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Posted Wed, 12 Jul 2023 12:39:33 GMT by Turquoise34
Hi. I'm in a partnership with my 17 yr old child. Last year we made about £3.5k (£1.6k after allowable deductions). I've completed the partnership tax return (for posting unfortunately) and am now trying to do my personal one. I was employed until December 2022. I didn't actually draw down any money from the partnership last year, but my share of total profits would be £860. I'm not clear what info I need to put where on the self assessment form. "Was your turnover more than £1,000 in total from all self-employments?" As a business we earned more than £1k, but as an individual I didn't. I either earned £860 or £0. I'm not clear at all which of those figures is the right one to use.
Posted Wed, 19 Jul 2023 13:31:13 GMT by HMRC Admin 8
Hi,
If the partnership is split 50:50, then you would enter half the amount in the same boxes on SA104S, as you declared on the SA800 tax return.  
Your child would do the same on their tax return, so that when self assessment checks the combined figure of your and your childs tax return against the partnership, they shoud both match.:
Self Assessment: Partnership (short) (SA104S)
Thank you.

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