Partnership tax / personal tax

[MCC]

Hello all

I've paid through the business my partnership tax however I now have to do my personal tax and was advised that I should include the profits from my partnership.
Please can someone guide me as its a bit confusing as I have already paid for my profit taxes, do I need to pay them at another % when doing my personal or is it just to inform HMRC?

Thank you

 

[Mr D]

Sorry, this is actually a partnership? Not a limited company or other business type?
And the business has already paid your personal tax using the money belonging to the partners?

Don't think I've come across the partnership paying tax before.

 

[MCC]

its a partnership and I paid my partnership taxes with my capital.
Partnership tax was done and paid but now im told that I need to do a personal one as well. :-(

 

[SteveHa]

I think you'll find what's happened is that sufficient has been retained by the partnership for you to settle the tax on partnership income arising from your Tax Return.

Check with the senior partner. It is probably simply held for you.

There is no such thing as partnership tax. All tax liabilities fall due on the individual partners.

 

[MCC]

If possible pls can you clarify the tax applicable for the following:

0ne person has 6 partnership business. tax wise how should this one person manage?

thank you

 

[SteveHa]

Each separate partnership will complete a partnership Tax Return, which will include a page for the partner's share. This information should be provided to the partner.

The partner will complete their own tax return including a partnership page for each partnership containing the information provided by the respective partnerships.

Tax is then calculated on the partner's whole income for the tax year.

 

[MCC]

Great... thank you.