Question about P8 Business income and expenses in the Business and professional items schedule for individuals 2023:
I am 50% of a partnership, when I fill out P8 do I halve everything? or do I transfer the figures across from the partnership tax return? The instructions are no help at all :(
Hey @Scallywags,
When you complete the partnership tax return you'll let us know about the gross income the partnership received.
You're on the right track when you mention the 50/50 split. In your individual tax return state your share of the income from the partnership at P8. We'll calculate the tax you need to pay as per your marginal rate otherwise we'll be asking the partners to pay tax on the same income twice. This of course is best avoided.
Hey @Scallywags,
When you complete the partnership tax return you'll let us know about the gross income the partnership received.
You're on the right track when you mention the 50/50 split. In your individual tax return state your share of the income from the partnership at P8. We'll calculate the tax you need to pay as per your marginal rate otherwise we'll be asking the partners to pay tax on the same income twice. This of course is best avoided.
22 Apr 2024 · 3 min read time
15 Apr 2026 · 4 min read time
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