what to based partners Tax return on?

LLP partners Tax return without accounts

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Happy Friday all,

I have just taken on my first LLP. the year end is in a couple of months and based on the opening year rules, partners should be filing in personal tax returns. 

anyone come across this before and what did they based the profit on? I am guessing I can complete accounts for the 3 months to tax year end but asking the gurus for some insights too.

Thank you in advance

 

 

Replies (4)

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By Tax Dragon
22nd Jan 2021 12:25

Do the same as for any other of your partnership clients. The fact that it's an LLP doesn't change much, tax-wise.

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Replying to Tax Dragon:
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By Paul Crowley
22nd Jan 2021 12:43

Agree

Make life easy. Have a sensible accounting date

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Replying to Paul Crowley:
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By Tax Dragon
22nd Jan 2021 14:25

That wasn't what I meant and anyway it would seem as if 31/3 is the year end. And don't forget LLPs have CoHo filing obligations.

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By adam.arca
22nd Jan 2021 13:27

This is a scenario which all accountants who've been around the block once or twice will have come across. It applies to all newly self employed not just LLP members.

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