SEISS payments on Partnership or LLP tax return
Partnerships are a special case. If an SEISS grant claimed by one partner is distributed to all of the partners, it's included as trading profits on the partnership return and this will flow through to each individual partner's profit share.
On the other hand, if the individual partner who claimed keeps all the SEISS money, you should enter it on 'BOX 9.1' on the individual partner's tax return. Instructions on how to enter it on BOX 9.1 can be found in the link below:
Where grant money has been distributed to all partners and reported as part of partnership turnover, this will cause a mismatch on HMRC systems for the individual partner's return as no SEISS grant will be shown there. Be aware that HMRC may (incorrectly) correct the partner's return, which would mean an SEISS grant is taxed twice. You should contact HMRC and explain the situation for them to correct this.
Reporting SEISS payments on SA104 partnership page
If you have already made a 'Partnership (SA104)' page, skip to step 5 1. Click on '+ NEW PAGE' and then select 'Partnership (SA104)' 2. Fill in all of your partnership details (as well as any other relevant boxes) and then click on 'Adjustments to ...
SA103: Self Employed Income Support Scheme (SEISS)
If you have made a claim for the Covid-19 SEISS scheme as a sole trader this income needs to be declared on your 2020/21 tax return. HMRC require these payments to be detailed on your tax return. To help you do this we have add a new income category ...
Partnership Property Finance Costs
For the 2020 to 2021 tax year, you can only claim 0% of the cost of getting a loan, or alternative finance to buy a residential property that you let, and 0% of any interest on such a loan or alternative finance payments. 1. Click on '+ NEW PAGE' and ...
What are payments on account? And why do I have to pay them? Can I reduce my payments?
You will be required to make payments on account if: your Self Assessment tax bill is more than £1,000; and you pay less than 80% of all the tax you owe through PAYE, for example through your tax code or because your bank has already deducted ...
SA800 : How to add a Partnership Tax Return (SA800)
1. Once you have signed up, you'll be presented with this page. Scroll to the bottom until you see 'Partnership Tax Return (SA800)'. Then click the '+' symbol located on the right hand side, click 'Partnership Main' and then click 'Continue' 2. Fill ...