Pile of tax papers© David Cole/Rex/Shutterstock
Any outgoing partner will be taxed on their share of partnership profits from the last accounting date to the date they cease to be a partner. Depending on the year-end date of the business, it is possible for profits to have been taxed twice in the early stages of being a partner (and if the accounting date has changed since), but this can be deducted on leaving the partnership, reducing an individual’s final tax bill on their partnership income. Daren […]