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Final partnership tax return upon retirement

Submission of partnership results for final 16 months of trading

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Historically, a husband and wife partnership have prepared annual accounts to the end of September, the husband and wife retired in January 2020.

I have struggled to obtain a definitive answer with regards to the preparation of the final partnership tax return;

Am I able to prepare a single set of accounts for the period 01/10/2018 to 31/01/2020 (16 months) and include the results in the partnership tax return?

Or must the partnership tax return separately record the results of a twelve month and final 4 month period?

Any guidance gratefully accepted. 

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By lionofludesch
02nd Mar 2020 16:14

Up to you.

You can do a sixteen month period. For the dates quoted, it'll be exactly the same as a twelve and a four.

A six and a ten might save a bit of tax. Or it could be more.

You'll only know by crunching the numbers.

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Hallerud at Easter
02nd Mar 2020 16:34

Remember each individual's b/fwd overlap profits.

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