Service charge accounting

Managing service charge accounts

Accounting for service charges in the property industry is a specialised area that requires expertise and an understanding of the sector.

Due to recent legislative changes and an increasing demand for property managers to provide more detailed financial information to its leaseholders, service charge accounting has become more complex to manage. Property management companies often fall prey to preparing accounts incorrectly and may not be compliant with current regulations.

It is vital for landlords and managing agents to get it right when running property management companies, residents’ management companies or right to manage companies, particularly when it involves important matters such as preparing annual service charge statements and statutory accounts, understanding the lease and legislative requirements, and undertaking assurance reports and audits.

Our dedicated and experienced service charge team work with over 200 property management companies nationally, and can help ensure you meet your service charge obligations. We offer tailored, straight forward advice on all aspects of service charge accounting, and as chartered accountants we can certify or audit service charge accounts, and prepare fully compliant statutory accounts.