Partnership Tax return

ben9090

Hi

Ive filled in my own tax return for several years but in May 2013 my wife and myself started to import a product to sell on ebay so registered as a Partnership.

I therefore need to complete the partnership tax return. Im aiming for this week so I dont need to purchase software and do it online.

Can anyone confirm that all I need to do is the following
SA800 - The main partnership form.
SA104 Short - Do I also return this for us both?

Is this all I need to return? Once this is in we can file out persoanal self assessment online.

We turned over around 24k and made 6k profit so are only doing it on a cash basis so didnt really want to employ an accountant.

Thanks

Ben

ben9090

Am I right in thinking the SA104 Partnership Section is to be submitted with my persoanl online self assessment submission rather then the partnership submission?

Therefore to meet the paper deadline for partnerships all I need to submit is the SA800?

purdyoaten

ben9090 wrote: »

Am I right in thinking the SA104 Partnership Section is to be submitted with my persoanl online self assessment submission rather then the partnership submission?

Therefore to meet the paper deadline for partnerships all I need to submit is the SA800?

EACH partner must complete a self assessment return and include the supplementary partnership page therein. The partnership information is taken from the partnership return.

The partnership return is a separate return for the partnership.

Did your wife become a partner on 1st May 2013. If so, she would have different basis period from you. You would be taxed - one month as a sole trader. Your wife was a partner for eleven months which would then be allocated according to the partnership ratio.

I am all for DIY self-assessment but, with partnerships, I have a different attitude. Get the partnership return wrong and everything is wrong.

Finally, partnership returns cannot be filed online using HMRC software - has to be purchased separately.

P.S. If you make your books up to anything other than the tax year end or 31st March do not even attempt to file as the calculations take on a mind of their own for both partners.

chrismac1

One other thing worth bearing in mind about partnership filing is that the possible penalty for not filing by 31 Jan is £400 not £100 - £100 for each partner and then, given that each partner may have also filed late, another £100 each for them.

Find someone who knows what they are doing. If you don't want to pay for accountants, don't go forming partnerships or limited companies.

purdyoaten

chrismac1 wrote: »

One other thing worth bearing in mind about partnership filing is that the possible penalty for not filing by 31 Jan is £400 not £100 - £100 for each partner and then, given that each partner may have also filed late, another £100 each for them.

Find someone who knows what they are doing. If you don't want to pay for accountants, don't go forming partnerships or limited companies.

Could not agree more!