New partners Tax Return

New partners Tax Return

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Hi, my client changed from a sole trader to Partnership in June 2013 and I am just completing the 2014 Tax Returns for the partners.  The orignal sole trader only has the self employed income for year ending May 13, no partnership  pages, new partner though now has a tax return do I complete the partnership page using the May 2015 figures which would be adjusted to her share to 5th April 2014, what about a 2014 partnership tax return do I need to complete one of these although the first year ends May 2014. Slightly confused I would appreciate some guidance, thanks Jean

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James Reeves
By James Reeves
16th Nov 2014 18:29

Start with the partnership return

You need to complete the SA800 return for the partnership first. This will include the partnership accounts and the partners' shares of the profits. Once you've filed the SA800 then the accounting period dates and the partners' share are known and you will then need to transfer these to the partner's SA104 return. Finally, you will need to adjust the profits for the partners individual basis periods.

But to be honest if you need to ask the question are you sure this is something that you should be attempting to do?

EDIT - as you mention there are no accounts ending in 13/14 you will need to enter actual figures up to 5 April 2014 on the partnership return. To avoid creating extra work this year you may find it easier to draw up accounts to 31 March each year.

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