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Scope of Services: Carta Fund Tax Preparation (UK)

Scope of Services: Carta Fund Tax Preparation (UK)

Carta Fund Tax Preparation is an add-on service not included in your Carta Fund Administration subscription. Per annum pricing will be determined based on your individual fund structure, needs, and complexities.
 

Carta Fund Tax Preparation - Base Services

Included in the base Carta Fund UK Tax Preparation package, Carta will work with you to:

  • Register UK Members with HMRC (if necessary, by way of form SA401)

  • Prepare and file UK annual Partnership tax returns (SA800)


Carta Fund Tax Preparation - Base US Module*


Depending on whether your fund admits US investors, you may be required to add US Module services in addition to the services included in the base Carta Fund UK Tax Preparation package:

  • Prepare and distribute pro forma of Form 1065 and Schedule K-1


*Part of the purchased package is included in the Carta Fund Tax Preparation (UK) Scope of Services

Premium Tax Preparation Services

Depending on your fund structure, you may need the following services relating to the Carta Fund US Tax Preparation subscription based on the below characteristics, including but not limited to:

  • Prepare and file your Funds’ federal tax return (Form 1065)

  • Prepare and distribute Schedule K-1s for partners

  • Prepare, file, and distribute state filings for your Fund and partners (when required) 


Based on each fund’s circumstances and filing requirements, Premium Tax Preparation Services are provided for an additional fee. Talk to your Carta representative to discuss premium tax services fee or any filings not listed above. Fees will be billed to Client upon completion of tax filing.
 

Not Supported

While most funds are able to be serviced by Carta Fund Tax, the product will be unable to support funds with any of the following non-standard characteristics:

  • Entities not administered through Carta

  • Non-accrual books 

  • Investments in cryptocurrencies

  • Investments in real estate or other non-venture asset classes 

  • Fund structures with master feeder or blocker entities

  • Any other non-standard characteristics as identified by Carta from time to time

 

Client Responsibilities

  • Client must confirm the Fund’s data, including but not limited to the asset(s) held, by:

    • US: 5 January after the year of the applicable tax filing deadline

    • UK: 5 May of the year of the applicable of the tax filing deadline

  • Client will authorize Carta to append the Client’s signature to an e-file authorization form so Carta can file tax returns on their behalf.

    • Client is responsible for the Fund’s investors confirming their respective tax information in the Carta platform by: 

      • US: 5 January of the year of the applicable US tax filing deadline.

      • UK: 5 May of the year of the applicable UK tax filing deadline.

  • Once Client has submitted all required information Carta will make initial draft tax forms available to Client for review by Client. Such drafts will be subject to further review and revision by Carta’s tax team, and updated versions will be made available to Client for review and approval before filing.

  • Client shall be responsible for approving and, if applicable, signing tax forms prior to filing by Carta.

  • If the deadlines set forth above are not met or if Client or Client’s investors provide incorrect information:

    • Carta shall not be responsible for any penalties due to late or incorrect filings.

    • Carta shall not be responsible for late tax payments.

    • Carta may file extensions where necessary.


By engaging Carta, Client authorizes Carta and its affiliates to review all information about Client and its partners that Client or its partners provide to or receive from any Carta affiliate.

Additional terms and conditions apply: https://carta.com/legal/agreements/tax-preparation-product-specific-terms  


DISCLOSURE: This communication is on behalf of eShares Inc., dba Carta, Inc. ("Carta") and its affiliates. This communication is not to be construed as legal, financial, accounting or tax advice and is for informational purposes only. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein.

©2024 eShares, Inc. dba Carta, Inc. All rights reserved.

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