Partnership Full 04 - Basis period adjustment

You pay tax for the tax year 6 April 2020 to 5 April 2021 on the profits for your 'basis period' for the tax year 6 April 2020 to 5 April 2021. In the first year or two that you are a partner, or when you leave the partnership, your basis period may not be the same as the partnership's accounting period (for which it prepares its accounts).

Go to Help Sheet 222 - How to calculate your taxable profits - How to calculate your taxable profits, for details of the rules used to work out your basis period, and any adjustment needed to work out your profits for your basis period.

If the adjustment is negative, put a minus (-) sign before the figure.