Peter Bradbury

I'm the Treasurer of our Allotment Society and have recently opened a savings account linked to our business account with Lloyds Bank. We have £3k in the savings account and it will generate around £40 a year in interest. The capital in the account is almost entirely from a scheme we have for members to pay a "bond" when they join the society which they get back if they leave their plot in good condition when they resign, but which is forfeited if it's in poor condition at that point. The surplus from the bonds is used to help new members get a poor plot back into good condition and to provide site improvements otherwise. My query is whether there is a tax liability for the interest in the savings account and whether we need to register with HMRC to pay any tax due. https://www.gov.uk/hmrc-internal-manuals/company-taxation-manual/ctm40575 seems to imply we may need to pay tax on the interest.