Hammerhead
Registered User
- Messages
- 13
1. can we allocate a different portion of partnership income from year to year to each partner? yes the allocation is based on the agreement between the partners.
2. how is the allocation of expenses applied? (this is from the point of view of filing for income tax. this is done while doing the accounts - if the partners generate turnover in different proportion then directly attributable expenses should be set against their turnover then the other overheads can be allocated in proportion to turnover.
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