If you have a limited company which owns a residential property worth more than £500,000 you will need to complete an Annual Tax on Enveloped Dwellings (ATED) return or claim an exemption. There are penalties for late submission of ATED returns.
An ATED charge is payable every year unless a relief or exemption is claimed for the property. Those reliefs include where the property is let on a commercial basis or is used as a working farmhouse.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.