Form 1 (firms) Partnership Tax Returns

[liteweight]

Not sure if this is the right forum but here goes. Received the above form from Revenue yesterday and as I've never filled in one before, I'm not quite sure what it's about. OH and I are jointly assessed and usually file a return on line (basically transfer figures as per accountan's instruction). He is a PAYE worker and also a Sole Trader, plus we own investment properties together (partnership). We are jointly assessed for income tax so any profit from investments usually goes down on his returns.

The form states that the individual partners should also make separate returns on form 11. I rang our accountant and he's away for the next two weeks! Basically, I know this will be going around in my head until then. Do we need to fill in this form or are the online returns enough (it's years since we've received paper from Rev.)? Also will we have to file separate form 11?

Apologies if this is the wrong forum.

 

[ubiquitous]

Best bet is to wait the 2 weeks for your accountant's instructions. Certainly under no circumstances should you complete this form in their absence or without their knowledge as it is a statutory tax returns and the incorrect or inappropriate completion or filing of this form (or conflict with your form 11 return) could cause complications on your tax record. My own view based on the limited information you provide is that completing Form 1 Firms is rather pointless given that you are married to each other and already jointly assessed as such. However your accountant is in the best position to advise. Deadline for filing is not until 31 Oct so you can afford to wait for them.

 

[liteweight]

Thanks Ubiquitous, I was just curious as to why they'd suddenly start sending out forms like this. It appears to me that they're treating the peoperty partnership as a seperate entity, and I was wondering if this is the way we should have been dealing with it.

 

[ubiquitous]

It may be a miscategorisation or other error on Revenue's part, or there may be a concrete & valid reason. Its impossible to establish without knowing the circumstances and the particulars of your recent tax returns.