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Partnership tax help

  • 28-06-2010 11:53am
    #1
    dubmess
    Registered Users, Registered Users 2 Posts: 282 ✭✭


    Hi there,

    taxation rookie and looking for a bit of advice. I know the general advice is 'seek a professional', so I shall retort with the general response to that 'I can't really afford it, and would like to try do this myself'.

    Basically, myself and my business partner have to submit our company tax returns for last year, and our personal income tax returns for the same period.

    We actually took no income from the company during that period so I'm not really sure what I'm supposed to declare. We put any monies earned straight back into the company so should that all just be declared in the company return?

    Cheers!


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    Im sorry to sound glib but if you haven't got a clue, you need to speak to a professional about it. Its just not as simple as getting a consenses answer from boards.ie and following it.

    You might find that it wont cost as much as you imagine.;)

    Kind Regards

    dbran


  • #3
    dubmess
    Registered Users, Registered Users 2 Posts: 282 ✭✭dubmess


    Not glib at all, I freely admit I haven't got a clue...


  • #4
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Is it a limited company or a partnership?


  • #5
    dubmess
    Registered Users, Registered Users 2 Posts: 282 ✭✭dubmess


    It's a partnership


  • #6
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    OK

    So you will need to prepare a set of accounts for the partnership for the year.

    You will need to submit Form 1 (partnership)....go check on revenue.ie

    You will both need to submit your income tax returns form 11... go check on revenue.ie

    You are taxed on the share of profits of the partnership, not on what you take out.


    Good luck

    dbran


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