Self Assessment Tax Return....?????
Discussion
Not the most exciting thread you will ever read but....
Me and my mate started a small partnership business just over a year ago. Sopke to an accountant at the time to get advice about keeping records, tax returns etc etc and followed the advice to the letter.
Submitted tax returns in time last year and received confirmation that everything was paid/ok.
I have today received a "Late Partnership Tax Return Penalty Notice" of £100.00 (per partner).
We filled out all the forms we received (to my knowledge) correctly and stated clearly on them that we were a partnership - split all turnover/profit etc 50/50 and paid our bills separately. To the best of my knowledge we did everything that was asked of us.
Now I'm no tax expert and may have overlooked something really obvious here, but can anyone explain why I've received this penalty? Is there a separate "partnership" tax return that we have to fill in as well as our own tax returns?
Completely confused.
And I really really want to drive that slack jawed mother hubbard Gordon Brown to a remote beach somewhere and break his legs and leave him to drown if I have to pay even more tax. The business doesn't even turn over enough money to support me full time as yet!
Advices please anyone????
Me and my mate started a small partnership business just over a year ago. Sopke to an accountant at the time to get advice about keeping records, tax returns etc etc and followed the advice to the letter.
Submitted tax returns in time last year and received confirmation that everything was paid/ok.
I have today received a "Late Partnership Tax Return Penalty Notice" of £100.00 (per partner).
We filled out all the forms we received (to my knowledge) correctly and stated clearly on them that we were a partnership - split all turnover/profit etc 50/50 and paid our bills separately. To the best of my knowledge we did everything that was asked of us.
Now I'm no tax expert and may have overlooked something really obvious here, but can anyone explain why I've received this penalty? Is there a separate "partnership" tax return that we have to fill in as well as our own tax returns?
Completely confused.
And I really really want to drive that slack jawed mother hubbard Gordon Brown to a remote beach somewhere and break his legs and leave him to drown if I have to pay even more tax. The business doesn't even turn over enough money to support me full time as yet!
Advices please anyone????
Yes there is.
Partnerships have to complete and submit a "Partnership Tax Return" which has the same filing deadline and related penalties as the individual personal tax returns.
To be honest, it is virtually impossible to complete the personal tax returns without having completed the partnership return first. The details for the Partnership Supplementary Pages (which are part of your personal Self Assessment tax returns) come directly from the details which would already have been compiled for the Partnership Return itself.
Don't blame Gordon for this. The Self Assessment tax return system (for partnerships)was introduced in 1994/95 which was in the John Major era.
Who was submitting the returns - you or your accountant?
>> Edited by Eric Mc on Monday 27th February 13:49
Partnerships have to complete and submit a "Partnership Tax Return" which has the same filing deadline and related penalties as the individual personal tax returns.
To be honest, it is virtually impossible to complete the personal tax returns without having completed the partnership return first. The details for the Partnership Supplementary Pages (which are part of your personal Self Assessment tax returns) come directly from the details which would already have been compiled for the Partnership Return itself.
Don't blame Gordon for this. The Self Assessment tax return system (for partnerships)was introduced in 1994/95 which was in the John Major era.
Who was submitting the returns - you or your accountant?
>> Edited by Eric Mc on Monday 27th February 13:49
Fair enough... just a little irritated...! My apologies to Gordon....!
Probably my own fault but really thought we had completed everything fully. I need to dig up my tax return and give it a proper "once over" again.
We did make it clear on the return that we were a partnership and I can't recall receiving a "separate" partnership tax return...
Well I shall be biting the bullet and filing everything through an accountant next year.
Tax doesn't have to be taxing - my @rse.....
BTW, thanks for the help EricMc - much appreciated.
>> Edited by fredleicester on Monday 27th February 14:01
Probably my own fault but really thought we had completed everything fully. I need to dig up my tax return and give it a proper "once over" again.
We did make it clear on the return that we were a partnership and I can't recall receiving a "separate" partnership tax return...
Well I shall be biting the bullet and filing everything through an accountant next year.
Tax doesn't have to be taxing - my @rse.....
BTW, thanks for the help EricMc - much appreciated.
>> Edited by fredleicester on Monday 27th February 14:01
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