Share this content
2

Changes in partnerships

Changes in partnerships

Didn't find your answer?

I deal with the tax and accounts for a long existing partnership.  They have taken in a new partner and my question is whether there is still such a thing as a continuation election which needs to be signed by all partners and sent to HMRC to prevent a cessation and startup of the partnership?

Replies (2)

Please login or register to join the discussion.

avatar
By Cloudcounter
23rd Jan 2014 13:38

There hasn't been a continuation election since self assessment was introduced and partnership tax assessment consigned to the bin

The partners include their share of partnership profits on their self assessments and their tax position isn't affected by comings and goings of other partners

Thanks (0)
avatar
By janefg
23rd Jan 2014 13:53

Many thanks - as you can tell it has been a long while since there have been any changes in the partnerships I deal with!

Thanks (0)
Share this content

Related posts