tax on partnership

[oscarp]

hi,

I am a joint partner in a partnership and need to file tax returns for 2004 & 2005 (company now ceased). there should be very little involved, as the company broke even I don't expect to have to pay any tax.

Do I need to fill out tax form 1, or form 11, or both? I should be able to fill these out myself based on the info I have - any problems with this?

Do I need to submit annual returns to the CRO? If so, should they be signed off by an auditor \ accountant?

Thanks for any help

 

[Joe1234]

Is it a partnership or limited company?

What does your accountant say? If you have noen, get one, you do need professional advice.

 

[Graham_07]

You wish to file the returns yourself but you seem unclear as to the difference between a partnership and a company Go get an accountant, FAST. If it is a partnership ( i.e. two unincorporated individuals trading together in partnership as opposed to a limited company) , then you do need to file both F1 Firms for the partnership and each partner needs to file F11 Personal Tax Return if not already done. Both years are late and penalties may already apply. You need to act on this ASAP.

You mention that partnership broke even and that you don't expect to have to pay any tax. Again, that assumption may be very wrong if your definition of breaking even is that there was nothing left due or payable after the partners incomes and business expenses were taken out. If the partners incomes from the business were in excess of tax/PRSI thresholds then you will have tax and PRSI to pay.

If it is in fact a limited company then the CRO returns are late and you have disqualified yourself from the exemption from audit so an audit would be required which is now very costly even for small companies. The CT returns are also late and directors of companies must aslo still file their own Form 11 as in partnership cases.

Again, i would agree with previous poster, get professional advice NOW.