We are a partnership, and we paid our tax weekly in the tax year we are doing. We need to assign it somewhere, but do not know what category to put it in when we try to turn the red tab green on our bank statements.
The nominated partner must complete a Partnership Tax Return, which will show each partner’s share of the profits, each Partner will then have to pay Income Tax on their share of the partnership profits, from the tax calculation on each partner’s individual self-assessment tax return:
The Tax payments are now allowable, therefore tag the Tax Payments made as a transfer to each Partners’ Loan Account:
You may need to split the payment, if the payment is a bulk payment for than 1 partner:
Change deposit to payment in the above guide.