Hi,
My wife and I run a part time photography business. I pay tax at 40% threshold and my wife is a full time mum otherwise. In addition to completing our first self assessments recently, we just wanted a few pointers on our partnership return. As I work full time and don't input into the photography, other than assist her on shoots, my wife and I have an agreement for her to take the £15,000 of income. Therefore I have zero income on my self assessment and my wife has a profit of £5,500.
I have the commercial software to complete the partnership return but was a little confused as to whether the partnership had to also show a profit of £5,500? In her self assessment, we referred to the £5,500 as her income and left the partnership column blank as it was double counting her income and stating it as £11,000.
Any help would be much appreciated!
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