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Article ID: 826
Last updated: 19 Mar, 2020
If your SA800 partnership return shows a profit and a loss for different partners, you will need to reallocate profits for all the partners because the rules state you cannot have a mix of profit and loss to be distributed between partners. All partners need to have either a loss or a profit. Once you know the entries that need to go into the TaxCalc application, please browse to the below locations: SimpleStep mode: Partnership statement > Select the relevant Share of... screen and enter either the percentage split as per the partnership agreement or the profit/loss value. HMRC Forms mode: SA800 > Partner Management > Pages 6,7 > Complete the relevant entries on screen for each partner. If you need some further guidance on how the allocation should occur, please see the link for HMRC's Partnership Tax Return Guide and open the guide to read pages 24–27.
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