Basis period reform - S/E Partnerships

Where to place transitional details on partnership return

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Hi Guys.

I've completed many self-employed pages including the transitional period figures, but I can not seem to find where I place them on the Partnership return.

Do I add the transitional details to the partners' personal returns or is there somewhere on the partnership tax return which asks for the balance sheet details during the transition period?

Any help would be gratefully appreciated.

Replies (8)

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By AdamJones82
29th May 2024 15:40

Good point, as I can't see a place to spread the profit for the transitional period!

I've emailed Taxcalc support to see if they can shed any light

Thanks (1)
Replying to AdamJones82:
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By SXGuy
29th May 2024 15:45

Brilliant, I should have done so myself but thought Id ask here first.

Please let me know what Taxcalc says as they are who I'm using also.

Thank you.

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Replying to SXGuy:
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By AdamJones82
29th May 2024 15:50

Will do, I have a partnership with the adjustment needed myself to do next week so timely question!

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By Ardeninian
29th May 2024 16:08

Partnerships don't have basis periods. So, naturally, transition profits do not go on the partnership return. Transition profit details go on the individual partners' SA104 pages.

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Replying to Ardeninian:
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By AdamJones82
29th May 2024 16:10

There's no box on there to spread the profit unlike the selfemployment page

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Replying to AdamJones82:
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By Ardeninian
29th May 2024 16:13

Yes there are - boxes 16.1 to 16.4 on page 2 of SA104F (you can't use SA104S in this situation)

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Replying to Ardeninian:
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By SXGuy
29th May 2024 16:33

I saw those boxes and added the details accordingly.

So with the partnership return I'm assume I change the period dates to match the extended period and enter figures for the whole period?

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Replying to SXGuy:
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By Ardeninian
29th May 2024 17:13

Yes, if you've done a long accounting period.

If the partnership isn't changing its accounting period, prepare as normal. You'll then need to work out what the transition profit shares are and enter those on the SA104Fs.

If the partnership's changed its AP and gone for a short accounting period, you'll need to prepare the SA800 with both accounting periods (look at page 8 of the SA800 notes, https://www.gov.uk/government/publications/self-assessment-partnership-t...), so you'll end up with two partnership statements for each partner.

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