LLPs need to budget

Desmond Hirsch, a director and head of commercial services at Cambridge consultant surveyors Januarys has reminded firms changing over from partnership to LLP status that they need to budget annually for the cost of potential dilapidation claims when their leases expire.

 

“Firms need to make sure that these costs form part of their accounts - every year,” says Mr Hirsch. “If they don’t, they could be unaware of potential liabilities. A company’s liabilities can be open ended and, particularly in these uncertain times, it’s important to know where they stand.

 

“I’ve recently carried out a dilapidations report on a large range of properties for a professional client. Within one week I was able to gather all the required paperwork and compile the basis of a report on potential liabilities. One week later, all the properties had been inspected and photographed and a report submitted for board consideration and inclusion with the year end accounts.

 

“Make no mistake, this is potentially a very big issue for companies. Januarys has expanded its Building Survey Department to meet this new need and we would urge all firms who think they might be affected to make the appropriate arrangements.”

 

For more information contact Desmond Hirsch at Januarys