Partnership to be transferred to LLP
We have a business (partnership)with year end of 31st May. Looking to limit liability and so either LLP/Ltd Co on 30th October. One disadvantge of Ltd company is the cessation of trade would accelerate the tax payable even after allowing for overlap relief.
If the LLP is formed, the partners would continue to be taxed under self assement and I assume that the partnership will continue for this purpose. So on the partnership tax return for 2014, there would be the results from 1st June 2012- 30th October plus the remainder of LLP to 31st May 13. Is this correct?