- Original Poster
- #1
Hi. My partner and I run a Partnership together which was formed mid-16/17 on 14th November. The business existing before the Partnership and my partner ran it as a Sole Trader. The business has maintained the same accounting method (cash basis) throughout.
Am I correct in thinking that we should be filling out these 16/17 tax returns as follows?
1. The Partnership tax return simply declares the business' profits between 14/11 and 05/04.
2. My partner's tax return declares the business' profits between 06/04 and 13/11 in the Self-employment section and their share of the Partnership's profits in the Partnership section. Essentially from a tax return point of view the Sole Trader business 'ceased' on 13/11 so they should enter that date as their final day of trading in the Self-employment section.
Thanks!
Am I correct in thinking that we should be filling out these 16/17 tax returns as follows?
1. The Partnership tax return simply declares the business' profits between 14/11 and 05/04.
2. My partner's tax return declares the business' profits between 06/04 and 13/11 in the Self-employment section and their share of the Partnership's profits in the Partnership section. Essentially from a tax return point of view the Sole Trader business 'ceased' on 13/11 so they should enter that date as their final day of trading in the Self-employment section.
Thanks!
