PTP Tax Tip No 25 - Post cessation tax hit for accountant
Q. I retired from my firm on 31 December 2004 and agreed with my erstwhile partners the basis on which I could withdraw my current and capital account from the firm. I have filed my 2005 tax return covering the tax year 2004-05. I am now completing my 2006 tax return and am concerned because I saw something in the professional press the other day that indicated that I may have to disclose some further income because of UITF 40. Surely this cannot be right since I stopped being a partner before UITF 40 was introduced.