Basis Period - Necessity to submit Return

[GeordieYTS]

If a business (LLP) commences on 30 October 2008 and produces first years accounts to 31 December 2009 is there a need to submit a 2009 Partnership Tax Return?

My understanding is that there are no accounting periods which end in the tax year, so a partnership return is not required, as long as the partners' complete partnership pages showing their apportioned share of profit/(loss) for that period i.e. commencement to 5 April 2009 and include this with their personal tax returns.

Is this correct? Any advice would be appreciated!

[pawncob]

If they issue one, then yes.
Otherwise it makes no difference does it?

[Brian Clarke]

<<If a business (LLP) commences on 30 October 2008 and produces first years accounts to 31 December 2009 is there a need to submit a 2009 Partnership Tax Return?>>

The short answer is Yes, not least because it is an income source and has to be reported. This is true, even if HMRC have not issued a notice requiring a return. See these notes from the 2010 Partnership Return:

"You should try to ensure that there is at least one accounting period ending in 2009–10. If you do not, the partners may have to
use estimates to calculate their tax liability for 2009–10 and could end up being charged interest if the estimates are too low.
If no accounts end in 2009–10 you should:
• provide details of the partnership’s income and expenses for the period 6 April 2009 to 5 April 2010, and
• enter 6 April 2009 to 5 April 2010 in boxes 3.4 and 3.5."

I hope you have the partnership UTR already ...