Partnership profit / (loss)

This screen is accessed via the Data Input tab within the tax return.

Partnership details

  • Partnership name

  • Partnership reference number

  • Partnership trade or profession

  • Date joined

  • Date left

Share of trading income

  • Basis period starts

  • Basis period ends

  • Share of profit /(loss)

  • Adjustments to arrive at profit /(loss) for basis period

    If you have an extended period where Transition profits are being included, once you have manually figured out the apportioned Transition part of the basis period from your Share of profit/(loss) (the value that you are entering in Profit/(loss) of the transition part of the basis period), enter within here the exact same value as within Profit/(loss) of the transition part of the basis period except the opposite with regards to it being a positive or negative figure).

Overlap relief

  • Overlap profits brought forward

  • Overlap profits arising this year

  • Overlap relief used this year

  • Overlap profits to carry forward (Removed from 2024 tax year onwards due to the Basis Period reform)

Transitional profit

For the tax year 2024, HMRC has introduced the Basis Period reform where individuals may be subject to Transition profits. To learn more see HMRC basis period reform. To help calculate your Transition profits see Transitional rules.

  • Profit/(loss) of the transition part of the basis period – This is Step 2 of the Transitional rules. Enter the apportioned profit/(loss) of the next accounting period to 5th April 2024.

  • Total transitional profit – This is Step 5 of the Transitional rules. Enter the total transitional profit.

  • Transitional profit taxable – This value is the amount of transitional profit being treated as arising in the tax year. The system will automatically calculate this value at 20% of the total transitional profit value entered. This value can be adjusted by the user but must be at least 20% of the total transitional profit.

  • Transitional profit carried forward – Any total transitional profit not being treated as taxable within the tax year will be carried forward and taxed in subsequent tax years.

Profits and losses

  • Adjustment for farm and literary averaging

  • Net profit/(loss)

  • Losses brought forward

  • Loss b/fwd used — This field is manual entry. Enter the amount of loss that is being used to reduce this year’s adjusted profit. Losses brought forward must be used to offset losses in the earliest year possible. (For 2024 onwards this field is now Loss B/fwd set off against this year’s profit)

  • Loss B/fwd set off against Transitional profit – This field is manual entry. Enter the amount of loss that is being used to reduce this year’s transitional profit taxable. Losses brought forward must be used to offset losses in the earliest year possible.

  • Loss used against other income

  • Loss carried back to earlier years

  • Total loss to carry forward

Taxable profits

  • Taxable profit for year

  • Additional amounts not included in accounts

  • Total taxable profits

Investment income

  • Is investment income from this partnership included elsewhere?

  • Share of losses on partnership investments