Partnership Full 02 - Date your Basis Period began

You pay tax for the tax year 6 April 2020 to 5 April 2021 on the profits and claim relief for the losses of your 'basis period'. After the first one or two years as a partner, your basis period will be the same as the partnership's accounting period, unless the partnership changes its accounting date.

For example, if the partnership's accounting date is 31 December and you became a partner on 1 January 2020, your basis period for tax year 6 April 2020 to 5 April 2021 is the 12 months from 1 January 2020 to 31 December 2020.

However, in the first year or two as a partner, or when you leave the partnership, your basis period may not be the same as the partnership's accounting period.

Full details of the rules used to work out your basis period are in Help Sheet 222 - How to calculate your taxable profits.

Enter the date on which your basis period for the tax year 6 April 2020 to 5 April 2021 started in this box.