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Post Info TOPIC: Partnership Self Assesment
Eilef


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Partnership Self Assesment
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Ok so i need to do a Partnership Self Assessment, i have spent hours trying to get hold of HMRC to get a form.

 

Whilst on hold i heard that most forms are available online and i found form SA104S and a help sheet. Is this the form i need to complete for a partnership SA, and do i need to submit one or one for each partner?

 

Cheers

 



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Eilef Loken MIAB

 
Eilef


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Got it sorted now.

After another hour on hold I got to speak to someone and I need an SA800 to complete and when I do the personal SA I have to complete SA102 and SA104 as well as I'm employed as well.



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Eilef Loken MIAB

 
Elaine R


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Hi EJL,

I use Andica software for Parnership returns. Easy to follow software and a good price too.

Elaine

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Eilef


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Thanks will have a look into it



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Eilef Loken MIAB

 
Eilef


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Ok I have downloads Andica software to do partnership SA in he Captial Allowances section what figures do I use?

Is it the total figure of asserts purchased in each section or do I have to do the calculations?

Also what's balancing charges?

Cheers



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Eilef Loken MIAB

 
Don Tax


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Hi Eilef,


A balancing charge is where you dispose of an asset for a greater sum than the written down value in the Capital Allowances Computations.

I've used Andica but rarely, and can't honestly recall the exact procedure. In order to know that you're using the software correctly, it is best to prepare the calculations manually first.

Just looking at previous posts, I can't tell what your client's business is.

Kind regards,
Tim


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Eilef


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Thanks Tim,

That helps why can't HMRC make it that simple.....

In the first year of trading they spent 1121 on equipment (assets) and made a trading loss of 510.

Now I have sorted the 510 out but that includes depreciation so am I right in thinking I need to add that back in and then claim the 1121 on Captial allowance?



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Eilef Loken MIAB

 
Shamus


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yes.

You may be able to claim all of the capital expenditure under Annual Investment Allowance (depending on what the expenditure was for).

Shaun.

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Don Tax


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Supposing after adding back depreciation and any private use your profits are £700, then have a look at the total tax position and consider Dis-claiming Capital allowances to leave them available next year.

Either one or both partners might have sufficient spare Personal Tax Free Allowances to cover their £350 profit share.

Tim

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Eilef


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Cheers,

Purchases were computer, printer, other equipment for use only on events.

After adding in depreciation there still isn't any profit. Only been trading 2 months of the last tax year.

So shoul I then put the 1121 in the top box AIA box?



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Eilef Loken MIAB

 
Don Tax


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If I remember correctly that software mimics the Partnership Return Supplement and your 1121 would become a claim. So, no unless Elaine comes back to you as having used Andica more recently.

Tim

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Eilef


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Ok just looked at it again now I think it's box 3.14 Capital Allowances at 18%

So why do I calculate deprecation then if I have to add it back in at year end?



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Eilef Loken MIAB

 
Shamus


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Because accounting profits and taxable profits are different concepts.

HTH.

Shaun.

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Eilef


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Ok fair enough



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Eilef Loken MIAB

 
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