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Partnership

sjkrsjkr Feels At HomeMAAT, AAT Licensed Accountant Posts: 74
Hi all,

I am taking on new clients, a partnership in a pub business. They are not a limited company, so they have asked me to do a partnership return, and their self assessments for 12-13 tax year. However, their financial year runs from May 12 to end of April 13. Does this mean that the profits/losses from this year do not need to be reported until 13-14 tax year, as their year end falls after 5th April 13?

Thanks.

Comments

  • T.C.T.C. Experienced Mentor Registered, Tutor Posts: 1,448
    Yep, that's right. The Tax Returns are for the "whole" year to 5th April, so a year ending on 13th April 2013 falls into 2013/2014. I would just double check that the previous accountant has put in the previous year's accounts under the 12/13 year though !!
  • sjkrsjkr Feels At Home MAAT, AAT Licensed Accountant Posts: 74
    Thanks for the swift reply. There's no problem with previous accountant, there isn't one, it's their first year of trading. Do I still need to make returns for 12-13 tax year showing zero profit/loss, as they have already registered the business?
  • T.C.T.C. Experienced Mentor Registered, Tutor Posts: 1,448
    I would be inclined to end the year on 5th April just to keep things simple, particularly if HMRC have requested returns for 12/13.
  • sjkrsjkr Feels At Home MAAT, AAT Licensed Accountant Posts: 74
    Thank you, will give that some thought!
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