Partnerships Flashcards
1
Q
Partnership tax rules
A
- Adjust profits
- Deduct capital allowances
- Share profits
- Tax Ps individually
Using the BASIS PERIOD RULES
2
Q
Basis period for partners: Ongoing partner
A
Current year basis
3
Q
Basis period for partners: New partner
A
Opening year rules
4
Q
Basis period for partners: Leaving partner
A
Closing year rules
5
Q
Partnership return (the partnership not individuals): Due date
A
Same as personal self-assessment return
(Depends whether electronic or paper)
6
Q
Partnership return (the partnership not individuals): If contains errors: Penalty
A
Common penalty regime applies
