Llp

jilt

Okay am having a dumb moment, and need someone to confirm a couple of things please.

LLP incorporated 17.01.12 need to check date started trading but lets say 01.02.12. On 30.08.12 changed accounting reference date to 31st March.

First set of accounts due at companies house by 17.10.13 am ok with that but will they be expecting a balance sheet at 31st March 2013 not 2012?

LLP partners pay income tax on their profit share so I need to request authorisation under my self assessment agent ID with HMRC for both partners and the partnership? I have a separate corporation tax ID, don't ask, when I set it up in 2009 I didn't really know what I was doing, and yeah I know do I know what I'm doing now?

Getting my knickers in a twist with this one, they're taxed under SA so will have to file a 2011/12 tax return and am presuming basis period will be just the same as for a partnership that's not limited and I'll have to produce accounts for the period 01.02.12 to 05.04.12, and on the 2012/13 tax return accounts for period 01.02.12 to 31.01.13.

I should know all this I know but first time I've had to do this and my brain is scrambled this afternoon, it's the fact it's an LLP that's confusing me I think but I know it shouldn't :confused1:

peaman

The first set of accounts for CH will be for the y/e 31.03.13.

Yes, you will need to request authorisation for both partners and the partnership. You won't need the CT ID unless one of the partners is a ltd company.

Prepare one set of accounts for period 01.02.12 to 31.03.13, then pro rata the profits for the period 01.02.12 to 05.04.12 and include them on the 2012TR.

I will have to double check my ATT study book in respect of the basis periods for the 2013TR as I don't want to give an incorrect answer.

I wish clients would leave their year end dates alone!!

jilt

Thank you Precise Tax, sorry haven't been on for a while and only just seen your post.

Have a slight problem here, if I'm preparing accounts for y/e 31.03.13 then the deadline has already passed for the 2012 tax return.

And yes, I wish they'd leave their year end dates alone as well!

peaman

Sorry Jilt, this has slipped my mind. I will bring home my personal tax books tomorrow and get back to you.

You have until 31.10.12 to submit the 2012TR (paper return) or 31.01.13 (electronic), so you are OK.

jilt

Precise Tax wrote: »

You have until 31.10.12 to submit the 2012TR (paper return) or 31.01.13 (electronic), so you are OK.

:huh: But I'm doing accounts for period ended 31.03.13 ??

Newbie

I had a similar problem with a LLP, accounting period did not match the ARD which meant two sents of accounts (nightmare), so I amended the companies house ARD to match up so for example 31.03.12 y/e you have 9 months to file abbreviated and 12 months to file partnership return with HMRC

jilt

Don't know why I didn't think of this before, they didn't mean to lengthen the accounting period so I've changed it to 31.03.12

peaman

You could have included an estimate of the profits for the period 01.02.12 to 05.04.12 on the 2012TR and put a note to explain that the first y/e is 31.03.13 so the profits are estimated. You can then send in an amended return when the accounts have been prepared. I have done this several times with no problems.

It is easier than preparing two sets of accounts.

jilt

True, but then they would have had overlap profits which is what they were trying to avoid.

I know it wouldn't have helped me with this but my ATT PT book has arrived. I really should have sent for it before, I've spent hours researching some of the stuff in there on the internet!

peaman

Sorry, I should have got back to you sooner.

The overlap profits would have been very small...

2012TR - 01.02.12 to 05.04.12
2013TR - 01.04.12 to 31.03.13

Overlap profit - 5 days

I think, check it in the ATT book.

jilt

I know I did explain this to the client. Sorry meant to say I'd worked it out, and yes I know typed in the wrong dates in my opening post. The client's happy anyway so that's all that matters, and they'll have to pay for two sets of accounts!

have a good weekend :001_smile: