maybe a stupid question?

[dylanj7393]

Hi guys, new here.

Filling out my partnership return and my own return, as well as the other partners.
Ive filled out SA returns for a few years now but this is my first partnership form.

Getting to grips with it but what is confusing me is..

We made a loss of £3045.

However, we paid ourselves a total of £1850 (between us).

How do I enter this? Its asking for my share of the profit/loss, so do i put in what I earned as income or what I lost (half of £3045)?

Thanks for help and sorry if its a stupid question

[bd6759]

You are taxed on the profits, not what you take out of the business. Note that the amount you take out is not an expense an should not be in the profit and loss account.

The partnership return shows the overall profit or loss, and also shows how this is be shared between the partners.

In your own personal return you enter your share of the profit or loss.