Necessity to submit tax 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!

[robbob]

Hello Geordie

IF its the same as for normal partnerships then a return would need to be submitted, there may be other income such as bank interest that needs to declared up to 5th april.

[Big Ade]

The fact that there's no accounting period ending within the period covered by the Return is not relevant and you'll need to estimate the profit (or loss) and then amend to show the correct figures when they become available.

[graham174]

The fact that the business was trading during the tax year ended 05 April 2009 means that a 2009 Partnership
Tax Return needs to be submitted, apportioning the first Accounts on a pro-rata basis. The normal time-limit has passed (31 January 2010) so some urgent professional advice needs to be taken here as the business
is already in a penalty scenario !