Retrospective Partnership

Retrospective Partnership

Didn't find your answer?

A new client has just come to me - has done his own SA for "years".  Landscape gardener, profit around £16,000 - "how can I reduce my tax bill"

His wife isn't working, has no income and helps in the business, so the obvious possibility is to form a partnership with his wife.

It's easy enough to do that from April 13, but is it possible or reasonable to go back further than that. We're still in the time bracket to redo the 2013 SA

(Will of course need to check the "DIY" SA for accuracy and reasonableness etc)

Your suggestions would be welcome

BB

Replies (4)

Please login or register to join the discussion.

RLI
By lionofludesch
14th Mar 2014 18:24

Recently

You can go back as far as now, imho.

Thanks (0)
avatar
By mhtax
14th Mar 2014 18:34

tomorrow

You cannot rewrite history.

 

Thanks (0)
avatar
By Ned Ludd
15th Mar 2014 14:18

Be careful, but...
It's always been a partnership of sorts hasn't it???

;)

Thanks (0)
By tebthereb
16th Mar 2014 22:19

Facts

If you want "to form a partnership" then as has been said that partnership would appear to be starting now - as has been said.

If what you mean to say is that you think there has been an undeclared partnership, then you need to establish when it came into place. Have a look at this:

http://www.hmrc.gov.uk/manuals/bimmanual/BIM82005.htm

If you decide there has been an undeclared partnership then bear in mind penalties for submission, late payments, NIC etc.

Thanks (0)