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Where Taxpayers and Advisers Meet

U.K. Partnership - no income tax return

Dh88
Posts:1
Joined:Fri Jun 24, 2016 3:40 pm
U.K. Partnership - no income tax return

Postby Dh88 » Fri Jun 24, 2016 3:44 pm

A friend and I registered a partnership last year (June 2015) with the intention of running alongside current employment. However due to circumstances and time we have not actually done any business (except some minor startup costs). We have kept the business with the intention of putting time into it again but this no longer looks an option.

I have been asked to submit a tax return for last year - would I still need to send one since we haven't made any money (or submit a blank one)? And what would be the best way of cancelling the partnership? What would the best options be?

Many thanks for any help, it would be much appreciated,

jpcentral
Posts:924
Joined:Wed Aug 06, 2008 3:28 pm
Location:Loughborough
Contact:

Re: U.K. Partnership - no income tax return

Postby jpcentral » Fri Jun 24, 2016 6:28 pm

You still need to complete and submit a partnership tax return (SA800) and individual tax returns. The figures may be zero but you have to go through the process.

One of the questions on the form is "Date of Cessation". Another question is "Date of Commencement".

In the "Commencement" box you put the date you originally told HMRC you started, or if you can't remember, as close as possible.

In the "Cessation" box you put a date after the commencement date.

Since HMRC aren't particularly good at picking up this information, I suggest you also put a note in the "Additional Information" box saying that the partnership never traded.

Just for good measure, send HMRC a letter saying that the partnership never traded.
John Perry
Central Business Services
Loughborough
http://www.centralbusiness.co.uk


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