Self Assessment help

del86

Hi, I'm due to my first ever SA this month. My fiance and I rent a flat out and have registered as a partnership. I have a friend who has just graduated as an accountant who helped me initially register partnership etc. however he is on holiday for the next 10 days and I am having a meltdown now!

My fiance has a login which then takes you into an account which shows you her name at the top in quite large letters and clearly shows the option to file a SA.

I have another login which I thought was for myself, but when I go into the account it shows my name in the top right in smaller font. It has 2 sections that I think are relevant to me, 1 is a self assessment which is awaiting an activation code and then beneath that is Self Assessment for Partnerships which has a link to View Account. Is this account where a SA is submitted for both myself and the partnership? Or should I have separate logins for me, my fiance and our partnership?

Do I need to purchase separate software for the partnership assessment?

Please Help!!!

chrismac1

First off, why did you register the partnership? If the property is owned jointly, the normal way of dealing with this is 50% of the income to you and 50% to your fiance. This method results in 2 tax returns, maximum fine for late submission £200.

As it is, you need to submit the partnership return now, plus one for each of you individually. Maximum fine is £400 as each partner can be fined £100 for late submission of the partnership.

You don't need separate software. File the partnership return first, this will produce a figure for each partner's share. Then enter that in each return. it sounds like you are using HMRC's own software which should get the job done - but note I have never used it and never will, so for a more specific answer hopefully someone else will come into the thread.

del86

I was advised by my friend I needed to when I became married so might as well do it now.

My problem is I am not sure if I am the nominated person to complete the SA for the partnership do I just do both through my account or should there be separate accounts?

Darksparkle

You don't need a partnership just for renting out a property, even if married.

You could have just done it via each self assessment.

The partnership will have a separate UTR to you and your partners self assessment UTR.

del86

Sorry but the issue of the partnership is not what I am asking about, I am asking for help in relation to the online SA and if I would do the return for myself through the same account that I would use for the partnership.

Darksparkle

https://www.gov.uk/log-in-file-self-assessment-tax-return

del86

Does anyone know if I complete the SA for the partnership via the same account as my own SA?

The link above takes you to the homepage where.........

You need to buy other software or download other forms to send a Self Assessment tax return:

• for a partnership

chrismac1

You should have 3 separate accounts each with unique UTRs.

del86

Ok I have 3 separate UTRs but only 2 accounts?

pjclar02

I don't think you can submit a partnership tax return through HMRC's website - you certainly never used to be able to. I use commercial software so am not 100% on this.


I would recommend that you write to HMRC and close the partnership, otherwise you will probably need to pay for commercial software to submit partnership returns.


You would then just need to prepare a set of figures for the property, and split them 50:50 or whatever the appropriate percentage of ownership should be, and declare the relevant percentage on each of your self-assessment returns.

Darksparkle

del86 wrote: »

Does anyone know if I complete the SA for the partnership via the same account as my own SA?

The link above takes you to the homepage where.........

You need to buy other software or download other forms to send a Self Assessment tax return:

• for a partnership

So do you have the software?