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New queries, issue 4481

09 December 2014
Issue: 4481 / Categories: Forum & Feedback

Professional break-up; Ices and input tax; Family farm; Cash-rich company

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Professional break-up

The tax implications of a court determined revised profit share and damages

Two surveyors formed a partnership in 2002 and we have acted on their behalf and have prepared accounts for the past 12 years.

The partnership broke up in December 2012 and one partner claimed that he should have received a larger share of the net profit. The partner we act for lost the court case and must pay £34 000 compensation to the retiring...

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