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Post Info TOPIC: Partnership expenses borne by individual partners
jfking77


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Partnership expenses borne by individual partners
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Hi everyone

I had a question regarding Partnership expenses in the UK. If a Partner has paid a portion of a Partnerships expenses out of their own funds, with an understanding that the partnership will reimburse him once it is able to do so, what is the best way to report this for the Partnership as well as the individual partner's taxes. Thanks so much in advance.

 

Justin



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FoxAccountancyServices


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The funds in from the partner, go in as capital introduced, a credit.. and the expenses will be a debit to the appropriate profit and loss code. If he/she put the money into the bank account, in order to pay for the items, it would be: credit capital introduced, debit bank.

No reporting on the tax return for this

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