Service Charge Accounting
Service Charges are charges which have to be paid by Leaseholders of a Residential or a Commercial development to the Landlord, the payment schedule is determined by the Lease. Costs normally included in Service Charges include costs for maintenance of the Development to which the leaseholders & their lease relates.
Service Charges are normally divided into three sections:
- The daily running expenses of the Development, these are known as Service Charge Costs
- Long-term expenditure is categorized into the Reserve Fund
- Large unplanned expenditures are categorized as Major Works
Clear House Accountants are specialist Service Charge Accountants in London who have years of experience in Service Charge Accounting. We understand how complex Service Charge Accounting can be, with our in-house panel of experts we can assist in providing off the shelf or bespoke solutions for all your Service Charge Accounting requirements, our accounts preparation service for service charge accounting can be as minimal or as comprehensive as required by our clients.
The preparation and management of year-end service charge accounts can be time-consuming. Landlords, Developers, Property Management Companies & Directors of Flat Management Companies can easily be bewildered by the range of complications. A good Service Charge Accounting firm will make the preparation of these accounts easier while consuming the least amount of your time. Clear House Accountants, remove the stress of preparing service charge accounts while staying compliant with the Lease Requirements, Technical Standards prepared by Joined professional bodies and Associations such as ARMA/ACCA/ICAEW/RICS etc and The Landlord & Tenants Acts, while saving you time and money, helping you focus on what actually matters which is building your Service Charge Company.