LLP Guaranteed Distribution taxation

Posted by Nipper1 PM | on Mon, 23/04/2012 - 17:54 778 5 comments | report

A partner of an LLP has a Capital Contribution of £5K and receives a Guaranteed Distribution of £50K. The LLP has substantial losses. Should this Guaranteed income be shown as Self employed income on the person's Personal Tax Return or could anybody please say just how this guaranteed income should be disclosed and what are the tax and NI consequences?

Many thanks

Chris

Comments

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It will be part of the taxable profit/loss allocation

ACDWebb | Mon, 23/04/2012 - 18:11

Thanks

Nipper1 | Mon, 23/04/2012 - 21:40

So you are saying

ACDWebb | Mon, 23/04/2012 - 22:30

Thanks ACD

Nipper1 | Tue, 24/04/2012 - 07:45

His prior share of the LLP taxable profit / loss

ACDWebb | Tue, 24/04/2012 - 08:33