Self Assessment Partners Tax Return for Xero Users (SA100)

What this product includes:
The product images show exactly which sections of a tax return are included with this product.

Every partner gets the basic tax return issued to them by HMRC. There are other, ‘supplementary’, pages covering the less common types of income, and disposals of chargeable assets.

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 basic Tax return (SA100) for Partners includes the following*;

1) An evaluation which identifies any issues in your records which may affect your tax return and advice how to correct this.
2) Preparation of a basic SA100 Partner’s tax return to draft copy including;
a) SA100 TR1 questions 1 – 4 Your personal details
b) SA104 TR2 section 3* Partnership income pages
c) SA100 TR7 questions 15 – 18 your tax advisor
d) SA100 TR8 questions 20 – 21 declaration
3) Your questions answered.
4) Amendments to your tax return
5) Final SA100 Self Assessment tax return ready for filing.

If you have more complicated tax affairs for example, if you have another employment, stocks and shares income, or are a landlord then you should bolt on to this purchase one of our additional products which will ensure that your tax affairs are properly stated.

*If you have more than one partnership you will need to select the partnership bolt on product – SA104.

Simply provide us with the information we request and we will produce your SA100 tax return for you ready to file. You will be able to ask your Helpbox chartered accountant questions.

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

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 6^th April to
5^th April the following year. The SA800 partnership tax return must be
filed with HMRC no later than 31^st January the following year.  

The deadline 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 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 31^stJanuary and any income relating to the previous years  income between 6^th April and the
following 5^th April. For example:

 

On the 31^st January 2016 HMRC self assessment tax
return you have to account for income relating to the period 6^thApril 2014 until 5^th 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 31^stJanuary and any income relating to the previous years  income between 6^th April and the
following 5^th April. For example:

 

On the 31^st January 2016 HMRC self assessment tax
return you have to account for income relating to the period 6^thApril 2014 until 5^th 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.

What
is a self employed person?

The UK Government is keen for more people to set up in business a
self-employed. One of the key attractions for becoming self employed is that
you no longer have to work for someone else. You are your own boss. Being your
own boss requires new start up business owner to be responsible for their own
sick pay, and paying your own taxes and pension provision. 

What
is a self employed business entity?

Once you have decided to take the plunge and you start up your own new
business then you need to consider what kind of entity will operate your
business. Sole trader, partnership, or a limited liability company.

Registering as self employed with HMRC

Many
start-up businesses choose simple self employment and trade their new business
as a sole trader. Whatever entity you choose you must register that you are
self employed with Her majesties Revenue & Customs HMRC. As well as
registering online with HMRC for self assessment tax returns. You should also
consider how you will pay your National Insurance contributions NIC’s

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 31^stJanuary and any income relating to the previous years  income between 6^th April and the
following 5^th April. For example:

 

On the 31^st January 2016 HMRC self assessment tax
return you have to account for income relating to the period 6^thApril 2014 until 5^th 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.

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 31^stJanuary and any income relating to the previous years  income between 6^th April and the
following 5^th April. For example:

 

On the 31^st January 2016 HMRC self assessment tax
return you have to account for income relating to the period 6^thApril 2014 until 5^th 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.

Xero accountancy
software

Provide us a back up of your xero software using
the Helpbox upload bay. We will then prepare your annual accounts from your
xero. Preparing annual accounts from xero via Helpbox is probably the most
affordable way to prepare your annual accounts.