Partnership incorporation

Partnership incorporation

Didn't find your answer?

I just discovered that the partnership I work for is going to incorporate. It's a long running business, £1m t/o, 20 employees.

I'm not worried about the company formation, tax etc, but I was brainstorming the "other" things that I will need to do. For example, changing bank account names, VAT registration, company name etc on stationery, staff contracts....

I am sure there are a hundred other things. Does anyone know of a comprehensive check list? Failing that, any ideas so I don't miss something obvious?

Also, I expect we will continue to receive regular remittances by SO for months into our partnership bank account. Has anyone dealt with this before in terms of accounting entries?

Thanks for any help
Kate
Kate Spencer

Replies (4)

Please login or register to join the discussion.

avatar
By katespencer
22nd Jul 2006 09:59

Thanks for the tip Kevin, and Tina I will definately be emailing you.

Thanks (0)
avatar
By User deleted
21st Jul 2006 19:20

Incorporation
Any accountant advising on such a change will usually have one - has yours? If not, we have developed a checklist of the main items to consider. If you email me your email address I'll willingly email it to you from our work next week.
Tina Riches
[email protected]

Thanks (0)
avatar
By User deleted
26th Jul 2006 08:31

The new status
I am sure commercially produced checklists will assist you no end but wonder if they contain the warning to fully explain to partners that,apart from settling income tax once a month via PAYE rather than three times a year, there are other changes they have to take on board. I have known very disgruntled men who bitterly complained that it was not until some considerable time after incorporation they were told that expenses claims were made on a fiscal, not accounting, year basis and that, as employees under Schedule E, some items of expenditure previously deductable from taxable profits could not reduce assessable directors' remuneration. There will be other such matters varying from partnership to partnership but I expect you get the message. Believe me, the implications of the status change comes a shock to some so guard your back by spelling this aspect out very fully.

Thanks (0)
Kevin Salter
By Kevin Salter
20th Jul 2006 13:24

checklist
There is a checklist on 2020 "Tax Tips and Tools" + 78 other practical tools e.g. Tax Credits, Car Benefits calculator etc.

http://www.the2020group.com

Thanks (0)