Partnership Self Assessment

salsa1971

My accounting period is Jan 21 to Dec 21 but my basis period will be Jan 21 to Apr 21 for tax purposes, so when i am completing the self assessment form for trading and professional income & expenses do i use the figures from the whole accounting period (jan 21 to dec 21) or apportioned figures (Jan 21 to Apr 21)?

Jeremy535897

Study this:
https://www.litrg.org.uk/tax-guides/self-employment/working-out-profits-losses-and-capital-allowances/how-do-i-work-out-my-taxable-profits

[Deleted User]

A helpful guide but not necessarily for the op in relation to the partnership return for 2020/21. 

The basis period for 2020/21 is Jan 2021 to 5th April 2021. The basis period for 2021/22 is January 2021 to 31st December 2021. There is an overlap period - to be dealt with in next years return.  (It is assumed that the business commenced on 1st January, not any other date in that month which would cause further complications).

It follows that you now need final accounts for the year to 31st December 2021 which you may not have yet. Quite simply, put a ‘best estimate’ of what you expect the profit to be for that year apportioned for part that occurred prior to 5th April 2021. Enter this on the partnership return and transfer to each partner’s individual return. All require amendment when the final accounts figures are known.

Presumably the op has the relevant software to be able to submit this return - getting close to 31st January!