Housing associations

Complex, and frequently confusing, accounting procedures for housing associations and registered social landlords (RSLs) especially with the upcoming changes being introduced by FRS102 can be a huge burden for a sector.

This in addition to a sector already under extreme pressure as noted by issues highlighted in the budget 2015:

  • Benefits cap reduced to £23,000 in London and £20,000 outside of the capital.
  • English Associations facing a reduction in social housing sector rents of 1% annually for next four years. Will Wales have to follow suit? Will banks attitude to the sector in general be affected.
  • Tax Credit and Universal Credit to be limited to families with up to two children from 2017.
  • Working age benefits frozen for four years.
  • Housing benefits for 18-21-year-olds scrapped for those deemed not vulnerable.
  • National Living Wage – A new, compulsory National Living Wage of £9 per hour for over-25s by 2020. Starts next April at £7.20 per hour – up from current minimum wage of £6.50.

The Institute for Fiscal Studies (IFS) think-tank said that the Budget will actually make the poorest tenth of families in the country around £800 a year worse off by 2019. The next-poorest tenth of families will experience an even bigger loss, with their annual income slashed by £1,100.

The Office for Budget responsibility believe the increase in the cost of wages for businesses will lead to cuts in hours available of 0.4 per cent – resulting in 60,000 lost jobs. Those cuts will hit people in lower paid jobs the hardest.

We have almost 40 years’ experience of acting for housing associations, charities and not for profit organisations. We currently act for 10 Housing Associations including standard RSL’s and stock transfers organisations.

In addition to carrying out the statutory audit, we have also provided assistance with group structures, trading subsidiaries, VAT and tax matters.

How can we help?

  • Accounting and audit services – specifically dealing with the issues pertinent to the charity and not for profit sectors
  • Taxation services including Gift Aid where relevant
  • SORP accounting and IFRS compliance where relevant
  • Payroll & VAT
  • Internal controls
  • Healthchecks
  • Governance reviews
  • Risk management and reserves policy advice
  • Completion of annual returns
  • Guidance on funding

To contact a member of our specialist social housing associations team, please click here. Alternatively please call us on 01792 410100. 

Had a great consultation with Harry on Tuesday morning, couldn't have wished for a better start to a great working relationship as I certainly will be using these guys' services in the future. Very professional from the moment we walked in , we were greeted warmly by the lovely receptionist Natasha and didn't wait long for our meeting to start at all, couldn't recommend these folks enough!
Caitlin Cooze
Caitlin Cooze
14:01 09 Aug 19
This is one of the largest accountancy offices in South West Wales with a history spanning over 100 years. This team of dedicated professionals certainly know what they are doing; in fact in my opinion they are the best practice in South West Wales by far. They've provided advice and support to my businesses over many years and despite their size, they still ensure immediate and personal access to the right people when advice or consultation is needed. Harri Lloyd Davies is one of the best in the business.
Laurence Winmill
Laurence Winmill
08:42 06 Dec 18
After using a few different accountancy firms, I must say; Bevan Buckland are head and shoulders above all of my experience. Genuine people who always have my business's interests at heart! Completely guided me through Making Tax Digital ready for April 2019.Cannot recommend them enough.
Jonathan Mayne
Jonathan Mayne
15:56 22 Nov 18
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Sarah Draper
Sarah Draper
21:40 24 Oct 17
Moving our business to Bevan & Buckland was like a breath of fresh air. Their accounts team are so friendly and approachable, easy to communicate with and easy to understand! They have a very efficient operation there, backed by a great understanding and use of available technology. This is important to us as it helps us to be more efficient with our accounting and leads to lower costs. I would highly recommend Bevan and Buckland's services to any business.
Simon Toft
Simon Toft
12:29 30 Mar 17
Bevan Buckland LLP rated 1 of the 3 Top Accountants in Swansea