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To access this screen, go to Trades | Partnerships.
The Review shares option shows the effective rate Business Tax will use to split the profits based on:
the profit sharing ratio in Accounts Production; and
the salaries posted in Posting in Accounts Production.
If a different split is required enter/amend partners’ salaries and the percentage share received by each partner on this screen.
User alterations to default figures are denoted by a tick against the amended values.
The profit sharing percentages entered on this screen will be used to apportion all types of income. If the partners share different types of income in different ratios you will need to use Override return totals to amend the apportionment between the partners.
If two partners share a capital account only the partner with an account order is displayed on this screen. To access and amend the sharing ratio of the partners, click on the Details button in the Joint column next to their name.
For account periods used for the first time in version 8.1.4 of Business Tax the split between the joint partners will be derived from Accounts Production.
For account periods used in earlier versions the profit split between the partners will be 50:50. To use the split set in Accounts Production:-
Select Trades / Partnerships
Select option - Review Shares
Click on the Details button next to the main partner's name.
Click Reset, the profit sharing ratio on the screen will be updated.
If a different percentage split is required then users must tick the override share values option to access the joint partner fields. They can then enter a different split here than the one entered in Accounts Production.
Please note that for Joint partners it is not possible to enter salaries.
If you make changes and wish to revert back to the Accounts Production figures select Computed to revert the values to the figures derived from Accounts Production.
This allows you to toggle between the Computed values and any previous value entered manually in this screen until any new values have been saved.
Entries on this screen are superseded by changes made in Override return totals.
If the totals on this screen do not add up to 100% a warning is displayed but you will still be allowed to save the screen. Once you have confirmed the correct values you should return to the Review shares option to correct the screen.