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This article applies to:

  • Product: ONESOURCE Corporate Tax

Use the template for reporting indirect partnerships

Use the template for reporting indirect partnerships with more than 5 sources, complete income allocations for partners, and generate individual reports for efficient tax return processing.
HMRC provides a template as an alternative to completing separate tax return pages if the parent partnership has income from more than 4 sources. You can use the template to report income from child partnerships.
Additionally, for each source of income, you'll need to include an allocation of the profits to the individual partners.
  1. In the calculation, select
    Insert
    Insert sheet
    Multiple source analysis
    .
    note
    If there's more than 1 basis of preparation, you'll need to add this sheet for each
    Partnership statement
    .
  2. Complete the top section of the sheet for the partnership as a whole. You'll only need to do this once.
  3. Fill in columns for each income source, aligning with the numbers from the
    Partnership statement
     section of the tax return.
  4. Select
    Insert
    Insert column
     to add more columns as needed.
  5. Allocate the income to partners:
    • Select a cell on the required source.
    • Select
      Insert
      Partner allocation
      .
    This will add an allocation sheet for the selected source of income. If you've entered a default allocation in the
    Partner summary
     sheet, the allocation will automatically populate for each partner. Otherwise, enter the allocation here.
  6. Use the
    Multiple source allocation summary
     to select each partner and populate their share, generating individual reports.