Partnership Trading Income
Partnership Trading Income Tab
The first field that you need to complete is the basis period.
In Share of profit/ loss for tax purposes you should enter the amount shown on the Partnership Statement.
To arrive at the profit or loss for the basis period you will need enter the amount to add or subtract in Adjustment to arrive at profit or loss for the basis period.
Note: To enter a minus figure enclose the amount in round brackets, for example, (3,500).
Partnerships may qualify for overlap relief if their accounting date is a date other than 5th April. Complete these relevant fields:
- Overlap profit brought forward
- Overlap relief used this year
- Overlap profit carried forward
Select Use averaging calculation if the business involves farming, market gardening, literary or artistic works.
Enter the amount that profit has changed by the averaging claim in Adjustments for averaging.
Profit that the partnership makes appears in Net profit, while a loss appears in Allowable loss and in any other relevant loss fields.
Note: You indicate a negative amount by enclosing your figures within round brackets.
You need to click the appropriate loss hyperlinks to add detailed information about the lost.
To Add Foreign Tax on Trading Income
- Click Foreign tax deducted. The Foreign Tax on Trading Income window appears.
- Select the country that the tax was paid to from the Country drop-down.
- Enter the total amount before any deductions in Gross amount on which tax paid.
- Select Unremittable if applicable.
- Enter the tax amount paid in Foreign tax paid.
- Select By Deduction if applicable.
- Click Save.
- Click the Back button above Partnership list to return to the Trading Income tab.