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Sam
Sam, Accountant
Category: Tax
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I am a 90% partner in a LLP. Up to 2012 tax year my accounting

Customer Question

I am a 90% partner in a LLP. Up to 2012 tax year my accounting period was 30th November. My accountant recommended that I change the tax year to the 30th March and thus for the tax year 2011/2012 my self assessed partnership income was for a 16 month period. ( which came as a huge shock as I had a very large balancing payment for January 2013.). For a particular reason which I won't go into. I asked my accountant to change the accounting period back to 30th November for the period 2012. Which was done. So November 30th 2012 accounts have ben submitted. I assumed therefore that my 2012/13 self assessed income would be for the 8 months of partnership profit (1st April 2012 to 30 November 2012) as I had paid 16 months in the previous tax year. My accountant has just informed me that I need to calculate estimaited partnership profits to 30th April 2013 as my return for the 2013 tax year must show a full 12 months income.

Two things occur to me . Firstly going forward I am always going to have to estimate to 30th March for a full 12 months with keeping the original 30th November period date. Can't I just include the 8 months for the 2013 tax year and then 12 months to 30th November 2013 for the 13/14 tax year. Or if I have to include the full 12 months of income/profit can I amend the 2012 tax return amend the income from 16 months to 12 months and then allocated the 4 months from last tax year to this tax year?

Many thanks,

Nick
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

Hi.

Can you confirm that you have been a partner in the LLP since it started and the year end of the business was always 30 November before the first change please. Would you also let me know the original start date of the business.