I am working on accounts for a Conservative Club, having taken the client over from a retiring colleague.
I understand that profits from the day to day running of the club are not liable for Corporation Tax. The club also has investment income from a managed portfolio which is liable for CT.
However, this year monthly rental income from a residential property has appeared, along with monthly property management fees. I am still trying to get to the bottom of this, as in where has this property appeared from, but am I right in thinking that the profit from this should be liable for CT?