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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask HM Accountax Ltd Your Own Question
HM Accountax Ltd
HM Accountax Ltd, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 144
Experience:  I am an accountancy professional with more than10 years hand on experience in audit, accountancy and tax affairs.
74131858
Type Your Tax Question Here...
HM Accountax Ltd is online now

MY PARTNERSHIP SOLD A PROPERTY WHERE SHOULD THE SALES

This answer was rated:

MY PARTNERSHIP SOLD A PROPERTY WHERE SHOULD THE SALES PROCEEDS & COST OF THAT SALE APPEAR WITHIN THE PARTNERSHIP SELF ASSESSMENT
JA: When was the property or asset sold?
Customer: JAN 2020
JA: Anything else you want the Accountant to know before I connect you?
Customer: NO

Hi,

I am an advisor at Just Answer and i am pleased to assist you.

Before i answer, could you please confirm if selling properties is trade of business or is it one off sales.

Regards

HM Accountax

Customer: replied 5 days ago.
a property owned by the businress to rent to 3rd parties
Customer: replied 5 days ago.
are you still there?

you'll include it in disposal of chargeable asset - Q4 should be Yes

Yes, i am here

Customer: replied 5 days ago.
what is q4?

Q4 on partnership tax return

See attached

Customer: replied 5 days ago.
Historically Income & costs relating to both consulting & renting have been included ( & non alowables excluded ) on Trade & professional income page. Rent income & expenses are picked up later in return. Are incomes & expenses on the sale of the property to be included & disallowed on the Trade & professional income page & reported as Disposal proceeds on the sale of chargeable assets page

Yes, you are right. it will be declared on chargeable assets page.

Customer: replied 5 days ago.
sorry only on the chargeable assets page or both?

Hi,

Normally, we answer one question and for every new question you need to create new question but as goodwill gesture, i am going to answer this.

On both pages - same was as you do it for rental income. you'll disallow on trade page and include in chargeable gains page.

Customer: replied 5 days ago.
thank you

My Pleasure.

Please rate the answer so that we can close this query

HM Accountax Ltd and other Tax Specialists are ready to help you