Tax return

[ToNyC1]

Am helping a friend get up to date with their tax returns after starting a cleaning company as a partnership. It has been a few years since I last helped someone submitting a return and now see you need to submit through a piece of software.

Does anyone know of any free or really cheap pieces of software/ websites to submit or Is it easier just to submit a paper return?

[Eric Mc]

You can still submit tax returns using paper. However, paper returns need to be submitted by 31 October.

If the individual is involved in a trading partnership, the partnership itself should be submitting its own tax return as a separate exercise.

The individual's tax return will show that individual;'s share of the partnership profits (ore looses) for the relevant tax year - as well as any other personal income or relief claims.

[masterzarlak]

I think you are talking about MTD - Making Tax Digital - rather than a personal tax return?

I don't know much about it but there is lots of stuff on the 'net to help with this.

HTH

[Eric Mc]

The OP needs to clarify if they are talking about an Income Tax Return or a VAT Return ()or perhaps some other sort of tax return, of which there are many).

[ToNyC1]

I am trying to submit a self assessment income tax return, they are part of a sole trader partnership (if that makes sense).

[sgrimshaw]

I've been using Tax Calc for years.

For the past 14 years I've used it for our partnership and two personal returns.

Very easy to use, does all the submissions etc.

https://www.taxcalc.com/partnership

Edited by sgrimshaw on Tuesday 20th August 15:49

[richardracer]

If the OP is talking about submitting. VAT return, then Taxcalc also do a module to allow MTD compliant VAT returns for very little cost.

No connection but happy customer of both products.

Richardracer.

[Eric Mc]

ToNyC1 said:

I am trying to submit a self assessment income tax return, they are part of a sole trader partnership (if that makes sense).

Not really - although what you say is a common mistake. A trading partnership is not, technically speaking, a sole tradership. The "partnership" word indicates that there is more than one person involved in the trade. In "sole trader", the word "sole" indicates that there is just one person involved.

In both scenarios, tax is calculated on the profits generated by the enterprise. For a sole trader, all of the profit belongs to the sole proprietor and this profit needs to be returned on the "Sole Trader" part of their self assessment tax return.

In a partnership situation, the PARTNERSHIP has to register with HMRC so that it can submit its own Partnership Self Assessment tax return. On that return, the way in which the partnership profits is split between the various partners is shown.

Each individual then submits their own individual personal Self Assessment tax return and on that return they will declare their share of the partnership profits as shown on the partnership return.