SERVICES

Service Charge Accounting

Transparent, compliant, and tailored to you — without the jargon overload.

Service charge accounting doesn’t have to be a headache. We make the process clear, compliant, and hassle-free — giving you accurate accounts and peace of mind, year after year.

Often, reserve funds are also built up over time in order to smooth out big expenses — for example, a new roof — so you’re not suddenly passing the hat around in a panic when the rain starts coming in. Your lease will determine what can and cannot be collected under the service charge system.

Why You Might Need Service Charge Accounts

Real-Time Financial Clarity
When a building or estate is split into multiple units, costs for shared services — such as utilities, cleaning, repairs, and insurance — need to be fairly divided between occupiers.

We prepare formal accounts to:

  • Schedule the costs incurred

  • Allocate each occupier’s share fairly

  • Prevent misunderstandings (and stop “but I never use the lift!” disputes in their tracks)

Residential Property Service Charge Accounts

The reporting of residential service charges is governed by:

  • Landlord and Tenant Act 1985 (LTA1985)

  • Commonhold and Leasehold Reform Act 2002 (CLRA2002)

Most commonly, such accounting is required where you have a leasehold block of flats. Service charge funds are commonly held under trust as a requirement of the LTA1985. Leaseholders are given the accounts annually so they can review and understand the costs incurred on their behalf to maintain and or enhance  their property or estate.

From an accounting point of view:

  • Annual accounts must be filed with Companies House

  • These are often non-trading accounts — service charge funds belong to the leaseholders and are usually excluded from the company’s own balance sheet

  • If the company owns the freehold, it may receive taxable income (e.g. ground rent or lease extension fees) plus their related costs. A net surplus after all costs will often result in a corporation tax liability.

Residential Landlord Company Statutory Accounts

In some cases, your lease will require a limited company to be set up to manage the service charge “entity.”

The company may:

  • Hold the freehold interest in the property

  • Manage the property

  • Or do both

In many cases, these companies are set up as Right to Manage (RTM) companies — where the leaseholders take control of managing the building themselves.

How We Can Help

At Continuum, we work with:

  • Local and national property managing agents

  • Directors of RTMs, RMCs, and freehold companies

We provide:
✅ Timely and accurate service charge & statutory accounts
✅ Advice in plain English (no baffling jargon)
✅ Flexible, tailored reporting formats
✅ Fair, transparent pricing

We adapt our service to suit your needs. While many accounts follow a set format, we make sure the reports are relevant and easy to understand for the people who actually need them — not just the accountants in the room.

We can also advise on your systems, help you stay organised, and even make sense of your spreadsheets (no matter how creatively they’re named).

Why Choose Continuum?

We can’t promise to make the legislation thrilling, but we can make it understandable — and a lot less painful. At Continuum, you’re not just getting an accountant — you’re getting the combined expertise of a growing, knowledgeable team who specialise in service charge accounting and genuinely enjoy making the numbers make sense. We work closely with managing agents, company directors, and property owners across Winchester, Hampshire, and beyond — providing advice that’s tailored to your situation and explained in plain English. Whether your needs are straightforward or complex, we’re here to simplify the process and keep things running smoothly.

Ready to make service charge accounting simple, clear, and compliant? Contact us today to learn more.

Get Started with

Continuum

Our team is here to talk through your accounting and tax needs and help build the right service package for you, with the freedom to change as your company develops.


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