Patnership Return -Box 4.74

[saineegan]

I have just completed my first Partnership (Short)Return but am stuck as to what box 4.74 means .

Am I correct in putting my income tax due from my share of the partnership profit in this box, as Box 4.74 says Share of Income Tax taken off partnership income? If I am not right in thinking my income tax due goes in here can you provide a simple explanation as to what this box means. Also someone mentioned that my income tax due on my share of the partnership profit does not go on the partnership Return at all but in box 18.3 of the personal return?

I'm very grateful if someone can confrim this and thank you for all your help

[robbob]

Hi again saineegan.

Presuming you only have partnership trading income (no interest received) then this box will be Nil.

If you have entered a figure in this box in error then all you need to do is write to the inland revenue and ask them to amend this box to Nil.

If the partnership did have interest receveived then the gross interest (your share only) would go in box 4.70 and the tax deducted would go in box 4.74.

The notes to the return can be found here

http://www.hmrc.gov.uk/worksheets/sa104-notes.pdf

[al_eebee]

Box 18.3 is where you show the total tax due for the year - which will include tax due on the partnership profit.

Box 4.74 relates to tax deducted at source from interest received on money in the partnership bank account, and NOT tax due on the partnership share of profit.

I suppose to the uninitiated the wording on the return could possibly confuse.

Look at the notes (from the link above) a little way down the right hand column on page 5 to see what should go in 4.70 & 4.74

[saineegan]

Many thanks to both Robbob and Al_eebee . I understand where I have gone wrong now and will inform the inland revenue.