We (at AberLab, a fledgling space in Aberystwyth in Wales) are trying to file our first year’s accounts. We did very little in that year and our sole income was from membership fees. Unfortunately we haven’t managed to find a friendly accountant and can’t afford to hire one, so we’re having to do all this ourselves.
My understanding from reading BIM24200 and some other posts on here is that membership fees don’t count as trading income and are exempt from corporation tax. But what is less clear to me is which box (if any) we put membership fees in on the HMRC webpages.
Can anyone tell me whether they put membership fees under “Turnover” or “Other Income” on the income and expenditure report?
I’m also presuming that on the CT600 form Turnover/Sales (box CP7) should be zero and not the value of the membership fees?