Client came to recently to file the partnership Accounts year end date 30th September 2019
Business started September 2018. We have prepared the 30th September 2019 partnership accounts and Partnership 2018/19 Tax Return which I know is late.
The partnership was supposed to be a property business and was going to move two properties into the partnership but unfortunately income and costs is going into Partnership bank account so these income and costs were moved into the partner capital accounts. She did try to move the property into the partnership but had some issues
The only costs of the partnership are accountancy fees. Are these costs tax deductible on the basis there was intent to trade ?
Also part of the accountancy fees she is expecting me to complete the 2019/20 tax return since the accounting period overlaps. Unfortunately, I wasn’t clear on my engagement letter.