Partnership

sjkr

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.

T.C.

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 !!

sjkr

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.

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.

sjkr

Thank you, will give that some thought!