UK Partnership

Create a partnership calculation

To create a partnership calculation, set up the entity, enter necessary details including recommended tax year dates, select relevant entities, then finalize it.
Do the following to create a partnership calculation:
  1. Make sure the entity is created.
  2. From the main menu, select
    Calculations
    .
  3. Select
    Add
     on the toolbar.
  4. Enter the information for the following fields:
    • Name
    • Start Date
    • End Date
    • Purpose
    note
    • We recommend setting the
      Start date
       to
      06/05/YYYY
      for all partnerships.
    • We recommend setting the
      End date
       to
      05/04/YYYY
      for income tax partnerships, and
      01/04/YYYY
       and
      31/03/YYYY
       for corporate tax partnerships.
    • This ensures the dates are correctly aligned for disclosures using the tax year instead of the accounting period.
    • If the accounting period differs from the tax year, you can change it in the calculation.
  5. Select
    Next
    .
  6. Mark the checkboxes for the required entities you want to include in the dataset, then select
    Next
    .
  7. Select
    United Kingdom Partnership Tax
    from the dropdown next to the entities in the dataset.
  8. Select
    Finish
    .

This article applies to:

  • Product: ONESOURCE Corporate Tax