Latest News

Scottish Energy Efficiency PRS Regulations now approved

26 February 2020

Ministers have approved The Energy Efficiency (Private Rented Property) (Scotland) Regulations 2019 which will come into force on 1 April 2020 and will prescribe a minimum level of energy efficiency from 1 October 2020 for homes in the Scottish Private Rented Sector (PRS). Read More...

More tenants than ever seek housing as rental stock dwindles

25 February 2020

ARLA Propertymark’s Private Rented Sector (PRS) report shows that the demand for rental accommodation has reached a record high in January, with an average of 88 prospective tenants registered per member branch. Read More...

No change to Right to Rent despite new UK points-based system

21 February 2020

The UK Government has announced that from 1 January 2021, free movement will end, and they will introduce the UK’s Points-Based System but they are still no closer to confirming plans for the future of Right to Rent checks after Britain leaves the EU. Read More...

Custodial or Insured, which scheme comes out on top?

17 February 2020

Propertymark Industry Supplier, Tenancy Deposit Scheme (TDS) reveal the most popular type of tenancy deposit protection scheme. Read More...

Take the stress out of your accountants’ report ... by not doing one

Wednesday 22 January 2020

The Letting Partnership, a Propertymark Industry Supplier who specialises in client accounting and HealthChecks looks at the traditional methods of client money account inspections compared to the alternative.

Holding client money comes with huge responsibilities and letting agents’ client money accounts must undergo thorough inspections annually. Traditionally this has to be done by a chartered or certified accountant who is a member of one of the Financial Reporting Council's Recognised Supervisory Bodies, who then provide an accountants’ report to verify that all client monies held have been accounted for and the accounts are intact.

Client money

Client funds include rents, tenant deposits, reservation payments, landlord floats, non-resident landlord tax and any agent that handles client money, or trusts the handling of its client money to a Client Accounting Service Provider must have their client account verified annually. 

Traditional accountant reports

The accountants’ role and the purpose of their report is to identify and highlight any non-compliance in the account and to also provide a summary of what needs to be done to ensure that the agents’ clients account is compliant. 

This sounds perfect, right? Correct. But there are common problems that agents have with using this traditional method of obtaining their required annual client account reports and as you read this, you will probably agree that these are issues for you and your business too.

Do you ever have enough time?

When you are so busy running your business, do you ever have enough time for the admin side? The majority of agents don’t. Do you have time for lengthy meetings with accountants to go through your figures, particularly when their working hours are likely to be the same as your working hours?

Accountants are expensive

In most cases not only are accountants costly in terms of money they are also a cost in terms of time. Time in the office which you and your staff could be using to do what you do best – growing your business.

What’s the alternative?

The Client Account HealthCheck. It’s straightforward, fast and cost effective.  The online questionnaire is accessible 24/7 and takes most agents less than an hour to complete.  Turnaround time from submitting the questionnaire to receiving the final report averages 10 days. Compliance and good practice are also taken into account in the report and any breaches are highlighted together with recommendations and practical advise on what needs to be done to rectify them.

At a cost of only £300 (including vat) instead of the £1000s of accountants’ fees, providing a HealthCheck instead of an accountants’ report makes good sense.

Client Account HealthChecks are carried out by The Letting Partnership who are market leaders in outsourced client accounting and client money protection. As an award-winning professional services provider and trusted Propertymark industry suppliers you can be sure that your client money verification is in extremely safe hands. 

More information