Guidance

Important guidance on accounting and reporting in relation to residential service charge accounts was released in October 2011, prepared by a joint working group comprising representatives of the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants of England and Wales (ICAEW), the Association of Residential Managing Agents (ARMA) and the Royal Institution of Chartered Surveyors (RICS).  

The guidance relates to residential leasehold property on which variable service charges are paid by leaseholders in accordance with their leases to cover the cost of providing services, repairs, maintenance, improvement, insurance or management.

Without doubt, awareness of the need for better service charge accounting is required in order to improve standards and promote best practice among those responsible for collecting, and accounting for, service charge monies, whether they are professional property managers or Residents Management Companies including RTMCo’s.

We are fully conversant with the guidance on Service Charge Accounts and work closely with property managing agents to ensure that expenditure is thoroughly examined and verified in line with the guidance and for the benefit of all parties. 

We are also Affiliate members of the Association of Residential Managing Agents (ARMA).

Free consultation

We would be delighted to assist with your service charge accounting requirements and would be happy to offer a free consultation.  Please contact the head of the Service Charge Accounting Team:

Nick Bullen
Partner 
Email: nickb@whitleystimpson.co.uk
Tel: 01295 270000