Preparation of a basic HMRC SA800 Tax Return for a Partnership by an ACCA chartered accountant.
What it includes:
1. Sa800 P2 – Details & Trading or Professional income Q3 plus 3.1-3.2, 3.4-3.5, 3.7-3.8 and 3.11 – 3.12 ?
2. Sa800 P3 – Trading or Professional income 3.24–3.26
3. Sa800 P4 – Trading or Professional income 3.27-3.28, 3.29 – 3.31, 3.49-3.58, 3.64-3.65
4. Sa800 P5 – Taxable Profit /Loss - 3.83, 3.84, 3.93
5. Sa800 P6 – Partnership Information 1-3, 6-10, 11, 12
6. Sa800 P8 – Other information – Q9, Q11
This tax return is the one most commonly used by partnerships and in most cases is sufficient for most circumstances.
After you have purchased this product we will forward you a form to complete. Based upon those replies we will prepare your tax return.
*Limited to income from one entity only and the fees charged are for 1 entity only. Where more than one entity is operated by the partnership and to be included in Sa800 TR2 section 2, all additional entities shall be charged at no less than the single entity rate for each entity.
Not included are the following which can be purchased along with a basic tax return if required? For example, if you are in receipt of income from a property then you will be required to complete the Sa800 section page TR2 section 4.You can purchase this item now by clicking on the section below and adding this to your basket, or if you are unsure whether you need to complete 1 or more of the sections below place your order for the basic tax return and our customer care assistant will contact you with further information and clarify which sections you require.
Optional pages are as follows
• Partnership UK Property Income – Schedule SA801 will be needed (price£)
• Partnership Foreign Income – Schedule SA802 will be needed (price£)
• Partnership Disposal of Chargeable assets – Schedule SA803 will be needed (price£)
• Partnership UK Property Income – Schedule SA801 will be needed (price£)
• Mixed Partnership schedule P2 Q5 details and P6 4-5 of a Partner who is Company/not UK resident/EEIG/Offshore business needed (price£)
• Partnership Capital Allowances – Page 3 Schedule needed
o Annual Investment allowance(price£)
o Expensive cars £12000 plus(price£)
o Main pool at 18% inc cars with lower CO2emissions(price£)
o Pool at 8% inc cars with higher CO2 emissions(price£)
o Agricultural and IBA allowances(price£)
o 100% and Enhanced inc FYA allowances(price£)
• Partnership Construction Industry subcontractor/contractor schedule needed (price£)
• Partnership other direct costs schedule needed Page 4 - 3.32 & 3.48(price£)
• Partnership Bad debt – Page 4 Schedule needed (price£)
• Partnership Interest and alternative finance payments – Page 4 Schedule needed (price£)
• Partnership Other finance charges– Page 4 Schedule needed (price£)
• Partnership depreciation & Fixed Asset Schedule needed (price£)
• Partnership charges and other expenses Schedule needed (3.45 & 3.63)(price£)
• Partnership Goods taken for personal use/disallowable expenses Schedule needed (price£)
• Partnership change of basis adjustment calculation needed (price£)
• Partnership Balance Sheet needed (price£)
• Partnership Capital accounts Schedule needed (price per partner£)
• Partnership net trade charges Schedule needed (price per partner£)
• Partnership other information Q10 inc disclosure of Tax avoidance schemes and BPRA
• Electronically filing your tax return with HMRC
What do I get when I buy this product?
A basic partnership self assessment tax return (also known as a SA800) made easy.
The Partnership Tax Return asks for details of the partnership’s income and related information. This product is designed to meet the HMRC requirements for self assessment of a partnership.
Prepared by an ACCA registered chartered accountant.
Note: This is not a partner’s tax return SA100 which is completed for the partners as individuals. That is a separate product which must also be completed for HMRC and can be found on this website also. See ref???
Who should buy this product?
If you are a partnership business you can easily purchase this product. Applies only to UK registered tax payers.
It’s easy: complete an online form and we will do the rest.
