Hey, love the videos! Got a question that I can't seem to find the answer to anywhere: Do I need to fill out a tax return for a partnership if we turned over under a £1000 this 2019-2020. Cheers!! :D
It looks like partnerships don't get to claim the £1,000 trading allowance: www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income "This allowance does not apply to trading income from a partnership." Sorry, I was hoping for a better answer there. I thought it might apply. If you're really up against it for time, it might be worth calling HMRC and telling them your income and expenditure figures and see if there's any route that doesn't involve you doing a full tax return with partnership pages in it. Good luck!
Hey, love the videos!
Got a question that I can't seem to find the answer to anywhere: Do I need to fill out a tax return for a partnership if we turned over under a £1000 this 2019-2020. Cheers!! :D
It looks like partnerships don't get to claim the £1,000 trading allowance: www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income "This allowance does not apply to trading income from a partnership." Sorry, I was hoping for a better answer there. I thought it might apply. If you're really up against it for time, it might be worth calling HMRC and telling them your income and expenditure figures and see if there's any route that doesn't involve you doing a full tax return with partnership pages in it. Good luck!