Tag Archives: Partnerships

Ready…steady…no!

Business asset disposal relief (BADR) is a very popular relief for individual business owners, offering a capital gains tax rate of only 10% on chargeable gains from qualifying business disposals, subject to a lifetime limit of £1 million (for 2022/23). A ‘business’ for BADR purposes means anything which is a trade (or profession/vocation), and is… Read More »

Partnership expenses: Panic over?

Individual partners in a partnership sometimes incur business expenses personally. It has been widely accepted that tax relief can be claimed for such expenses. This could be achieved by adjusting for the expenses in the tax computation in the partnership tax return, provided any adjustment was made before the net profit was allocated between the… Read More »