At your convenience
The most convenient way to prepare your tax return.
After you have purchased this product we will forward you a form to complete and request information and accounts from you.
Based upon those replies one of our tax specialists will prepare your tax return.
No need to attend accountant’s offices, this purchase is completed online from the convenience of your office or the comfort of your home. You will be able to ask your Helpbox chartered accountant questions.
Price promise
Fixed price. No more unexpected, unexplained accountant’s bills.
We will prepare your tax return ready for you to file yourself or we will file it for you. If you want us to file your tax return simply add FILING to your shopping trolley when requested.
Guaranteed - NO MORE MISSED DEADLINES
If you provide us with the information in the exact format which we request it and within our specifically stated timeframes we guarantee that we will prepare your return within HMRC’s filing deadlines.
What are a Partnership’s statutory obligations?
All partnerships have legal duty to:
1. Register with HMRC within 3 months of beginning to trade. They will be issued with a UTR, a 10 digit number which is specific to the Partnership.
2. Each tax year prepare and complete a set of accounts the figures from which are used to:
3. Prepare and file a partnership self assessment tax return (SA800).
No tax is payable on the SA800 –this is for filing purposes only and tax is collected on an individual basis from the Partners through their SA100 which they must complete. (This product is available also from Helpbox)
What this product includes:
The product images show exactly which sections of a tax return are included with this product.
Every partnership gets the first eight pages of the Partnership Tax Return covering income from trades and professions, and interest or alternative finance receipts, with tax deducted, from banks, building societies or deposit takers. There are other, ‘supplementary’, pages covering the less common types of income, and disposals of chargeable assets.
Detailed below are the sections of those eight pages which are included in this product.
1) An evaluation which identifies any issues in your records which may affect your tax return and advice how to correct this.
2) Preparation to draft copy of a basic SA800 Partnership tax return including as follows*;
i) SA800 PTR6 questions 1 – 3 Partnership details
ii) SA800 PTR6 section 6 - 10 Individual Partners details
iii) SA800 PTR6 questions 11 – 12 profit or loss details
iv) SA800 PTR2 boxes 3.1-3.10 partnership details
v) SA800 PTR3 boxes 3.24-3.26 turnover etc for 3 line accounts
vi) SA800 PTR4 boxes 3.27-3.30, 3.46,3.49-3.50 vat status, income and direct costs
vii) SA800 PTR4 boxes 3.33-3.40, 3.51-3.58, 3.64-.3.65, Expenses and overheads
viii) SA800 PTR8 questions 9 & 11 contact details & declaration
3) Your questions answered.
4) Amendments to your tax return
5) Final SA800 Self Assessment tax return ready for filing.
This tax return is the one most commonly used by partnerships and in most cases is sufficient for most circumstances. If you need or think you may need any other sections, or other supplementary sections, please see ‘other sections of the tax return which may apply’ and add those to your basket. However we will contact you with a detailed questionnaire after you purchase the product to check if you have included everything you will need.
The nominated partner of the partnership is responsible for making sure that the right supplementary pages are completed and sent to HMRC, so that the partnership’s income and information is properly stated.
Simply provide us with the information we request and we will produce your SA800 tax return for you ready to file. You will be able to ask your Helpbox chartered accountant questions.
*Limited to income from one trade or profession only and the fees charged are for one trade or profession only. Where more than one trade or profession is operated by the partnership then the additional bolt on supplementary section SA800tps must be purchased for each additional trade or profession.
Partnership Tax return (SA800)
Who has to submit a
self assessment tax return?
Each partnership should nominate a managing partner. That is
the partner who will take responsibility to manage the financial affairs of the
business. In law a partners in a partnership are subject to joint and several
liability. That means each and every partner is potentially personally liable
for all of the partnerships debts not just their own share. Often the managing
partner is the one who co-ordinates with us to provide the information need to
complete the year-end partnership (SA800) tax return form.
