Friday, August 29, 2008

Partnership tax returns - submission deadline 31 October

Following the publication of our practical tax update for general practictioners this week, I have been thanked for the reminder it contained about the new submisison deadline for hard copy (paper) tax returns.

I thought twice before incoluding the piece as I guess we've all known about the new deadline for some time. Still, if it helps one person...

The reader who thanked me had actually read something into the piece that was not explicity stated. And as it's likely to be relevant to so many firms of accountants I thought I'd highlight the point here.

If your partnership return is going to be filed other than electronically, you will need to get it ready to submit by 31 October. It's all very well focusing on the rules as they apply to clients but they also apply to practitioners.

And it's important to note that the late filing penalty of £100 per partner is NOT reduced to nil even if all partners pay any outstanding tax by 31 January 2009.

So, if you'd missed this critical implication as regards your own firm's tax returns, I'm pleased to have given you a few weeks warning! Good luck.

Please add your comments to this thread to indicate your views on this issue.

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