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I have been asked about Corporation Tax for which I know very little of, hence asking here.
A family member runs a membership group for physicists. Some of the members think it should register as a charity and others think company ltd by guarantee and some think both and some think neither. They are discussing this as a group but looking at the implications of what they might have to pay in taxes.
They bring in around £5K per yr in donations and membership and hold a surplus of £10K.
Having worked for a charity on a PAYE basis and speaking to others, I understand that charities can be exempt for CT and the accountant would aply for this.
Does anyone know if this particular group would be liable for CT if they just applied to be a limited company by gurantee ? If so what the level of charges might or might not be.
Any pointers or useful information would be welcome to show the group where to look. So far as i know, they don't as yet have an accountant to ask.
Thanks in advance
Rachael
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