Partnership Statement SA800 PS should be used to provide details of Partnership's profits, losses, income, tax credits etc. It must be completed and submitted to the HMRC along with main Partnership Tax Return form SA800. Partnership Statement is also used to allocate partnership income to individual partners.
There are two types of Statement:
A 'short' abridged version for partnerships whose only income for the relevant Return period was trading and professional income or taxed interest and alternative finance receipts with tax deducted, from banks and building societies or other deposit takers. Partnership Statement Short is included within the main SA800 Partnership Tax Return form.
A 'full' unabridged version covering all the possible types of partnership income. If the partnership has also earned income from sources other than trading and professional income or taxed interest and alternative finance receipts from banks and building societies, SA800(PS) Partnership Statement Full must be completed and submitted to the HM Revenue and Customs HMRC.
You should make sure that the information which individual partners need to complete their personal Tax Returns is provided to them as quickly as possible.
Andica SA800 Partnership Software provides features for completion of Partnership Statement Short and SA800PS Partnership Statement Full along with all other supplementary forms.