Overlap Profit | AccountingWEB

Overlap Profit

Hello All,

A friend of mine has approached me to complete his tax return. He is currently a taxi driver, which normally is straightforward. But at the beginning of the tax year up to July he was working as a joiner at a company where all employees are treated as partners and require completion of partnership tax returns.

I have been supplied with a completed short partnership return from the company, but this has an overlap profit figure of around £19,000!! As far as I'm aware, this return has not been submitted to HMRC. I have never come across this before and need help on treatment of this.

Any thoughts on this would be greatly appreciated.


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