Experts in all things service charge including service charge management audits. Focussed on minimising service charge disputes
Bespoke property accounting:
Property is a tough business and service charge accounts are a specialist area. If your accounts don't stand up to court scrutiny you could lose the service charge debts you are trying to recover.
RFAS specialises in accounts preparation and supports Ringley Legal, our solicitors practice, and Ringley Property Management. It is this joined up thinking that gives us the expertise to ensure that your service charge accounts are right.
Many get service charge accounts wrong. What the accounts must include is set down in the Landlord & Tenant Act 1985 and the Commonhold & Leasehold Reform Act 2002. As is how to treat surpluses and deficits too. Yet, every year recovery of bad debts is put at risk when ccountants ignore the lease or don't follow the letter of the law. It is law that where there are FIVE or more service charge payers, formal service charge accounts must be prepared or you risk a £2,500 (Level 4 fee) (see Section 25 – Landlord and Tenant Act 1985 & Section 37 – Criminal Justice Act 1982) as failure to comply with the requirements in sections 21, 22 and 23 of the Landlord and Tenant Act 1985 without reasonable excuse is a summary offence and the Landlord will be liable on conviction to a fine not exceeding level 4 on the standard scale (which at the time of writing is £2,500).
For existing Ringley Clients...
If you are already a Ringley Client, by choosing RFAS you can be sure that your accounts are compliant and presented in a user-friendly manner. We will get them done quicker, in fact within six months or we'll do them for FREE. Also, we will understand the expenditure better than an external Acountant if you wish us to attend your your Board meeting or AGM
The obvious benefits of choosing RFAS is speed and a pro-active approach to queries. Your property manager is involved as our process includes a formal property manager debrief, as well as client/director involvement and the usual Ringley commitment to 100% transparency. Where the lease requires an audit, then it is accountant talking to another as they speak the same language.
Client Fund Debtors
RFAS has cleared £763,3955 worth of debtors. Recoveries are as follows:Chauser Place-£17807.92-From ATLAS BMC Ltd ,King Regents Place-£16,972-British Gas,Heia Wharf Block C-£9,492-Ground Maintenance.
Fastest Service Charge
The Accounts has been circulated within 6 months and No Section 20B notice has been served - Northiam Management Limited as RFAS main objective is to issue the accounts within 6 months from financial.
5 Years of Accounts Cleaned
Due to diminishing lease, the freeholder expenses cannot be recovered. There was also a variance on each service charge, thus the accounts were unfinished. This year we shortened the accounting period.