Free accounts sound good?
If someone doing your service charge accounts for FREE sounds good - read on.
It is a little known fact that the fine for not preparing service charge accounts and presenting them to service charge payers is £2,500 (see Section 25 – Landlord and Tenant Act 1985 & Section 37 – Criminal Justice Act 1982)*. And, IF you fail to comply with the requirements in sections 21, 22 and 23 of the Landlord and Tenant Act 1985 (see above) without reasonable excuse you will be committing a summary offence. *legislation applies where there are 5 or more service charge payers.
For BlockCare 300 members service charge accounts are included.
How we prepare the service charge accounts
Accounting for the money due (INCOME on the Income & Expenditure page)
- You logon upload invoices & tell us what bills to pay
- We pay the contractors from your bank account
- We bank the money into a Client account for just your block
- We manage the service charge arrears, so know who owes what
- We manage your bank account so know the balance of funds
- We know who needs to be paid from the payment requests you make
- We manage the share register so are aware of your share capital and reserves
Accounting for the money spent (EXPENDITURE on the Income & Expenditure page)
Accounting for the money due (debtors on the Balance Sheet page)
Accounting for the assets (creditors on the Balance Sheet page)
Go to RFAS.co.uk »
NOTE: Free service charge accounts applies for any full service charge year that you are a paid up BlockCare 300 member, part years and prior years accounts can be prepared from your records for a fee.
Preparation of Company Accounts
Company Accounts are not included within the base BlockCare 300 fee as not all Clients have a Freehold, Right to Manage or Residents Management Company. However, Ringley Final Accounts Service (RFAS) will provide you with a tailored quotation or you can check out their fee scale for Company Accounts preparation at https://rfas.co.uk
What is included for BlockCare 300 members is filing the Company Accounts (if any) and Where RFAS are instructed to prepare Company Accounts then dealing with trust tax returns and the Inland Revenue is included
For blocks of flats the Company Accounts that are required for filing at Companies House may be 'dormant', 'abbreviated' or 'trading' company accounts depending on whether ground rent is collected, lease extensions have been sold or whether owners have clubbed together and bought the freehold.