Category: Audit and Assurance

Accountant’s Report for Estate and Letting Agents

NALS rebrands as Safeagent

As of the 17th May 2019 the National Approved Letting Scheme (NALS), the UK’s leading accreditation scheme for lettings and management agents operating in the private rented sector, rebranded as Safeagent. Previously NALS and Safeagent were two separate brands. Safeagent, with the assistance of NALS since 2011, was focused on achieving mandatory Client Money Protection (CMP) for all lettings and management agents. NALS was an independent, not-for-profit accreditation scheme for agents, which has been operating for 20 years. Given that NALS and Safeagent shared the same goal of consumer protection, the decision was taken to merge the two brands, and trade under the one Safeagent name.

To become accredited with Safeagent, a firm must comply with the 4 Safeagent client accounting standards:

  1. Maintain separate client accounts.
  2. Withdraw from client accounts only under certain circumstances outlined by Safeagent.
  3. Record Keeping: maintain proper internal accounts showing the up-to-date position in relation to standards 1 and 2.
  4. Reporting: provide a declaration by an accountant confirming that the firm has bookkeeping procedures in place for handing clients’ money.

Mouktaris & Co have experience in helping clients with the regulatory, accounting and tax matters of property investment, sales and lettings. Our team can review your information system and records in order to produce reports required under the Association of Residential Letting Agents (ARLA) Byelaws, the Estate Agents (Accounts) Regulations 1981 (EAAR) and the National Association of Estate Agents (NAEA). We can also provide reports required for Safeagent, RICS and ARMA regulated firms.

Contact Mouktaris & Co Chartered Accountants to find out the many other ways we can help your business, including bookkeeping services, management accounts and advice on internal controls.

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