Only one tax assessment is prepared for income from the partnership and your other income. You must then be assessed for advance tax in addition to any ordinary tax deductions from your salary.
The advance tax will be assessed on the basis of the profit generated by the partnership.
- You can apply to change advance tax.
- Both business and private income/deductions must be included.
- Budgeted deficits in a business will not be included in the tax deduction card. Final deficits are included in the tax return.
Payments are made four times a year: 15 March, 15 May, 15 September and 15 November.