Partners additional
tax returns
Anyone who is part of a business partnership, as the same
duty as a sole trader and must register their self employment with HMRC within
3 months of trading. Failure to do so
can result in HMRC fines and penalties. The partnership has to file a tax
return and additionally each partner must submit their own (SA100) self
assessment tax return.
As well as everyone who as a full time or part time income
has to tell Her Majesties Revenue and customs HMRC, commonly known as the
‘Taxman’, what tax is due to the UK Governments exchequer.
Self employed people do this by filing an HMRC tax form
called a Self Assessment Tax return and is given the file name SA100.
The nominated managing partner of a partnership has a duty
to file with HMRC a partnership tax return for the whole partnership, called an
SA800 Partnership tax Return.
The tax return has to be filed each year before 31stJanuary and any income relating to the previous years income between 6th April and the
following 5th April. For example:
On the 31st January 2016 HMRC self assessment tax
return you have to account for income relating to the period 6thApril 2014 until 5th April 2015.
It is important to employ a tax accountant to prepare a set
of year end annual accounts profit and loss schedule for the relevant tax
period. A a business partnership is allowed to offset their business expenses
against their income. Including purchase receipts which are verified by bank
statements helps reduce the profit and as a consequence reduce the amount of
tax payable to HMRC.
It is very important to understand the UK HMRC
tax rules because every partnership must
register and file an HMRC SA800. If you do not file a tax return then
you are liable to sever, fines and penalties, which will be imposed on you by
HMRC. In more serious cases where the taxpayers is considered to have ignored
their duty to register with HMRC for the purposes of declaring their income,
can face criminal charges which carry penalties of fines and imprisonment.
Who are HMRC?
Her Majesties Revenue and Customs (HMRC) are responsible for
collection of all taxes in the UK, commonly known as the ‘Taxman’.
How to Register
as an employer with HMRC
An employer has a need to register the business with Her
Majesties Revenue and customs HMRC, commonly known as the ‘Taxman’.
Dealing with HMRC and
paying tax
External functions include providing information
to Government agencies most commonly Her Majesties Revenue and Customs
Quickbooks
accountancy software
Provide us a back up of your Quickbooks software using the
Helpbox upload bay. We will then prepare your annual accounts from your
Quickbooks. Preparing annual accounts from Quickbooks via Helpbox is probably
the most affordable way to prepare your annual accounts.
Partnership Annual Accounts
Partnerships and partners have no legal requirement to file accounts with the SA800 partnership tax return, however, HMRC say:
If you have to send HMRC a tax return, the law says that you must keep all the records and documents you need to complete the return. If you don't have adequate records or if you don't keep them for long enough, you may have to pay penalties.
Therefore, if an HMRC investigation is to be avoided proper financial records have to be kept. These include annual accounts.Annual accounts are particularly helpful when completing the partnership tax return SA800 which each partnership has a statutory duty to file each year. They provide information on the distribution of partnership profits, which is essential information each partner will have to provide to HMRC on their own self assessment tax return (SA100). Our products are designed to enable partnerships to prepare their year-end accounts conveniently and efficiently at an affordable cost
Chartered Accountant prepared annual accounts for Partnerships:
Real price low cost accountancy has transformed traditional accountancy services in to a range of transparently priced accountancy products. We are maintaining the integrity of the professional relationship with a clearly defined description of what you get for your money at a fixed retail price.
Now for the first time you are able to compare accountancy services through a clear value benchmark, which evaluates quantity and quality of work done along with price.
In order for us to prepare your annual accounts we will need a copy of either your paper records or your accountancy software.
When does the tax return have to be filed?
Each year the partnership must file with HMRC a partnership tax return with HMRC for all accounting transactions in the period 6th April to 5th April the following year.
The tax year runs from 6th April to the following 5th April and should be filed by the 31st January following the end of this period.
e.g. 06-04-12 – 05-04-13 should be filed by 31-01-14
However your accounting period does not have to be April to April; you must include on the partnership tax return the accounting year which ends in that period
e.g. If your accounts year end is June 30th then for the tax return above you would include accounts ending 30-06-12
The deadline also applies to the payment of tax declared on the self assessment tax return, which must be paid in full. Any late payments will be subject to a surcharge penalty by HMRC. Likewise penalties apply to late or non-submissions. These fines escalate very quickly and within a few short weeks can exceed £1000.
