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Question


Kashmir

I need to submit Partnership accounts for 2006/07 to the tax office and need some advise please.?

I have been running a takeaway business for 2 years now without registering the business as a partnership. I now need to submit accounts for 2006/07 (i know they're late). Please can you advise what i need to do? ie. how i register the business as a partnership? what costs are involved? what my partners need to do? do i need to have a formal partnership agreement? how i show the figures on the return? etc . Many thanks

7 months ago - 2 answers

Best Answer

Chosen by Asker

You definitely need an accountant's advice, not least because you have failed to register this business within 3 mths of starting and soa re liable to a penalty as well as interest and a surcharge on unpaid tax. An accountant can negotiate on your behalf to reduce any liability. Also as a takeaway, you are the kind of business Inspectors love - all that cash! With your late registration, accounts and tax returns, you have left yourself wide open for investigation, I'm afraid. Please dont try and deal with this yourself.

Source(s)

ex Inspector of Taxes

by fengirl2

7 months ago

Asker's Rating: 

Other Answers

Go and get an accountant to do the first one... I did!.. It helped to have something to base my next year on, that I knew would be right.

by julie.gn@btinternet.com- 7 months ago