Accounting services for resident management companies
If you own and run a small resident management company then we offer a range of services to give you peace of mind that your accounting requirements are expertly looked after.
Resident Management Companies (RMCs) have specialist accounting needs and we can be there every step of the way to ensure a smooth path for your accounts.
How RMC accounting requirements differ
Specialist accounting knowledge is required for RMCs. One main difference is that RMCs are exempt from having to submit tax returns to HMRC.
What we can do
RMCs are frequently established as Trusts. This has an impact on how the money they hold is viewed. We can help you ensure your statutory accounts correctly meet all requirements, including the filing of dormant accounts where relevant, thanks to the unique rules relating to RMCs.
Producing service charge accounts
Complex legislation affecting managing tenants who request a service charge means getting to grips with how charges are prepared and presented. The need for a service charge may also be set out in a lease agreement. At Midas, our specialist staff can help you prepare service charge agreements to ensure you meet all requirements to fit in with legislation and relevant guidelines.
Submitting tax returns
As touched on above, the Trust status of RMCs mean there isn’t any tax liability within a RMC. However, income or interest earned through the Trust’s assets is taxable. If tax is deducted at source then a self assessment return should not be necessary under most circumstances.
We can advise if an audit is needed and offer straightforward advice on why in many cases, it’s not necessary. Should you have any concerns or questions about your accounting needs as a RMC, Midas can help make complex rules and regulations accessible to help you understand and keep on top of statutory requirements.
For more information on this service, please call 01922 418111.