Nominated Partner
Each partnership should nominate a managing partner. That is the partner who will take responsibility to manage the financial affairs of the business. In law the partners in a partnership are subject to joint and several liability. That means each and every partner is potentially personally liable for all of the partnerships debts not just their own share. Usually the managing partner is the one who co-ordinates with us to provide the information need to complete the year-end partnership (SA800) tax return form.
Partner’s tax returns
Anyone who is a partner in a business partnership has the same duty as a sole trader to register their self employment with HMRC within 90 days of starting trading. Failure to do so can result in HMRC fines and penalties.
Its not just self employed people who have to file a HMRC SA100 Tax return; it includes other employed people such as directors of limited liability companies, and higher rate tax payers, if you have a separate part-time income from self employment, such as income from renting property, some kinds of pensions and stocks and shares you may need to file a SA100
The Role of the Accountant
It is important to employ an accountant to prepare a set of year end annual accounts including profit and loss schedule for the relevant tax period. A self employed person such as a sole trader or a partner in a business partnership is allowed to offset their business expenses against their income, . I including purchase receipts helps reduce the profit and as a consequence reduce the amount of tax payable to HMRC. An accountant can help you identify areas where you may not be claiming allowable expenses and deductions which can save you more than just their fees in tax each year.
Partnership Tax
return (SA800)
Who has to submit a
self assessment tax return?
Each partnership should nominate a managing partner. That is
the partner who will take responsibility to manage the financial affairs of the
business. In law a partners in a partnership are subject to joint and several
liability. That means each and every partner is potentially personally liable
for all of the partnerships debts not just their own share. Often the managing
partner is the one who co-ordinates with us to provide the information need to
complete the year-end partnership (SA800) tax return form.
When does the tax
return have to be filed?
Each year the partnership must file with HMRC a partnership
tax return for all accounting transaction in the period 6th April to
5th April the following year. The SA800 partnership tax return must be
filed with HMRC no later than 31st January the following year.
declared on the self assessment tax return. Which must be paid in full. Any
late payments will be subject to surcharge penalty by HMRC. Likewise severe
penalties apply to late or non-submissions. These fines escalate very quickly
and within a few short weeks can exceed £1000.
Partners additional
tax returns
Anyone who is part of a business partnership, as the same
duty as a sole trader and must register their self employment with HMRC within
90 days of starting trading. Failure to
do so can result in HMRC fines and penalties. The partnership has to file a tax
return and additionally each partner must submit their own (SA100) self assessment
tax return.
Everyone who as a full time or part time income has to tell
Her Majesties Revenue and customs HMRC, commonly known as the ‘Taxman’, what
tax is due to the UK Governments exchequer.
Self employed people do this by filing an HMRC tax form
called a Self Assessment Tax return and is given the file name SA100. Its not
just self employed people who have to file a HMRC SA100 Tax return. Other
employed people including directors of limited liability companies, higher rate
tax payers, if you have a separate part-time income from self employment, such
as income from renting property, some kinds of pensions and stocks and shares.
Partners in a business Partnership are self employed and
must register with HMRC and file a SA100 self assessment tax return each year.
The tax return has to be filed each year before 31stJanuary and any income relating to the previous years income between 6th April and the
following 5th April. For example:
On the 31st January 2016 HMRC self assessment tax
return you have to account for income relating to the period 6thApril 2014 until 5th April 2015.
It is important to employ a tax accountant to prepare a set
of year end annual accounts profit and loss schedule for the relevant tax
period. A self employed person such as a sole trader or a partner in a business
partnership is allowed to offset their business expenses against their income.
Including purchase receipts which are verified by bank statements helps reduce
the profit and as a consequence reduce the amount of tax payable to HMRC.
