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Easy as ABC
Key points
- Partners are taxed in the same way as sole traders on their share of adjusted profits or losses.
- Partners’ salaries are a means of allocating profits or losses between the partners.
- Disallowed expenditure added back to calculate the tax adjusted profit or loss should include private expenses.
- If the partnership as a whole had made a loss a partner cannot be allocated a profit.
- Loss relief is claimed by individual partners and they may make different claims.
- Calculating capital gains on a transfer of partnership property.
- To achieve a high score in exams question practice and good exam technique are key.
Partnerships are an important business medium which is why they often feature in the ATT and CTA examinations. Partners in a partnership may be individuals or they may be companies but here we look at several aspects of general partnerships in which all of the partners are individuals.
Income tax
In essence ...
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