Taking Account

020 3637 7968

info@mihproperty.co.uk

How MIH Simplifies Property Management in the Capital

Managing property in London, whether residential, block, or commercial, requires appropriate, compliant, and accurate accounting.

In the UK, property management companies must follow specific accounting regulations to safeguard client funds and maintain transparency. At MIH, we handle this for you, covering aspects such as:

Tax management

Property taxation can be complex. You must pay Stamp Duty Land Tax (SDLT) when purchasing a property, and any profit from selling it is subject to Capital Gains Tax (CGT). Rental income incurs income tax, and if you own commercial properties or operate through a company, you need to consider VAT implications.
Comprehensive Documentation

Property managers must keep detailed records of client accounts, including account opening documents, client identification, tenancy agreements, rental payments, deposit receipts, and relevant communications. We ensure that these records remain secure, easily accessible, and retained for the regulator-specified period.
Client Fund Handling

Property managers must manage client funds responsibly. We promptly deposit funds into designated client accounts, maintain accurate records of income and expenditures, and conduct regular reconciliations to ensure financial accuracy.
Segregation of Client Funds

We keep client funds separate from company operational funds to protect them in cases of insolvency or misappropriation.
Reporting and Compliance

We report to regulatory authorities, providing common reports such as client account balances, transaction details, rental income summaries, and records of disbursements made on behalf of clients.

Legal Obligations

At MIH, we not only fulfil your property management accounting requirements but also ensure legal compliance, which can be complicated and time-consuming to navigate for the uninitiated.

Section 42 of the Landlord and Tenant Act 1987 requires property managers to hold all service charge funds collected from leaseholders in designated trust accounts. Managers must set up separate accounts for each property or development to ring-fence the funds and avoid mixing them with other monies. Doing so protects leaseholders’ contributions and promotes transparency in how the funds are distributed. Failing to comply with Section 42 can lead to legal and financial consequences, including disputes with leaseholders. This can erode trust and accountability, both of which play a vital role in effective property management.

We are very familiar with all of the current property and safety legislation and look to ensure that our landlord’s meet these requirements – to keep everything running smoothly.

Leading Software

At MIH, we have invested in sector-specific software to help our team manage our clients’ daily business operations at the touch of a button. We use the award-winning MRI Qube Property Management software, a comprehensive solution designed to support property professionals in handling diverse and evolving property portfolios. It offers core functionalities such as:

Property-focused accounting
Service charge management
Facilities management
Customer engagement tools

These features operate within a flexible and scalable cloud-based environment, allowing us to accommodate and adapt to a multitude of customer requirements and business nuances.

Vigilance and Versatility

The platform supports different property types, enabling us to streamline operations and make our service more agile and responsive.

In today’s world, compliance is king, and many landlords are keenly aware of this. Our software allows us to effectively manage regulatory matters by tracking compliance statuses and flagging outstanding issues that could impact anything from tenant safety (which remains a top priority) to the eligibility of your insurance coverage.

The Owner Portal gives property owners real-time access to key financial and operational information about their properties. Owners can review financial reports, view occupancy details, and monitor maintenance requests. This transparency fosters trust and engagement between the MIH team and the landlords we serve.

Tenant Satisfaction

Our customer engagement tools enhance tenant and resident experiences, making them feel connected and heard. The Tenant Portal provides an easy-to-use online platform where tenants can access their account details, view lease agreements, make rent payments, request maintenance services, and track the status of their requests.

We Are Accountable

At MIH, we understand all aspects of legitimate, professional property management. By leveraging advanced tools like MRI Qube Property Management and staying vigilant about regulatory developments, we effectively navigate complex accounting requirements and maintain high financial management standards. Put simply, you’re in safe hands.