Partnership advise

vintagecustoms

Hi guys trying to find out where I stand as at the moment I have lost nearly 100% of my business and if I don’t work I don’t get paid I am in a family business of over 28 years and  profit share is split between 5 of us my share last year was 46k the way I see it I won’t be able to claim anything as the overall business profit is a lot higher than 50k or does it go off individual profit share of my 46k I’m not sure.
Thanks in advance

calcotti

It’s your share of the profit as shown on your individual tax return.

vintagecustoms

So will that mean I will get something from Hmrc  in June ?

calcotti

vintagecustoms said:

So will that mean I will get something from Hmrc  in June ?

If you meet the qualifying conditions. https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

vintagecustoms

Thanks for that👍

camcleish

If you are a Partnership as are we, is it not the case we are not self employed?

Jeremy535897

camcleish said:

If you are a Partnership as are we, is it not the case we are not self employed?

A lot of negatives here, so not sure what you are saying. A partnership that trades allocates its profits to its partners, who are treated as self employed.

camcleish

Jeremy, thank you very much for your advice. Please don`t think I am being negative just to be argumentative. I am repeating the response I get from our accountants when I repeatedly question their interpretation of qualification re the grants. They complete our tax returns and tick "no" in the box no 2 Self employed, they also click "no" in box 3. Partnership instead they tick "Yes" in box 4. UK property. I know you are very active in this forum and as such very busy, I would appreciate any further comments or advice you could offer. Once again thank you very much for your advice thus far.    

whizzywoo

Jeremy535897 said:

camcleish said:

If you are a Partnership as are we, is it not the case we are not self employed?

A lot of negatives here, so not sure what you are saying. A partnership that trades allocates its profits to its partners, who are treated as self employed.

@camcleish
What does the partnership do?  Does it have a trading business or is it just property income? 

camcleish

Just property income but actively involved in administration, management, negotiation etc   

whizzywoo

camcleish said:

Just property income but actively involved in administration, management, negotiation etc   

I'd be inclined to take the advice of your accountants.  To now try and claim self employment may have implications for past and future tax returns and might just open up a whole can of worms.