Tax Planning for Ambitious SMEs

SPEAKERS

• Paula Tallon Gabelle Tax
• Andy Goodman BDO
• Jo Quelch EY
• Graeme Nuttall Field Fisher Waterhouse
• Andrew Terry Withers
• Graham Elliott Withers

Designated partner

Paula Tallon commented on what happened if a partner disputed the share of profit returned for them by the partnership.

It was always considered that only the designated partner could give the allocation but several cases in recent years have established that the partner can put a different figure on his or her own return and therefore challenge what the designated partner has said. HMRC guidance has now changed to reflect this.

Overlap relief

Paula highlighted the problem that can arise with overlap relief if the underlying profitability of the business declines....