The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This note explains the tax rules that apply when a new partner is admitted to a partnership. For the position when a partner leaves the partnership, see the Retirement of a partner guidance note. A partner joining or leaving a firm can have an effect on the capital allowances or capital gains position, see further the Capital allowances - partnership changes and Capital gains of a partnership guidance notes.
For the rules which apply when the partners stay the same, but there is a change in the profit sharing ratios, see the Allocation of partnership income guidance note.
A partnership exists if two or more persons are doing business in common and sharing profits and losses, see the Is there a partnership? guidance note. No formal document is required. However, it is strongly recommended that the admission of the new partner is recorded by way of an appropriate legal agreement.
If the agreement sta
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
The substantial shareholding exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. Conversely, if losses are generated by the disposal and the SSE conditions are
IntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel. See the Travel expenses guidance note for more information of when
This guidance note explains how to calculate the amount of tax that arises under the lifetime charge. In general terms the lifetime charge will apply to individuals who transfer property into a trust that is subject to the relevant property regime. See the Chargeable transfers and Occasions of
Normal due dateSmall companies (including marginal relief companies) are required to pay all of their corporation tax ― nine months and one day ― after the end of the chargeable accounting period.For example, where a chargeable accounting period ends on 31 December 2018, the due and payable date for
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.