Partial Partnership change

Partial Partnership change

Didn't find your answer?

When a new partner is introduced to a partnership but the business continues, will 2 sets of accounts need to be prepared covering the overall trading period?

Replies (2)

Please login or register to join the discussion.

avatar
By pawncob
30th Jun 2014 15:57

Partial changes don't require separate accounts.

http://www.hmrc.gov.uk/manuals/pmanual/pm11020.htm 

Thanks (0)
By johngroganjga
30th Jun 2014 16:23

Agreed - unless of course the partners want it done that way to achieve greater clarity. Haven't followed the link posted by @pawncob, but I fail to see how anything HMRC have to say comes into it. Happily on this occasion what they seem to have to say accords with common sense.

Thanks (0)