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partnership tax returns

Partnership Tax Returns

If your business is registered as a partnership, a partnership tax return, plus individual tax returns for each partner must be completed and sent to HMRC, by either 31st October 2014 if being filed on paper or 31st January 2015 if being filed online. If you are completing your partnership tax return online, you will need to purchase software in order to do this, or employ the services of an accountant. For each partner to be able to complete their individual tax return, they must know their share of the profit and loss for the company.

The nominated partner for the company must complete the partnership tax return and send this to HMRC. If this is sent late, all partners in the company will be charged a penalty. The nominated partner for the company is either the person nominated by the other partners, the person named on the partnership tax return by HMRC, or should the partners be unable to nominate someone, HMRC should be asked to nominate someone.

If the only income for the period of the partnership tax return was trading and professional income, taxed interest or alternative finance receipts from banks and building societies, use form SA800. Every partnership must complete the first eight pages of the partnership tax return, and then any relevant supplementary pages that are relevant to the company. It is the nominated partners responsibility to ensure that the correct supplementary pages are filled in. It is vital that the partnership tax return is completed following the instructions on the form, and is completed in full.

Once HMRC have received your partnership tax return they will check and process it using the figures given. They have until 12 months after receiving the partnership tax return to make any enquiries about the figures it contains and to ask for further information to be sent to them. If HMRC spot an obvious mistake in the partnership tax return they may correct this themselves and then notify you of the correction.The figures given in the partnership tax return may also be checked against records from other sources, such as the bank.

For more information on this, see HMRCs guide to filling in a partnership tax return.