I recently purchased a flat in a building under leasehold that consists of only 3 apartments in total. The seller is willing to sell the freehold of the entire building under the structure of Resident Property Management limited company (by shares). I agree to the sale and become the sole director of the limited company which has the overall freehold of the property.
I am allowed to collect £200 ground rent from each leaseholder and I also intend to share the service charge (building insurance) among us three. I will not make any profit of the service charge and thus the ground rent will be my only income. My question is do I need to file any tax return on behalf of the company/for myself for the ground rent that I gain in this case?
Please kindly suggest if there is a simpler way to deal with this situation as it is quite pointless to hire an accountant to do the paperwork just for that little ground rent income. Alternatively, can the tax returned be filed by myself without hiring an external accountant?