Partnership - Acc's year end & Tax Return Queries

skmck

Hi all,
Myself and my friend went into partnership last March 2013 & now it's time to prepare the annual accounts & tax returns.
I have some accountancy & tax knowledge so was going to do the tax returns myself but just had some queries & I would really appreciate the help:

Does my first year end have to be February 2014? Can I just do accounts to December 2013? It would be easier to calculate tax figures this way instead of allocating 10/12's of profits for my 2013 tax return. Are there any advantages to having a Dec year end or not?

I've been told that I can submit my Income Tax return online through ROS. I already have a ROS account for my partnership for submitting VAT,etc. but do I need to set up a ROS account for myself (under my PPS number) and one for my partner (under her PPS number) to be able to file our returns online or can they be done on ROS under our partnership number?

I'd really appreciate any help that can be given!

Alan Shore

I advise clients to use the first 12 months profits as the basis of the first and second years tax returns.

So 10/12 for 2013 and 12/12 for 2014.

You then know what your income is for 2014 and can plan accordingly. Usually the profits for the first year are lower than those of the second so less taxable income.

You can file the Firms 1 form under the Partnership No.

The Form 11 for each partner has to be filed under their number remember to include all other income if applicable on the form 11.

Mr. Incognito

Get professional help for the start up. You are guaranteed to screw it up and itll cost more to fix in the long run. Tax and accountancy have different year end rules.

For tax year one will be march to december.