Information about self assessment returns (partnership)

Mark2788

I know best option is to get an accountant but I'd like to understand a bit more about partnership returns. Is there any good information about? If I can give a example with made up figures it might help. If turnover is 30000 and expenses are 5000 net profit is 25000, is each partners share of profit 12500? And you can't include partners wages in expenses if I'm right? The 12500 then goes to sa100 and is the total income received on sa300s yes? Thanks for any help

[Deleted User]

All correct.

Mark2788

Yh sorry couldn't find d my thread and wondered if there were any other websites about the subject, sorry to repeat

Mark2788

For the example above though could you take each partners profit as 11000 though if you left money in the business ess account t etc or whatever the net profit is it has to be split between each partner?

[Deleted User]

Mark2788 wrote: »

For the example above though could you take each partners profit as 11000 though if you left money in the business ess account t etc or whatever the net profit is it has to be split between each partner?

No you cannot. Whether you take the money out of the business or not the business still made £25000, or £12500 each.

Surely the fact that it made £12500. you took £11000 and there remains £1500 available to draw upon makes this evident?

Mark2788

Yh sorry just saw something about that but they must've got the wording wrong, and are accounts the same as statements essentially for a small business?