Partnership tax return via MTD

Accounting
1

I have now set up my quickfile account and the VAT part is working but when i get to the end of the tax year how will the program via MTD make a return for both partners?

2

As far as I know. You can’t file a partnership return with quickfile. You’d need to use other software.

3

hmmm i wonder why they allow you to set up a partnership profile for the business accounts?

4

Because quickfile is a bookkeeping software provider not a rax return software provider.

Edit: sorry I missunderstood your question.

For Mtd for income tax. The ability to file quarterly will become active when the requirement goes live.

1 Like
5

Hi @tezhamer

Just to add to @Paul_Courtier’s post, this past of MTD isn’t live as of yet. As and when HMRC makes this available, it is something we’ll be looking to explore and add to QuickFile

6

Hi Mathew

I am pleased with quickfile and will use it for VAT MTD ,

so please please consider MTD sole trader partnership and ltd company tax returns.

on a personal note my wife and i run the business and split it all down the middle so manually doing a tax return is easy i just see what the books say and half the sales half the costs and declare half the profits for each of us, if you could on the partnership program just allow a percentage split between partners.

Terry

7

I will also need this % split for Partnership Tax returns when MTD goes live so just adding my +1 here for future development. :slight_smile: Kath

8

In case it helps anyone… I use QF for my day-to-day partnership book-keeping and TaxCalc for the yearly tax submission for the partnership and partners. TaxCalc lets you enter the accounting data from QF in an easy to use interface and then auto imports all relevant data to the partners individual tax returns with on-line filing to HMRC.

When I’ve needed it, TaxCalc support has been amazing and I find the combo of QF and TC super efficient.

9

Thanks Bluesden

I have checked out taxcalc and when MTD goes live if quickfile have no solution for individual partner tax submissions direct from the software i think taxcalc could provide the solution.

10

TaxCalc seems a bit much for a simple partnership I would think? Isn’t it aimed more at practices submitting multiple clients? I use Taxfiler, which is similar but much simpler.

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Hi cbstephensaca

I will check it out, the simpler the better as most of the work will be done in quickfile and i don’t want to then spend time filling out 3rd party forms for what is a simple solution to add to quickfile

Terry

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