Partnership Tax Return

HenryHenry Feels At HomeRegistered Posts: 56
Hi all,
I am a relatively new MIP and I am seeking a bit of advice concerning partnership tax returns. I have a potential client who started a partnership in August 2012. They have not submitted any partnership returns as yet nor any self assessments relating to this partnership. My question is if they make up accounts for 12 months lets say from 1/08/12 to 31/07/13 when are the first returns due? Should they have submitted a return to cover 1/08/12 to 05/04/2013 by 31/10/2013 (paper-based) or 31/01/14 online? OR, Would the first return be due 31/10/14 and so on? I suspect that the first return should have been made up to 05/04/13 but the guidance on the HMRC website is not the clearest and I hope that I am wrong. Any advice you can give would be greatly appreciated. Many thanks.


Comments

  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,440
    You/the client need to decide on a year end. There can be advantages to not having a 31 March year end but in most cases 31 March is used. If you use 31 March then you simply have first set of accounts to 31 March 13 and then yearly thereafter. If you do a full first year to 31 July 13 then opening year rules need to be applied. A Return will be required though for the tax year 2012/13.

    So either way it is late. I'd suggest getting it done ASAP to stop the penalties growing.
    Regards,

    Burg
    Gem7321
  • HenryHenry Feels At Home Registered Posts: 56
    Thanks Burg. I gathered as much but I was really hoping for the sake of the client there was a way around it all.
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