Taxation: Understanding partner expenses, by Andrew Constable
The Partnership Act 1890 defines a partnership as “the relation which subsists between persons carrying on a business in common with a view of profit”. With this in mind, partners are presumed to accumulate personal expenses for business purposes.
Andrew Constable, tax partner at Kingston Smith, highlights the best practice when it comes to partner expenses. To find out more, please contact us or visit our tax web page.
Andrew’s article appears in Taxation.