Hi
My husband and I are business partners and run a small online retail business. As such we complete a Partnership Tax return every year and then individual Self assessment Forms with a 50/50 split of the profits from the business.
Last year we purchased a property with the view of renting it out (which we did). On completing our PTR in April we did not include the income from the rental BUT did include it on our SA forms in the box 'Other income from property'.
Should it have been inc in our PTR and not 'split out' on our SA form?
Hope this makes sense?
My husband and I are business partners and run a small online retail business. As such we complete a Partnership Tax return every year and then individual Self assessment Forms with a 50/50 split of the profits from the business.
Last year we purchased a property with the view of renting it out (which we did). On completing our PTR in April we did not include the income from the rental BUT did include it on our SA forms in the box 'Other income from property'.
Should it have been inc in our PTR and not 'split out' on our SA form?
Hope this makes sense?