Hi Sir, regarding the lecture (8.3 Change in partners – old partner leaving partnership; Partnership losses), would we not need to compute the salaries for the remaining three months for partners V and FC?

Hi Sir, my question is about the example you’ve provided for 8.2 where there is a new partner joining the partnership (FC). I don’t quite get the reason why the CYB was used for 22/23. When I tried to compute for the second tax year (22/23), I get the first 12 months of trading as per the rules in Chapter 6. Please help me understand why that rule is not applicable here. Thank you very much and I really appreciate the way you give your lectures.

For the example that you prepared regarding lecture 8.1:

You mentioned that for year ending 31 Dec 20 the “Tax adjusted trading profit” was £60,000 and then after apportioning the profit for the related period you deducted Salaries from it before calculating the PSR.

But when you sax “Tax adjusted trading profit” does it not mean that the salary which is not an allowable expenses for partnership has already been added back to obtained the “Tax adjusted trading profit”?

Frank says

Hi Sir, regarding the lecture (8.3 Change in partners – old partner leaving partnership; Partnership losses), would we not need to compute the salaries for the remaining three months for partners V and FC?

sumayyahchowdhury says

I thought the same sir

vidamarydel says

Hi Sir, my question is about the example you’ve provided for 8.2 where there is a new partner joining the partnership (FC). I don’t quite get the reason why the CYB was used for 22/23. When I tried to compute for the second tax year (22/23), I get the first 12 months of trading as per the rules in Chapter 6. Please help me understand why that rule is not applicable here. Thank you very much and I really appreciate the way you give your lectures.

zen250486 says

For the example that you prepared regarding lecture 8.1:

You mentioned that for year ending 31 Dec 20 the “Tax adjusted trading profit” was £60,000 and then after apportioning the profit for the related period you deducted Salaries from it before calculating the PSR.

But when you sax “Tax adjusted trading profit” does it not mean that the salary which is not an allowable expenses for partnership has already been added back to obtained the “Tax adjusted trading profit”?