Question 1a Note 2,3,5 Alfred
Alfred and Edward King are brothers. They are trying to calculate their balancing payments for the tax year 2013–14, and the following information is available:
Alfred King
(2) He has been in partnership with Anne Royal and Mary Regal running a retail shop since 6 April 2004, but Mary resigned as a partner on 1 January 2014.
(3) The partnership’s tax adjusted trading profit for the year ended 5 April 2014 is £228,000. This figure is before taking account of capital allowances.
(5) The partners have always shared profits equally, and continued to do so after Mary resigned.
Required:
What will Alfred's share of tax adjusted trading profit be for the year ending 05/04 2014?
Capital allowances for the period are 34,000