Service Charge Audits
A Service Charge Audit is a specialised audit of Service Charge accounts for four or more properties in the same estate managed by a Landlord. The terms of the audit are governed by various Landlord and Tenant Acts.
Every person who receives untaxed income is responsible for declaring their income to HM Revenue & Customs. The government has now declared its intention to prepare tax returns on an individual’s behalf. The data will be calculated on the data collected by HM Revenue & Customs. We strongly advise that any tax return submitted or created by HM Revenue and Customs is very carefully reviewed
Simply expressed Trusts are formed by gifting assets to nominated people (beneficiaries) and the assets are managed on behalf of the beneficiaries by third parties – The Trustees. Trusts were first established in the time of the Crusades and have been the subject of much tax legislation since then. Properly established they can be very beneficial for future generations but need careful planning.
Unincorporated Partnerships and Sole Traders
In summary unincorporated Partnerships are effectively two or more sole traders working together for a common purpose. The legal compliance for Tax, VAT, APE are broadly the same as Limited Companies and LLP’s but the risk to personal assets in the event of non compliance.