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Setting up RTM
A_JS
Posts: 38 Forumite
Hello all and thank you for the advice and guidance that I hope will follow 😊
I am looking to set up a RTM for a block of 3 flats (it is a converted house.) All 3 leaseholders (myself included) are onboard with the idea, since the MA charge astronomical amounts and do next to nothing for us.
The steps as I understand are:
I am looking to set up a RTM for a block of 3 flats (it is a converted house.) All 3 leaseholders (myself included) are onboard with the idea, since the MA charge astronomical amounts and do next to nothing for us.
The steps as I understand are:
Qualifying leaseholders form an RTM company. (Costs £40 to do this on company house)
The company serves a formal notice on the freeholder, starting the legal process.
The freeholder has a set time to respond with a counter-notice.
If terms aren't agreed, the RTM company can apply to a tribunal for a decision.
My question to those that know is, I read somewhere that HMRC would expect a tax return at the end of the year. However, I am unsure how I might do this if the company is purely RTM - to collect service charge (a pot of money for our building).
My question to those that know is, I read somewhere that HMRC would expect a tax return at the end of the year. However, I am unsure how I might do this if the company is purely RTM - to collect service charge (a pot of money for our building).
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