Partnership Return - Are We A Trade Or Profession?

[Matty Jay]

Hi guys,

Just working through our first partnership return at the moment and in Q3 it asks 'Did the partnership business include a trade or profession at any time between 6 April 2011 and 5 April 2012?'.

We ran a small student events company so not sure if we fall into that bracket or if it's reserved for partnerships that specialise in things like carpentry, accounting etc.

The next section in the form is 'Trading and Professional Income' which requests figures for the LLP inc. Turnover etc. Is this where our figures should be sitting, or do we need to complete a Partnership Statement (Full)?

Thanks,

Matty

 

[Scalloway]

It means did the partnership conduct any business in the year in question. Running student events is a trade.

 

[faradaykeynes]

and if you are not llp then just leave llp related sections alone

 

[Matty Jay]

Thanks guys

 

[CameraGuy]

man I'm glad someone else asked this; the wording in the tax forms is not clear.
CHeers for answering this one!