Partnership

Last modified 17:38, 14 Nov 2016

Overview

Use the Partnership section to add financial details, such as trading income and property income.

 

Topics in this Section

 

Topics
  • Use the Details tab to edit the company details, such as the partnership reference number and profession type.
  • Use the Trading Income tab to enter details relating to income and losses. This section only provides an overview and you should refer to the Partnership pages within the tax return guide for a detailed explanation.
  • Profit that the partnership makes appears in Net profit, while a loss appears in Allowable loss and in any other relevant loss fields.
  • The term untaxed income is defined as non-trading income that is not taxed income, for example, income from property or interest received gross.
  • Within the Property income tab add profit or loss for UK land and property.
  • Overlap relief is claimed when basis periods overlap. This results in the same profits being taxable in two different years. Overlap relief deducts the overlap profits in a later tax year, so that over the life of the business, the taxpayer does not pay more than the required tax on the profit earned.
  • The term taxed income refers to income where tax has been deducted at source, for example, dividends.
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