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?
- When to include value of import in Box 7 61 1
- employer pension contributions - OMB company 160 2
- Accounts production software license expiry & possible alternatives 300 7
- Capital gain? 76 3
- Are clients getting more stupid? 1,245 21
- Construction Industry Allowable expenses 266 8
- Recharge for private use of a company car 346 8
- How could I be identified for VAT purposes in UK? 412 8
- vat help for catering concession 274 10
- IHT dilemma 1,153 17
- Tax return software for remote working 231 3
- CGT 331 14
- Problems with Sage 50 Payroll v21(2015) pension module 319 1
- Interest paid to non-UK company - Deduction 109 2
- Compliance check 511 13
- sole trader accountant 785 14
- Entrepreneurs Relief 400 15
- Capital Allowances and Building Improvements 604 21
- More AE! 498 11
- How to classify an asset 159 3
- Auto enrolment excuses 1,079
- Feedback on accounts production software for IFRS 777
- Add T&Cs to Sales Order in Sage 462
- Digita Hosted Software 279
- Call Centre Data Costs 251
- Are any of you agents for doctors? 223
- Credit where credit's due....... 216
- Buying goods in US and selling them to company in US 205
- Married Couples Allowance wasted? 186
- Director phone costs 149