- Sorry ignore me 315
- Moving into own BTL property - allowable costs 270
- Will Ni be payable on the salary I receive abroad ? 262
- SAGE Payroll Data for Import to MS Dynamics AX 255
- Cancelled 196
- property ownership between husband wife three taxpayers 163