5 - Completing your Tax Return:
Data Entry Options
Where this icon exists you are able to enter your data into a backing schedule or calculator, the software will then use the value entered to calculate the required value to go onto the return. Any data entered into these backing schedules will be available to print or submit with your return.
Where these boxes exist you are able to enter data straight into the field.
These boxes are calculated fields; they will be calculated either based on entries made elsewhere on the return or data entered into a backing schedule.
The Basic Tax Return (SA800)
The basic Tax Return consists of three main sections:
Tax ReturnThis section of the return includes basic details of the Partnership including name and Unique Taxpayer Reference (UTR) usually found on page 1 of a paper Tax Return.<The remainder of this section generally contains an overview of the information entered on your Tax Return usually found on page 2 and 8 of a paper Tax Return; this section will normally be completed automatically by the software.
Trading IncomeThis section covers boxes usually found on pages 2 to 5 of a paper Tax Return and is for income received from the partnerships main trade. If your partnership did not have a trade for the year, simply tick the box ‘no trade for the year’ on page 1 of this section and the software will automatically complete all mandatory fields in this section as per HMRCs guidance.If your partnership carried on multiple trades it is possible to add additional trade pages, for details of how to do this see the section ‘Supplementary pages’ below.
Partnership StatementFound within the Trading income section, the partnership statement is split into 2 sections. The left hand side will be automatically completed by the software and will contain the total income or losses of the partnership. The right hand side contains a breakdown of how this income is to distributed between the different partners, to switch which partner is being viewed on this screen simply select the a partner from the dropdown list at the top right of the page. The following two options are available for entering the distribution of income
- When initially setting up the partners in the partnership an option was available for entering profit percentages (or selecting equal share for all partners), if you completed these fields then by clicking [Partnership income allocation] on the partnership statement, the software will automatically allocate the income based on the pre-defined percentages and complete the partnership statement accordingly.
- By selecting the appropriate partner from the dropdown list it is possible to manually enter how you would like the income distributed directly into the partnership statement.
Please Note HMRC requires all profits/loss to be distributed before submitting the return.
SA Submission Pro contains the facility for submitting the following supplementary pages:
- Trading and professional income (SA800TP): if your partnership carried on more than a single trade these pages can be used for entering the details of any subsequent trades.
- UK Property (SA801): used if your partnership lets out any property in the UK or Furnished Holiday Lets within the EEA. Only 1 SA801 can be submitted with your Tax Return.
- Foreign (SA802): used if your partnership receives any income (inc. interest and dividends) from abroad that is taxable in the UK. Only 1 SA802 can be submitted with your Tax Return.
- Disposal of chargeable assets (SA803): used if your partnership disposed of any chargeable assets in the tax year. Only 1 SA803 can be submitted with your Tax Return.
- Savings, investments and other income (SA804): used if your partnership received any savings or investment income. Only 1 SA804 can be submitted with your Tax Return.
To add any of the supplementary pages above, simply do the following:
- With the clients Tax Return open click [Add supplement] from the bottom left of the page.
- Select the particular supplement you wish to add from the list and click [OK].
- The new supplement will now be available to select from the menu on the left hand side.
For more information on completing your Tax Return click the icon from the top right of each supplement, this will open the HMRC notes with details of how to complete the particular supplement you currently have open.