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We act for a number of clients who operate within the property industry under the style of flat service companies. These companies are established to allow individual ownership of shares equivalent to the ownership of properties (usually a block of flats, but sometimes communal areas in a small housing development). Typically, we have four, six or eight residences involved with one company. Each property owner holds one share.
We act for a number of clients who operate within the property industry under the style of flat service companies. These companies are established to allow individual ownership of shares equivalent to the ownership of properties (usually a block of flats but sometimes communal areas in a small housing development). Typically we have four six or eight residences involved with one company. Each property owner holds one share.
The shareholders have regularly made contributions to a company bank account towards upkeep maintenance and other standing charges of these communal areas. In many circumstances they are not intended to be profit making but obviously funds can accumulate.
In the past companies of this nature have either not been regarded as trading and even if they were there were no profits in excess of £10 000 for a corporation tax accounting period; thus they are...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
