Back to basics on the tax treatment of partnerships

I woke up and the sun was shining! After endless days of rain this was a welcome sight. How to celebrate? I decided to start the day with a run around the park and then buy myself a smoothie from ‘Smooth Operators’ on my way home.

So 30 minutes later having worked up a sweat nay glow I was walking into ‘Smooth Operators’ looking forward to my banana-berry smoothie.

I was met by Brenda Blender (who set up the business with Lucy McJuicy and Terry Yaqui). Brenda was looking troubled. ‘Everything ok?’ I enquired.

‘Not really’ she responded: ‘Our accountant slipped on a banana skin and has informed me he is out of action for the foreseeable future.’ Brenda continued. ‘I am an expert smoothie maker but when it comes to partnership tax I haven’t got a clue!’ And of course we...