Partnership losses to Sole Trader on cessation
Okay, so I'm aware that a partnership ceasing and being continued by a partner can be deemed as a continuing trade, which presumably means that the losses can simply be viewed as transferring over to the continuing trade, but just to check, this is all the losses, not just in the final year of the partnership, and how is this best reported in the Self-Assessment pages?
So for this particular client, there were losses to 5th April 2010 of £7k each, and losses to Dec 2010 of £7.5k each, and in Dec 10 the partners went their separate ways continuing the same trade. They both made profits to 5th April 2011, so can the 14.5k of losses be transferred over as "opening" losses on the sole trades, and how the heck is this shown on the tax return? Just leave the partnership pages as a loss carried forward and enter it as an opening loss in the self employed pages?