Best Practice Guidance For Residential Property Managers - TECH 03/11

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ARMA

ARMA released a technical guidance note - TECH03/11  check this link right here now- in November 2011 that is a well conceived, well researched and well thought out document. The note provides best practice guidance on how to prepare service charge accounts for residential properties. Its primary purpose is to help property managers decide what to charge for the services they provide to tenants. The document also includes a useful section on the accounting requirements of residential management companies.

The TECH0311 was accompanied by a booklet containing a set of useful illustrations, including examples of service charge accounts for different types of residential property. Its main purpose is to demonstrate how to prepare service charge accounts in a manner that is a) clear and b) accurate. The booklet also includes a glossary of terms for easier reference.
RICS

TECH 03/11 is a best practice guidance document for the preparation of service charge accounts. The report was issued by the ICAEW with the support of the RICS, ACCA and ICAS. Its aim is to raise the standards of service charge reporting. In particular, it outlines how service charge accounts should be prepared and signed off by a qualified accountant. The report is included in the ARMA Q Code of Practice and the Private Retirement Housing (ARHM) Code of Practice.

RICS has also published a code of ethics for managing agents. The code outlines ethics that must be followed by managing agents in order to protect their brands. The code provides a benchmark for the industry. Its aim is to raise the standard of management and to promote RICS ethos. This document is an excellent resource for the industry, and will help to raise the standards of management within the sector. It is also important to remember that ICAEW does not accept responsibility for errors, inaccuracies or misinformation in this publication. The RICS is the leading organisation within the surveying and property industries.

It is a good idea to follow RICS guidance on leases, particularly those with quiet clauses. Leases with specific steps to be followed should be strictly adhered to. However, the section 21 report is hard to understand, and conceptually flawed. The UITF continued to debate the issue.
Impact on FTT hearings

Among the major issues for respondents to the survey of First-tier Tribunal (FTT) hearings was the impact of the FTT's caseload. Many respondents noted that cases are delayed due to understaffing and lack of robust case management by the judiciary. Some also complained about delays in filing documents and listings. The survey also suggested that the FTT's administration was understaffed.

Another issue for respondents was costs. Many taxpayers are represented by tax barristers, accountants acting as agents, or tax enquiry specialists. However, some taxpayers choose to represent themselves at a tribunal hearing. This adds another layer of disparity. Some lawyers have voiced their objections to the move to remote hearings. This can be seen as discriminatory against clients who have asylum or are vulnerable.

In addition to the impact of remote hearings, respondents also pointed to the lack of communication by FTT administration. Some judges were criticized for not engaging with taxpayers during hearings. Some respondents suggested that the FTT should be more open about its goals and targets. It should also publish updates on its progress to meet them. It should also set out a plan to reduce the backlog of unwritten decisions.

The report also identifies potential for improving access to justice for litigants in person. It suggests that the FTT should list complex cases earlier. It should also increase the number of sittings allocated to fee-paid judges. It should also review the pay of FTT administration staff. The report suggests that the pay of FTT administration staff should be competitive with other civil service positions.

The report also recommends that parties prepare a judicial reading list in advance of a hearing. It also suggests that the FTT should list complex cases before service of witness statements.

The report also recommends a pro bono advocacy scheme. It also suggests that the FTT should set out a target for issuing judgments after hearing cases. It also suggests that the FTT should develop a plan to reduce the backlog of cases that are unwritten.

The report also recommends a higher overall number of FTT judges. It also suggests that the FTT should consider shortening its decisions.