Partnership expenses

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Usually all business expenditure relating to a partnership is recorded in their books and records and therefore in their accounts and self-assessment tax return. If partners have incurred business expenditure paid for privately, there is an option to record this as an additional tax deduction within the partnership tax return. Note that it is not allowed to record partnership expenses in the individual partners’ tax return.

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Accountant

Chartered Certified Accountant with qualifications in Environmental Conservation. Specialising in Supporting sustainable business, social enterprise and charities.