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Muhammad Haider
Muhammad Haider,
Category: Tax
Satisfied Customers: 911
Experience:  Director at HM Accountax
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Llp members tax question, not yet, no

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Llp members tax question
JA: Have you talked to a tax professional about this?
Customer: not yet
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
I am an advisor at JA and happy to assist you.
Could you please provide more details about your query.
Customer: replied 7 days ago.
Sure - and thanks
I understand that tax is paid by members on share of profit from llp but if drawings are more than the profit share, how should that excess be reported on SA?
You’l don’t need to report the drawings on tax return, you just need to include the profit share and ignore drawings for tax return purposes.
Customer: replied 7 days ago.
if a member draws less than profit share - presume they are penalised tax wise ?
Still you’ll declare the share of profit, the balance will be treated as payable to member
Muhammad Haider and other Tax Specialists are ready to help you
Customer: replied 7 days ago.
Ok. Thanks.
You are welcome