I registered as a partnership in late November, so we were ready for when we were going to start making money. We knew we wouldnt make any money till mid february, and this has been the case.
As we have made any money, do we need to fill in a tax return or not, seeing as we only started in November and havent made any money yet ?
2007-01-18 20:40:15 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
U have not stated which year, but assuming you started trading in November 2006, then no tax return is due this year. Your first set of self assessment returns and partnership return will be due by 31st January 2008.
If you started trading November 05, then yes, u need to submit a tax return for each partner and a partnership tax return for the business by 31st January 2007. ( Not long to go) Note, that if its not submitted on time, you will have to pay a £100 fine for each partner, and £100 fine for the partnership. In total £300.
2007-01-18 21:24:08 · answer #1 · answered by Pat 4 · 2⤊ 0⤋
You still need to fill in a Tax Return, or as much as you can - saying that you have made NOTHING yet. If you send the form back in before the end of January the Inland Revenue will have time to work out if you owe anything in this financial year.
2007-01-18 20:50:09 · answer #2 · answered by k 7 · 0⤊ 0⤋
It relies upon on which tax form you're using. in case you're using a 1040EZ or a 1040A, you would possibly want to no longer favor to finish the different varieties in any respect. yet in case you're filing for EIC or toddler care prices, or in case you're using the 1040 and itemizing your deductions, or in case you bought some inventory, or in case you acquire or bought a house, or in case you had a distribution from a retirement fund ... you would possibly want to ought to fill out different varieties to boot to the 1040. So there is no thanks to appeal to close what a "achieved" tax go back might want to be without understanding your right man or woman monetary challenge.
2016-11-25 19:57:36 · answer #3 · answered by merriweather 4 · 0⤊ 0⤋
Yes - if you have made no money you can report your losses and offset those against any other income you have. If that is the case you could get a tax rebate.
2007-01-19 00:03:04 · answer #4 · answered by Great Eskape 5 · 0⤊ 0⤋
Yes.
2007-01-18 20:49:02 · answer #5 · answered by savs 6 · 0⤊ 0⤋
yes and as long as you have kept your books if someone comes to check they can see for themselves
2007-01-22 09:46:21 · answer #6 · answered by 0000 3 · 0⤊ 0⤋
YES
2007-01-18 23:25:59 · answer #7 · answered by eew5w5 2 · 0⤊ 0⤋