partnership statement

drummer_666

Hi,

I need to submit a partnership statement. I'm not sure what the date for this is. I didn't do it right last year and ended up getting myself and my dad fined £480 each! Wiping out any profit we made (selling on eBay). Can't afford to be stung this year (pretty much stopped trading and made £9 each - going to close partnership within the statement this time!).

It says 31 October or

• the later of 31 October following the end of the tax year or 9 months from the end of the relevant period, for paper based returns
• the later of 31 January following the end of the tax year or 12 months from the end of the relevant period, for online returns

The relevant period will generally be the period or periods to which the partnership makes up accounts and will end on the accounting date(s) of the partnership ending in the tax year.


My accounting period is the same as the tax year so 06/04/11-05/04/12, so does that mean that I have 9 months after that so January to submit the paper partnership statement?


I think I remember being told last year that I couldn't submit the partnership statement online because I don't use accounting software. And I can't find a link to submit it online alongside my personal tax return login area.


Thank you

pjclar02

Hello there

You need to file the partnership tax return online by 31 January 2013. You cannot do this through your normal HMRC login - you will either need some software to submit the return or find an accountant to submit it for you.

Hope this helps

drummer_666

what about the paper one though?

It says 9 months after end of the the relevant period...

pjclar02

Does the partnership have a coporate partner? Those deadlines relate to partnerships with corporate partners.

Otherwise, the deadline is 31 October.

ceeforcat

It says 31 October or

• the later of 31 October following the end of the tax year or 9 months from the end of the relevant period, for paper based returns
• the later of 31 January following the end of the tax year or 12 months from the end of the relevant period, for online returns

The relevant period will generally be the period or periods to which the partnership makes up accounts and will end on the accounting date(s) of the partnership ending in the tax year.

This only applies if one of the partners in a business is a Ltd company. Otherwise the deadline is 31st October for paper returns and 31st January for online. As mentioned before, you need specialist software to submit online - you may therefore need an accountant. I am sure that you are also aware that all partners also must declare their share of the partnerhip income on their individual returns.

drummer_666

great, why do the revenue make it so complicated!

So I need an accountant or I'll be fined basically a grand. So how do I find an accountant? I'll have done the statement I'll just need them to type it up and submit it...

How much would they charge?

Or how much is the software and where can I get it?

Already done self assesment return

thanks

ceeforcat

Do you mean a partnership return which is quite different from a partnership statement? This is a partnership return.

http://www.hmrc.gov.uk/forms/sa800.pdf

drummer_666

hi, sorry yes it's the Partnership Return but also with the Partnership Statement (short) that is on the SA800 form too.

I have just seen this software for submitting the partnership return & statement online for £15. Does anyone know if this is ok and fairly straight foward to use or of any other cheaper software?

http://www.business-software-online.co.uk/acatalog/Andica_SA800_Partnership_Software_2011_12.html

drummer_666

also, me and my dad stopped doing business 01/01/2012

so on the statement I put date of cessation 01/01/12

do I also need to put the accounting period end date of 01/01/2012?