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LLP and Profit from sale of property
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I  have a client who is wanting to fill in a Return SA800 for an LLP

The LLP does property renovations, buying and selling. This is the first return with a property sale in it (accounts ending June 2011)

First question is :

As the business turnover is profit from sale of property do they record this in the Professional & Trading form as turnover, or complete the UK Property form as other income from property

Second question is :

I have been reading HM C&E notes and to me it reads that even if sold property is in a partnership each partner has to submit SA as Capital Gains and not standard Partnership profit. IS this correct?I have called HM 3 times and just hang on and hang on they really frustrate me sometimes !!

Cheers

Rob

 

 



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Rob Wilde
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