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Ann-marie


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Accouning Period and Basis Period - Tax Returns
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Hi,

I am wanting to clarify a couple of pointers:

I have a client who was self employed until 30th April 2009 and then started a Partnership with the accounting period start date 01/05/2009 and ended 30/04/2010. I have completed the Partnership Return with from the Year end accounts for the full accounting year.

I'm now going through the self assessment and partnership pages but I'm not 100% sure if the client should be taxed on the whole year of the partnership or just until 05/04/2010? If I need to adjust the profit where would this go?

I think I'm having one of those days! Any help or information would be most appreciated

Thanks
Ann-marie



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Ann-marie Kelly

www.twitter.com/smartiesbooks
www.smartiesbookkeeping.co.uk
gbm


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Hi Ann-Marie,

Yes it's just the period up to 5.4.10. The full year will become the base period for the 2011 tax year.

I think I would be inclined to make the partnership period 1.5.09 - 5.4.10! For the sake of a month, it would make things a bit easier. Of course, this is dependent upon circumstances.


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Regards,
Nick

Website: www.gbmaccounts.co.uk
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Factsheet | Starting a Business

 
Ann-marie


Senior Member

Status: Offline
Posts: 145
Date:
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Hi Nick,

Thanks for your clarification - I have made the necessary adjustements to the figures based from 01/05/2009 - 05/04/2010. Yes I agree that the partnership date would be easier if it was 01/05/2009 - 05/04/2010 unfortunately the accounts have been drawn up to 30/05/2010 but will suggest the change in period as it will help in the long run.

Now I just need to tie up the income from the self employment - as those dates are not inline with the tax year either!!

Thanks
Ann-marie

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Ann-marie Kelly

www.twitter.com/smartiesbooks
www.smartiesbookkeeping.co.uk
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