Partnership tax return trouble!

wen-tom

Hi everyone,
I know we have left it very late! I need to submit a partnership tax return by the end of this month.

The reason it has been left so late is simply that we forgot all about it! Stupid? Yes I know but we didnt get any reminders!

Anyway, I have approached a lot of accountants for help but they are all 'too busy' so we are stuck not having a clue where to start!

The partnership lasted only a few months (July - Sep 2010) and as such we have no real accounts! we have bank statements showing what was paid in to the business and some receipts for outgoings..

My questions are:

We bought some stock to sell but the majority of it did not sell and so was donated to charity when we gave up. how do i declare this? I have the receipts to show that money went out for this stock so I want to claim it as an outgoing but will HMRC question where the stock is now?

are there any common mistakes? the form for us seemed pretty straight forward and it's making me think we are missing something!

Lastly, can anyone recommend software so that I can send the return online?

Thanks so much for any help!

chrismac1

I have no idea why so many accountants do this. I have 5 left to do out of 160, and only minor adjustments needed on 3 of those, a guy has just turned up who needs 2 done.
Partnership ones are quite tricky potentially, I have recommended Taxcalc to you if you do your own. However, given that the partnership has made a loss there is every chance each partner can claim some tax back, providing it can be shown this was a genuinely commercial enterprise with a view to a profit. Partnership returns in combination with loss relief are doubly tricky if you've never done this before.

wen-tom

thank you, i have responded to your pm.