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:
(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.
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