It is very important to understand the UK HMRC
tax rules because if the HMRC tax rules say you should register for self
assessment tax assessment, and file an HMRC SA100. If you do not file a tax
return then you are liable to sever, fines and penalties, which will be imposed
on you by HMRC. In more serious cases where the taxpayers is considered to have
ignored their duty to register with HMRC for the purposes of declaring their income,
can face criminal charges which carry penalties of fines and imprisonment.
Every company has each year to comply with the Companies Act
2006 and file an annual return at companies house. Not to do so is a criminal
offence and convicted directors are liable to pay a fine and have a criminal
record registered against their individual names.
Also every newly
incorporated company must register the new limited liability company with HMRC
for purposes of being assessed for payment of corporation tax.
Thereafter each year the Ltd Co., must file with Her
Majesties Revenue and customs HMRC, commonly known as the ‘Taxman’, a
corporation tax return. This HMRC form has a form name CT600.
It is very important to understand the UK HMRC
tax rules because every limited liability company must register and file an
HMRC CT600. If you do not file a tax return then you are liable to sever, fines
and penalties, which will be imposed on you by HMRC. In more serious cases where
the company is considered to have ignored their duty to register with HMRC for
the purposes of declaring income. The directors can face criminal charges which
carry penalties of fines and imprisonment.
Company directors should be aware of their obligation to
register their directorship with HMRC so that they can have their income
assessed for possible taxation.
Everyone who as a full time or part time income has to tell
Her Majesties Revenue and customs HMRC, commonly known as the ‘Taxman’, what
tax is due to the UK Governments exchequer.
Self employed people do this by filing an HMRC tax form
called a Self Assessment Tax return and is given the file name SA100. Its not
just self employed people who have to file a HMRC SA100 Tax return. Other
employed people including directors of limited liability companies, higher rate
tax payers, if you have a separate part-time income from self employment, such
as income from renting property, some kinds of pensions and stocks and shares.
The tax return has to be filed each year before 31stJanuary and any income relating to the previous years income between 6th April and the
following 5th April. For example:
On the 31st January 2016 HMRC self assessment tax
return you have to account for income relating to the period 6thApril 2014 until 5th April 2015.
It is important to employ a tax accountant to prepare a set
of year end annual accounts profit and loss schedule for the relevant tax
period. A self employed person such as a sole trader or a partner in a business
partnership is allowed to offset their business expenses against their income.
Including purchase receipts which are verified by bank statements helps reduce
the profit and as a consequence reduce the amount of tax payable to HMRC.
It is very important to understand the UK HMRC
tax rules because if the HMRC tax rules say you should register for self
assessment tax assessment, and file an HMRC SA100. If you do not file a tax
return then you are liable to sever, fines and penalties, which will be imposed
on you by HMRC. In more serious cases where the taxpayers is considered to have
ignored their duty to register with HMRC for the purposes of declaring their income,
can face criminal charges which carry penalties of fines and imprisonment.
Every company has each year to comply with the Companies Act
2006 and file an annual return at companies house. Not to do so is a criminal
offence and convicted directors are liable to pay a fine and have a criminal
record registered against their individual names.
Also every newly
incorporated company must register the new limited liability company with HMRC
for purposes of being assessed for payment of corporation tax.
Thereafter each year the Ltd Co., must file with
Her Majesties Revenue and customs HMRC, commonly known as the ‘Taxman’, a
corporation tax return.
This HMRC form has a form name CT600.
It is very important to understand the UK HMRC
tax rules because every limited liability company must register and file an
HMRC CT600. If you do not file a tax return then you are liable to sever, fines
and penalties, which will be imposed on you by HMRC. In more serious cases
where the company is considered to have ignored their duty to register with
HMRC for the purposes of declaring income. The directors can face criminal
charges which carry penalties of fines and imprisonment.
What happens if I
don’t file a Tax return?
HMRC have very powerful and wide ranging powers including
the power of arrest. If you fail to either register and or file a tax return,
then HMRC powers allow then to impose financial penalties and charge interest
on any due tax.