Darren Bagnall from Manage Your Block discusses how, as a sole Director, it is possible to manage a block of flats.
Managing a block of flats can be a complicated and busy occupation. The health and safety, maintenance, and bookkeeping aspects can be daunting and they’re rife with pitfalls. That’s why, in most cases, Residents’ Management Company-run blocks are looked after by dedicated teams of officers, led by a Director.
But it is possible to run a block as a sole Director, especially with the help of software designed for the task. You’ll still need to be organised and meticulous, determined to keep up with legislative changes and an ever-evolving sector, but the right software can take the stress (and paperwork) out of the equation.
You’ll also need to make sure that you and your personal assets are protected by the right insurance. More on that later.
Read on to find out how Manage Your Block can help you maintain your block to the highest standard, while also helping you to keep on top of your duties as a sole director.
Manage Your Block is designed by and for Resident Management Company Directors, keeping simplicity and usability in mind. It’s packed full of useful features without being overwhelming or complicated to use.
- Calendar for planning and reminders.
- Secure cloud storage for all your documentation.
- Contractor contact list – quote requests and works orders can be sent directly from the software.
- Owner and Leaseholder contact list to keep all your resident’s details in one place.
- Alerts function to contact all stakeholders in an emergency or to make them aware of an upcoming event.
- Notes can be used to support your audit trails.
- Manage Your Block Plus includes the service charge function where you can prepare and track your demands.
All of the above are obviously great for managing your block, but they can also be utilised to keep you on track in terms of your obligations as a limited company director.
What Are My Obligations as a Sole Director?
There are a fair few stipulations involved in running a limited company, but it’s nothing a few diary reminders (and perhaps an accountant) can’t handle.
You can find all the information you need on the Government website, but here is a run-down of what’s required, plus some insight into how Manage You Block can help.
There’s a fair bit of paperwork involved in maintaining your company records. Thankfully, Manage Your Block’s secure cloud storage means you can file all your paperwork online and avoid the dreaded box files.
You can store and add notes to all of the following:
- Articles of association
- Insurance documentation
- Details of any loans and repayment dates/recipients
- Details of any indemnities
- Details of any loans or mortgages secured against the company’s assets
- Tax returns
- Confirmation statements (your yearly confirmation to HMRC that the details they have for the company are still correct)
- Financial records (you can be fined £3,000 by HMRC or disqualified as a company director if you do not keep accounting records)
Note: You must keep financial records for 6 years from the end of the last company financial year they relate to, or longer if:
- They show a transaction that covers more than one of the company’s accounting periods
- The company has bought something that it expects to last more than 6 years, like equipment or machinery
- You sent your Company Tax Return late
- HMRC has started a compliance check into your Company Tax Return
As you can see, there’s a fair bit to remember, but Manage Your Block’s calendar and diary reminders are here to help.
You can set yourself reminders for:
- Any obligations laid out in the articles of association
- Reporting any changes that HMRC needs to be aware of
- Filing your accounts and your Company Tax Return
- Paying your Corporation Tax
- Loan repayment dates
- Confirmation Statements
- Renewing your Management Liability Insurance
That’s a lot of details out of your head and onto a reliable system, leaving your mind freer to concentrate on the day-to-day running of your block.
Management Liability Insurance
As a Director of a Residents’ Management Company, Residents Association or Right to Manage Company, you have many legal responsibilities and could be held personally liable for decisions made or actions taken whilst working in your position.
Residentsline’s Management Liability Insurance includes both Directors and Officers Liability Insurance and Corporate Liability Insurance in one policy wording; protecting past and present Directors, Officers and your Company against claims.
Policy cover includes the cost of defence, and in some cases the amount of awards and damages as a result of claims and prosecutions made in a wide range of situations. With cover starting at less than £100 per annum, it’s not a risk you want to take.
Manage Your Block aren’t here to tell you how to run your block of flats, but we can provide you with highly specialised software to make the management of your block much easier. Call us for more details on 0333 577 9070 or email firstname.lastname@example.org.