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Partnership net profit
Mark2788
Posts: 27 Forumite
in Cutting tax
Just wanting to confirm if you're not a partnership that it's net profit that is essentially a wage when app!Ying for mortgage etc? Rather than showing actual wage/salary? Thanks
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Comments
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Did you not ask the bank/mortgage provider or broker this ?0
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The heading is 'Partnership Net Profit' but the op is asking about sole traders!
The net profit is what the mortgage company should be interested in. What is taken out of the business is irrelevant to most- apart , perhaps, from the bank.0 -
Sorry I might word this gs wrong and they've asked for sa302s etc so I'm just really wanting to double check, so my share of net profit is what they are after really? Thanks0
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You must always declare your share of net profit on your Self Assessment tax return. Your SA302 will reflect this.0
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Yes that's ok then, for example turnover 30,000 with expenses as 5000 (without partners wages) so we would share half of 25000 profit if I'm correct? Thanks0
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