flat management company

What is the correct accounting treatment for the purchase of the freehold by a nominee company acting on behalf of a group of leaseholders?

 

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New guidance from the taxman on how property and “flat management” companies should present their accounts has confused accountants, reports Nick Huber.

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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.

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 I have just taken over a flat management company which has been going for eight years (including the first year when it was dormant).

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