Partnerships

Question 1

Partnership tax rules

Answer 1

1. Adjust profits
2. Deduct capital allowances
3. Share profits
4. Tax Ps individually
   Using the BASIS PERIOD RULES

Question 2

Basis period for partners: Ongoing partner

Answer 2

Current year basis

Question 3

Basis period for partners: New partner

Answer 3

Opening year rules

Question 4

Basis period for partners: Leaving partner

Answer 4

Closing year rules

Question 5

Partnership return (the partnership not individuals): Due date

Answer 5

Same as personal self-assessment return
(Depends whether electronic or paper)

Question 6

Partnership return (the partnership not individuals): If contains errors: Penalty

Answer 6

Common penalty regime applies