How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Sam Your Own Question
Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13947
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
16196420
Type Your Tax Question Here...
Sam is online now

Partnership Tax return. SA800 We have a 10 year lease on an

Resolved Question:

Partnership Tax return. SA800HiWe have a 10 year lease on an office space. We sub lease part of it and receive rental income for this.
Do I then tick yes to
Q1) Did the partnership receive any rent or other income from UK property?Thanks
James
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.

Hi James

Thanks for your question, I am Sam and I am one of the UK tax experts here on just Answer.

Yes you do as this is income in additional to the usual trade income and is NOT subject to National Insurance so important to separate it

Thanks

Sam

Customer: replied 1 year ago.
okay thanks. ***** must split out the rental income amongst the partners based on their percantage split of profit share?So it is good to do this as means they save national insurance contributions on the rental income?Thanks
James
Expert:  Sam replied 1 year ago.

Hi James

Thanks for your response

Yes thats it !

Let me know if I can assist further. If you have all that you need, then it would be appreciated if you could rate the level of service you feel I have provided (or click accept)

Thanks

Sam

Sam and other Tax Specialists are ready to help you