Partnership and filling in Form11

schmooschmoo

Hi,

I've filled out Form1-Firms for my partnership and am still filling out Form11. The partnership is my primary source of income but I've also had a not very significant amount of money earned by myself outside the partnership. Traditionally, if you earn from a partnership you don't fill in your account calculations on your Form11 as the calculations are on the Form1. I understand this now but it's left me wondering two things:

1/ I want to fill in my other income on my Form11 but the offline software is saying I can't as I've entered a partnership tax number. Should I avoid filling in the partnership tax number so that I can fill in my personal income expenses (my - probably flawed- logic on this is that the revenue will be receiving my partnership Form1 anyway).

2/ In my personal income, do I fill in my half of the partnership profit (it was split 50/50) or is this irrelevant to Form11?

Thanks in advance!

schmooschmoo

From further reading, I'm more confident that the answer to (2) is that the partnership income split does not register on personal income and doesn't feature on Form1.

As for question (1), I've since found a 'next trade' section of the ROS offline software and I'm going to hazard a guess that I put in my partnership tax number on the original page, ignore the account extracts that follow it as they're on my Form1 and then click 'next trade' and fill out the income and expenses from my personal work.

Is my guess correct?

Finally, it was confirmed to me that, as Jobseekers allowance is not taxable, it doesn't feature as taxable income. I did not include a figure for it anywhere on Form11. I've just read that although it isn't taxable it still must be included on the form but I'm having difficulty seeing an appropriate location. Was this incorrect?

Thanks and sorry for the cluelessness.

schmooschmoo

Any thoughts on my possible solutions? I haven't contacted revenue on this as I was given wrong advice by them last year and, in general, have trouble with getting straightforward advice from them that isn't later contradicted. It seems as though the staff I was dealing with only have confidence in answering frequently asked questions.

nompere

I've looked at a ROS offline form 11.

On the self-employed income page you put in the summarised income as the form asks. When you get to "Extracts From Accounts" you fill in the partnership tax number, and click "next trade". On that one, which isn't partnership income, you do fill in the accounts extracts details.

You also have to do a Form 1 (Firms) where the assessable figures must match what goes into your Form 11 - and where you do complete the accounts extracts pages.

Be careful with Social Welfare payments - this is an extract from Revenue's IT24 leaflet:

"Jobseekers Benefit (formerly known as Unemployment Benefit) is a taxable source of income. However the child dependant element and the first €13 per week of benefit are exempt from tax.

"Jobseekers Allowance is not a taxable source of income."

So you must return any JB you receive but you can ignore the JA.

schmooschmoo

Thanks a million nompere, I appreciate the response a lot.

What you've written is reassuring - it's what I've already done but I needed confirmation. I had the Form1 firms already filled out in the ROS offline software with account extracts from the partnership and wanted to know if I should leave the account extacts on my (personal) Form11 blank on the initial page (while filling in the partnership tax number as requested) and then fill in my own personal income on the 'next trade' section from my personal account extracts.

This seems to be what you're confirming.

As for Jobseekers... I'm aware that Jobseekers Benefit is taxable and should be included in the space provided for it while Jobseekers Allowance isn't taxable and won't be taxed. As far as I was concerned, I didn't even have to mention the amount of Jobseekers Allowance received anywhere, even for information sake. That was until I read recently a comment on this board or askaboutmoney that, although it isn't taxable, it needs to be recorded somewhere on the form. I haven't heard this repeated anywhere so I'm guessing they're wrong.

nompere

schmooschmoo wrote: »

This seems to be what you're confirming.

I haven't heard this repeated anywhere so I'm guessing they're wrong.

1) Yes it is.

2) There are many mistakes to be found in anonymous postings!!