Hi, I look after a number of Residential Management Companies and am used to not having to prepare a tax return for them as long as the bank interest earned is less than a certain amount.
However, one of these companies received £4,000 during the year from a filming company who used their building in a film. The issue that I have is I don't know whether I should be preparing a Corporation Tax Computation or a Trust Tax Return. Ordinarily we prepare dormant accounts for the limited company. This exists simply to hold the Freehold but it does not trade. We then prepare Residential Management Company Accounts which collects the services charges and pays for the common expenses etc.
Where should I record the income (i.e. to whom does the £4,000 belong to and what type of tax return should be prepared. Help please.