Partnership Return - Losses & Capital Allowances

sky_dragon_2

Hi

My husband and I are in a partnership. I'm trying to fill in the partnership tax return using the Andica software. This is the first year we've done a partnership return.

We made a loss this year as we made some investments which have gone under the Annual Investment Allowance, and we also had a lot of expenses. However when I input the figures into Andica, it does not seem to do anything with the capital allowances.

For simplicity, here are rounded example figures:

Partnership turnover: £1000
Expenses: £1100
AIA: £2000

The software concludes that each partner would put down in this case a £50 loss (i.e. the turnover minus the expenses) and I can't understand where the AIA comes into it, I thought it would minus this as well?

I hope I'm not asking a silly question here, I can't find any answers online! Do you think I've missed something?

sky_dragon_2

I have just solved my own problem, I think.

There is a section for detailed expenses which the software implied was only for if the income was more than £75,000 but that was the bit I needed to fill in in order to deduct the capital allowances.

Thanks anyway
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