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Jenni Marshall

Jenni Marshall

Joined: 3/5/2025

  • Basis period reform profit spreading period

    10 days ago – Basis period reform profit spreading period
    When a sole trader takes on a partner and a partnership is formed it is treated as a continuation of trade for tax purposes. If the sole trader has transition profits brought forward that have been spread over 5 years, is the change from sole trader to partnership treated as a continuation of trade and the profit spreading continues or is it treated as a cessation of the sole trader business and the remaining profits chargeable at the date of the partner being added?