change from sole to partnership trading

change from sole to partnership trading

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A client became a partnership with his wife in June 2013.  They want to keep the year end 31/1/2014.  This causes a problem with the income tax returns to April 2014.  The wife will not have a full period to 5/4/2014 so i presume this will have to be a estimated return until the 2015 accounts have been prepared and the missing 2 months proportioned will be added.  What happens about the husband as he is in a continuing business will his return not be estimated?

Sorry can't get my mind around this one,

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By cathroberts1
24th Jun 2014 16:49

End of year rules

You would need to use the end of year rules and the partnership first year rules. I think that you probably need to know these rules before you go any further. Estimated tax returns, as far as I am concerned are not appropriate.

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