Game, Set and Match begin trading in partnership on 1 August 2018, preparing accounts to 31 January
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Game, Set and Match begin trading in partnership on 1 August 2018, preparing accounts to 31 January each year and sharing profits equally. With effect from 1 March 2019, they agree to share profits in the ratio 1:2:2. The adjusted trading profits/(losses) of the partnership are as follows:
Compute each partner's trading income for tax years 2018-19, 2019-20 and 2020-21 and explain how the trading loss incurred in the year to 31 January 2021 will be treated.
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