Hi there,
My client recently set up an LLP, June 2013 to be exact. The year end is June 2014, for Tax return purposes do i pro-rata this or put the whole year in?
Thank you.
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Partnership for tax purposes
From a tax point of view, you just do what you do for an ordinary partnership. With client approval, you could change the year end to 31 March 2014 to avoid overlap profits arising from the current year end. As you haven't even reached that date yet, there is still plenty of time.