Assessable profits

Susan joined the existing partnership of Rebecca and Hans on 1 January 2016. All profits are shared equally from the date a partner joins or leaves. The partnership taxable profits are:
Year ended 30 September 2014 - £30,000
Year ended 30 September 2015 - £40,000
Year ended 30 September 2016 - £60,000
Year ended 30 September 2017 - £81,000
The taxable profits for Susan in her third tax year (2017/18) are:

Can someone please help me run through the working to the answer of this question which is £ 27,000

Comments

  • Adele69Adele69 CambridgePosts: 320AAT Student
    I've only just started on BTAX partnerships but from what I can figure out

    Susan joined on 1/1/16
    - - 1st tax year (starting in) - - TY 2015/16 - - Basis 1/1/16 to 5/4/16
    - - 2nd tax year (ending in) - - TY 2016/17 - - Basis 1/1/16 to 31/12/16 (overlap 1 = 1/1/16 to 5/4/16)
    - - 3rd tax year (ending in) - - TY 2017/18 - - Basis 1/10/16 to 30/9/17 (overlap 2 = 1/10/16 to 31/12/16)

    The last is normal current year basis and as profit is shared equally the Y/E 30 Sep 2017 is Susan's TY3
    £81000 /3 = £27000

    The splits for the earlier years would be a lot more tricky. Where is this question from?
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