This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

New Partnership

okevin
Posts:154
Joined:Wed Aug 06, 2008 3:41 pm
New Partnership

Postby okevin » Mon Oct 26, 2009 10:46 am

I have a partnership commencing 1 March 2009. First accounts will be drawn up to 31 March 2010 (after the Jan 10 filing date). What do people suggest is the best way of entering what will be an estimate for 08/09 in the partnership and individual returns!? Also what is best practical way of adjusting this estimate in 09/10!?

Thanks in advance

robbob
Posts:3228
Joined:Wed Aug 06, 2008 4:01 pm

Re: New Partnership

Postby robbob » Mon Oct 26, 2009 12:20 pm

Hello Kevin

I would make a cautious estimate on profits for one month for 08/09 return ie overestimate profits.
Ignoring the 5 days there will be no overlap profit carried forward so you will simply amend the estimated 08/09 return figures when the accounts are finalised.
and the 2010 return will be profits as appropriate Ie total to 31/3/10 less what is on the 09 return.

okevin
Posts:154
Joined:Wed Aug 06, 2008 3:41 pm

Re: New Partnership

Postby okevin » Tue Oct 27, 2009 9:24 am

Many thanks,
I thought that was the case but just wanted to double check.
cheers


Return to “Business Tax”