First year basis period for LLP
An LLP was formed with 4 individual and one corporate partner on 26th November 2006, this requiring accounts to be prepared to 30th November 2007.
The trade did not commence until 6th April 2007.
All partners have received penalty notices for failing to complete partnership returns in 2007.
My question would be, should the profis for the y.e. 30/11/07 be time apportioned over the period since formation, thus giving each partner a profit share for 2006/7?
Alternatively, if the entire profit were allocated to the Ltd Company partner, would any penalty be reduced to nil as there was no tax owed by the individuals as a result of the LLP.
I'm sure the LLP is a good idea, but I'm totally confused by this.
Any help in clearing the fog would be gratefully received.
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