UK Partnership

Set up a partnership calculation

To set up a partnership calculation, enter partner details, select preparation bases, add business activities, and validate information for accuracy and compliance.
After you've created a partnership calculation, you can set up the calculation:
  1. Open the partnership calculation.
  2. Select the
    Permanent Information
     sheet.
  3. Enter the
    Partnership name
     and the
    UTR and nominated partner name
    .
    note
    These names will be identifiable by the red error message on the required cells.
  4. Go to the
    Bases required
     section and select at least 1 basis of preparation.
  5. If you're preparing the calculation using more than 1 basis, select the
    E-file base
     from the dropdown. You can add additional bases of preparation later if you need to.
  6. The accounting period dates will initially follow the
    Start date
     and
    End date
     you entered when you created the calculation. If the accounting period differs from these dates, change them on the
    Return information
     sheet.
  7. Insert the business activities. Select 1 of the following from the
    Insert Sheet
     dropdown:
    • Business Trade
    • Business - Property
    • Business - Investment business
      note
      You can add or remove activities later if required.
  8. Select the
    Partner summary
     to add partners:
    • Select a category for the partners. If the partners fall into a single category, you can select 1 category and all partners will be added as this type. If the partnership is set as a mixed partnership, select the partner type on a row-by-row basis.
    • Enter the information for each partner.
      note
      • HMRC imposes restrictions on the number and type of characters in the
        Name
         and
        Address
         fields.
      • You'll get an error if you use an invalid character or if the text is too long.
      • ONESOURCE automatically shortens partner names for online filing but retains the full name for form presentations.
    • Select
      Validate UTR numbers
       if you want to validate the UTR against the HMRC algorithm to verify a valid UTR.
      note
      HMRC has stopped publishing the UTR algorithm so this validation is only indicative. Results aren't guaranteed.
    • If a single allocation/share is used across all income sources for the partnership calculation, go to the
      Allocation %
       or
      Allocation (share)
       columns to enter it. It will be used as the default allocation.
tip
  • If you have a large number of partnership calculations, you can create client templates to streamline their configuration.
  • ONESOURCE lets you import data, including partner lists, from external documents by importing or copying and pasting details.

This article applies to:

  • Product: ONESOURCE Corporate Tax