Estate & letting agents
Specialist accounting and advisory services to help lettings agents stay compliant and achieve growth.
Running an estate/lettings agency requires the ability to fine balance and manage many tasks. There is an abundance of legislation and administration that has to be adhered to. Housing Acts, Landlords and Tenants Act, Health and Safety, Assured Shorthold Tenancy Agreements, Terms of Business documentation, contractor’s and guarantor’s agreements, and information for the Deposit Scheme are just some of the matters that your business has to handle on a day-to-day basis. It means you can soon become overwhelmed unless good quality systems are put in place from the start.
Like solicitors firms, estate and lettings agents handle other people’s money (referred to as client monies), so it is crucial to keep accurate records that comply with the regulations for this. The problem is errors can easily be made due to the high number of transactions in these businesses.
Wellers can set you up with bespoke accounting software to record all your transactions in real time, thereby reducing the propensity for errors while providing you with reports to keep you informed of performance. We have many years experience advising agents in the fields of property sales and lettings. Our teams can produce reports for you required under the Association of Residential Letting Agents (ARLA) Byelaws as well as the Estate Agents (Accounts) Regulations 1981 (EAAR) and the National Association of Estate Agents (NAEA).
Other areas where we can help you include:
- A review of your firm to identify the main areas of risk
- Training and guidance on the implications of relevant accounting regulations and byelaws
- The creation of a compliance plan to monitor and help prevent any potential breaches
- Setting up a back office function and software (or work with existing software) to monitor and report on financial performance
Accounting and tax
- Accounts production and technical support
- The audit of the accounts to ensure conformity with the ARLA byelaws, EAAR and NAEA where relevant
- Preparing the annual Accountants Report
- Corporate/Partnership tax planning – advice on business structures, efficient remuneration and rewards
- Personal tax planning – handling personal tax returns and advice on tax breaks, reliefs and estate planning