Property Management Company Accounts Question
Discussion
Girl in my work was asking this and wanted to double check what I told her.
Her block of flats have set up a management company to do whatever it is management companies do, factoring and what not.
My understanding is this would have had to be set up as a Ltd Company and as such although she can submit the annual return via the companies house website it must be prepared by an accountant?
Her block of flats have set up a management company to do whatever it is management companies do, factoring and what not.
My understanding is this would have had to be set up as a Ltd Company and as such although she can submit the annual return via the companies house website it must be prepared by an accountant?
emicen said:
Girl in my work was asking this and wanted to double check what I told her.
Her block of flats have set up a management company to do whatever it is management companies do, factoring and what not.
My understanding is this would have had to be set up as a Ltd Company and as such although she can submit the annual return via the companies house website it must be prepared by an accountant?
The annual return can be submitted online, although you will need the appropriate codes to do this.Her block of flats have set up a management company to do whatever it is management companies do, factoring and what not.
My understanding is this would have had to be set up as a Ltd Company and as such although she can submit the annual return via the companies house website it must be prepared by an accountant?
Apply here https://ewf.companieshouse.gov.uk/e93fb6e593db299a...
Basically, you enter the company number on the website, and Companies House will send the authentication code to the registered office of the company. Then the form can be filed online, but has to be authorised by a director or secretary of the company. Accountants can file on behalf of their clients, but need to have the necessary authorisation in place with Companies House in the first place, usually by way of a letter of authority from that particular company.
Management companies are, as you correctly state Limited Companies, and when a new owner moves into that 'block' he/she usually aquires an equal share of that company. Note that along with the annual return, various other forms need to be completed by the company. Form CT600 will need to be completed and submitted to HMRC together with the financial statements, as will an abbreviated set of financial statements need to be sent to companies house.
Accounts prepared for Limited Companies DO NOT have to be prepared by a qualified accountant. However, it is highly unlikely that a non-accountant or even an accountant who doesn't work in practice will have the required technical knowledge to prepare a set of accounts which complies with Companies House requirements.
Therefore, it would be highly advisable to have the accounts prepared by a suitably qualified practising accountant. Incorrect accounts will be rejected by Companies House.
Flat management companies are supposed to be non-profit making but interest received on current or deposit accopunts may be subject to Corporation Tax.
Therefore, it would be highly advisable to have the accounts prepared by a suitably qualified practising accountant. Incorrect accounts will be rejected by Companies House.
Flat management companies are supposed to be non-profit making but interest received on current or deposit accopunts may be subject to Corporation Tax.
Eric Mc said:
Accounts prepared for Limited Companies DO NOT have to be prepared by a qualified accountant. However, it is highly unlikely that a non-accountant or even an accountant who doesn't work in practice will have the required technical knowledge to prepare a set of accounts which complies with Companies House requirements.
Therefore, it would be highly advisable to have the accounts prepared by a suitably qualified practising accountant. Incorrect accounts will be rejected by Companies House.
Flat management companies are supposed to be non-profit making but interest received on current or deposit accopunts may be subject to Corporation Tax.
You're so thorough Therefore, it would be highly advisable to have the accounts prepared by a suitably qualified practising accountant. Incorrect accounts will be rejected by Companies House.
Flat management companies are supposed to be non-profit making but interest received on current or deposit accopunts may be subject to Corporation Tax.
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